The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019.
The Stratos facility, located in Ector County, Texas, is designed to capture up to 500,000 metric tons of CO2 annually once fully operational. The EPA issued the permits under the Safe Drinking Water Act’s Underground Injection Control program, ensuring compliance with safety standards. Occidental CEO Vicki Hollub stated: “This is a significant milestone for the company as we are continuing to develop vital infrastructure that will help the United States achieve energy security.” The project aligns with broader industry trends, as companies like Chevron, Exxon Mobil, and TotalEnergies also adopt carbon capture to address emissions.
Carbon capture involves storing CO2 from industrial processes underground, a method gaining traction in the energy sector to support sustainability goals. Stratos uses DAC technology to remove CO2 directly from the atmosphere, which is then sequestered. Last year, 1PointFive secured agreements to supply carbon credits from Stratos to companies including AT&T and Microsoft, reflecting growing demand for such solutions.
The partnership with BlackRock strengthens the project’s foundation, combining Occidental’s expertise in carbon management with significant financial backing. The facility’s scale and impending operations highlight its role in advancing clean energy infrastructure. The EPA’s approval ensures that the storage process meets regulatory requirements, paving the way for Stratos to contribute to both environmental and energy objectives.
This development positions Occidental as a leader in DAC technology, supporting efforts to enhance energy security while addressing climate challenges. The Stratos facility in Texas is expected to play a key role in the company’s long-term strategy, with operations starting soon.
