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Big Oil’s Transition to Cleaner Energy Is Risky. How Investors Can Prepare.Building the Oil Company of the Future
Occidental Petroleum, one of America’s largest oil companies, plans to break ground next year on a new facility to pull carbon dioxide from the atmosphere and bury it—a novel solution to addressing global warming. Houston-based Oxy is already a leader in injecting CO2 extracted from gas and other natural sources into its oil reservoirs to improve pumping. It also plans to start piping in CO2 emitted by factories. But its new carbon-capture project in the Permian Basin is especially ambitious, aiming to pull one million tons of CO2 out of the air each year. Initially Oxy will use the gas in its own oil fields. Eventually,…
