Occidental Petroleum Stock Drops 1.74% Amidst 235th Rank in Trading Volume Despite Carbon Capture Milestone

On April 21, 2025, Occidental Petroleum Corp. (OXY) experienced a significant decline in its stock price, dropping by 1.74%. The trading volume for the day was 3.29 billion, marking a 37.94% decrease from the previous day. This placed Occidental in the 235th position in terms of trading volume for the day.

Occidental's subsidiary, 1PointFive, has made significant progress in its carbon capture and sequestration efforts. The U.S. Environmental Protection Agency (EPA) has granted the first-ever Class VI permits for 1PointFive's large-scale carbon capture and sequestration facility in Texas. This facility, known as the STRATOS Direct Air Capture (DAC) project, is designed to capture up to 500,000 metric tons of CO2 annually and is expected to commence commercial operations this year. The captured CO2 will be stored in geologic formations more than a mile underground, adhering to the EPA’s review standards.

Vicki Hollub, Oxy's president and CEO, highlighted the significance of this milestone, stating that it represents a crucial step in developing infrastructure to help the United States achieve energy security. The permits are seen as a catalyst to unlock value from carbon dioxide and advance Direct Air Capture technology as a solution to address emissions and produce vital resources and fuels.

In addition to the STRATOS project, Oxy and 1PointFive have signed a 25-year offtake agreement with CF Industries for 2.3 million metric tons of CO2 per year from their upcoming Bluepoint low-carbon ammonia facility in Louisiana. The captured CO2 will be transported to and stored at 1PointFive’s Pelican Sequestration Hub, which is currently under development. This hub aims to sequester industrial emissions in underground geologic formations, similar to the STRATOS project.

Jeff Alvarez, President of 1PointFive Sequestration, expressed confidence in the Pelican Sequestration Hub, noting that it validates their expertise in managing carbon dioxide and collaborating with industrial organizations to become their commercial sequestration partner. 1PointFive is currently storing up to 20 million tons of CO2 per year, demonstrating their commitment to advancing carbon capture technology.