• Construction 30% complete at STRATOS, the first commercial-scale Direct Air Capture (DAC) plant in the Permian Basin, with agreement for BlackRock to invest $550 million in STRATOS on behalf of clients through a fund managed by its Diversified Infrastructure business
  • Engineering and design activities ongoing for our second DAC plant at the King Ranch in South Texas
  • Advancing sequestration hub design and sequestration well permitting with interests in more than 400 square miles of pore space access with a capacity to sequester up to 6 billion metric tons of CO2
  • NET Power plant design ongoing for construction of its first utility-scale plant in the Permian to power Oxy's operations
  • Multiple agreements signed to sell carbon dioxide removal (CDR) credits from DAC


  • Reduced carbon dioxide equivalent (CO2e) emissions in our company-wide operated assets in 2022 by approximately 18% from 2019 and nearly 4% from 2021
  • Reduced methane emissions in our operated assets by approximately 58% from 2019 and 40% from 2021
  • Reduced routine flaring by 44% in our global oil and gas operated assets since joining the World Bank's Zero Routine Flaring initiative from 2020 through 2022, including achieving Zero Routine Flaring across U.S. operations in 2022
  • Expanded deployment of key emissions reduction projects, including tankless facilities, compression for tie-back to central processing and gas lift facilities, temporary gas storage during plant or pipeline outages, and methane detection technologies
  • Eliminated or retrofitted all high-bleedgas-driven pneumatic controllers found in U.S. onshore operations


As defined by the United Nations' (UN) Intergovernmental Panel on Climate Change (IPCC), the term "net zero" balances anthropogenic greenhouse gas (GHG) emissions to the atmosphere with GHGs taken out of the atmosphere. At Oxy, net zero means that we facilitate the reduction, capture, removal and storage of at least the same quantity of GHGs that are emitted directly by our operations (Scope 1), generated by others to create the power we purchase (Scope 2), and generated by customers and consumers using the products we sell (Scope 3).

Oxy adopted its net-zero goals in 2020 to align with the goals of the Paris Agreement, an international treaty on climate change adopted by 196 Parties at the UN Climate Change Conference (COP21) in Paris, France in December 2015 and administered under the 1992 UN Framework Convention on Climate Change. The Paris Agreement's overarching goals are to hold "the increase in the global average temperature to well below 2°C above pre-industrial levels" and pursue efforts "to limit the temperature increase to 1.5°C above pre-industrial levels."

Oxy is building an integrated portfolio of low-carbon projects, products, technologies and companies that complement our existing businesses, leverage our competitive advantages in CO2-EOR, reservoir management, drilling, essential chemistry and major infrastructure projects, and are designed to sustain long- term shareholder value as we implement the net-zero transition called for by the IPCC and world leaders.



Oxy is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the United States, including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world.

Throughout this report, "Oxy," "company," "we" and "our" refers to Occidental Petroleum Corporation and/or one or more entities in which it owns a controlling interest.


The report begins with a letter from Vicki Hollub, our President and CEO, highlighting our climate-related leadership and the actions we are taking to advance our net-zero goals and ambitions. The report is organized under the framework recommended by the Task Force on Climate-related Financial Disclosures (TCFD)(1), which includes Governance, Strategy, Risk Management, and Metrics and Targets. The report describes the strategic oversight by our Board of Directors and our climate-related policy positions, advocacy and engagement. We presented our Net-Zero Strategy in our 2021 Climate Report, Pathway to Net Zero, and we further described progress on this strategy in our 2022 Climate Report, Building to Net Zero. This 2023 Climate Report, Leading the Way in Carbon Management, provides key developments and milestones, with a focus on recent actions. The report then summarizes our integrated climate-related risk management, including our internal carbon pricing and scenario analysis. Next, the report addresses our actions on our GHG metrics and targets and reviews

our GHG emissions data through December 31, 2022. The Appendices include a table of emissions data from 2019 through 2022, our associated Independent Assurance Statements, our current GHG goals, a summary of alignment with the TCFD recommendations, a timeline of our 50+ year legacy of carbon management, and a glossary. The results of the scenario analysis are based on specific assumptions and estimates. Given the inherent uncertainty in estimating emissions and predicting and modeling future conditions, caution should be exercised when interpreting the information provided. The results are not indicative of, and this report does not represent, a preferred or expected outcome of the future.

  1. The TCFD - established by the Financial Stability Board in response to a request from the G20 Finance Ministers and Central Bank Governors - developed a voluntary disclosure framework for climate-related financial disclosures.




CEO Letter


Message from Vicki Hollub




Board of Directors Strategic Oversight


Policy Positions,

Advocacy and



Oxy's Positions on Climate-Related Policies


Oxy's Climate Advocacy and Engagement




Taking Action. Making Progress.


Integrated Risk Management


Enterprise Risk Management


Short-, Medium- and Long-TermClimate-Related Risks


Scenario Analysis


Metrics & Targets

42 Net-Zero Goals


Interim Targets for GHG Emissions Reductions and Low-Carbon Ventures


Review of 2019-2022 GHG Emissions Metrics




GHG Emissions Summary 2019-2022


Independent Assurance Statements


Short-Term GHG Goals


Medium- and Long-Term GHG Goals


TCFD Alignment


50+ Year Carbon Management Legacy




This report contains forward-looking statements based on management's current expectations relating to Oxy's operations, strategies, outlook and business prospects. Words, and variations of words, such as "estimate," "project," "predict," "will," "would," "should," "could," "may," "might," "likely," "anticipate," "advance," "progress," "commit," "strategy," "initiative," "plan," "seek," "strive," "intend," "believe," "expect," "aim," "ambition," "goal," "target," "objective," and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Actual outcomes or results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. In addition, historical, current and forward-lookingsustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future, including future rulemaking. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; our indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations and development initiatives; our ability to successfully monetize select assets and repay or refinance debt and the impact of changes

in our credit ratings or future increases in interest rates; the scope and duration of global or regional health pandemics or epidemics and actions taken by governmental authorities and other third parties in connection therewith; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; development, financing and deployment of technology necessary to execute our strategy; having sufficient land and appropriate joint venture partners to execute on our strategies; supply and demand considerations for, and the prices of, our products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of our proved and unproved oil and gas properties or equity investments, or write- downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including our ability to timely obtain or maintain permits or other governmental approvals, including those necessary for drilling and/or development projects; our ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs

and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, natural gas and natural gas liquids (NGLs) reserves; lower-than-expected production from development projects

or acquisitions; Oxy's ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Oxy's competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver our oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; governmental actions, war (including the Russia-Ukraine war and the Israel-Hamas war) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; our ability to recognize intended benefits from our business strategies and initiatives, such as our low carbon ventures businesses or announced GHG emissions reduction targets or net-zero goals; climate change and other macro events that cannot be predicted over the next 30 years; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the creditworthiness and performance of Oxy's counterparties, including financial institutions, operating partners and other parties; failure of risk management; our ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of

our operations; changes in state, federal or international tax rates; actions by third parties that are beyond our control; and the factors set forth in Part I, Item 1A "Risk Factors" of Oxy's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in Oxy's other filings with the U.S. Securities and Exchange Commission (SEC). Unless legally required, Oxy does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise. Targets and expected timing to achieve targets and strategies are subject to change without notice due to a number of factors. Inclusion of information in this report does not necessarily indicate such information is material to an investor in our securities.



The Stated Policies Scenario (STEPS), Announced Pledges Scenario (APS) and Net Zero by 2050 Scenario (NZE) modeled and assessed in this report are derived from assumptions contained in the International Energy Agency's (IEA) 2022 World Energy Outlook, which the IEA updated in October 2022. The STEPS, APS, and NZE are not forecasts or predictions of the future. As such, there is no assertion that the scenario modeling and assessments presented in this report are reliable indicators of the impact of governmental and private responses to climate change on Oxy's asset portfolio or businesses. Statistics and metrics included in this report are estimates and may be based on assumptions, processes and standards that are developing and subject to change.


The GHG emission estimates described in this report are derived from a combination of direct measurement and calculated values using activity- based parameters and established emission factors as of December 31, 2022. Oxy applies operational control as our organizational boundary and primary approach to reporting. We include within this boundary the operated oil and gas assets of Oxy, the operated assets of Occidental Chemical Corporation (OxyChem), and certain assets not part of oil and gas or chemical operations such as company-operated aircraft; we exclude operated assets that are sold in a given year. We use industry standards and practices for estimating GHG emissions, including guidance from the GHG Protocol, IPCC, SASB, U.S. EPA, API and Ipieca. Oxy has endeavored to estimate direct GHG emissions from our operations (Scope 1), indirect emissions associated with the generation by others of electricity, steam or heat that we purchase for use in our operations (Scope 2), and the three categories of emissions generated by others in

our downstream oil and gas value chain (Scope 3) that we believe are most relevant-downstream transportation and distribution of our oil and gas products (Category 9), processing and refining of our oil and gas products (Category 10), and use of our sold products by consumers (Category 11). We continue to refine our processes and systems, including those with respect to equipment inventories and estimation or measurement of GHG emissions. Uncertainties associated with emissions estimates include, but are not limited to, variation in processes and operations, the availability of sufficient representative data, the quality of available data, and the methodologies used for measurement and estimation. Oxy does not currently expect to update our GHG emissions estimates for prior years unless there are significant discrepancies or omissions identified with respect to a prior year's estimates, a significant change has occurred in our organizational boundaries such as a significant acquisition or divestiture, or a significant change has occurred to regulations or protocols that, in each case, would cause GHG emissions to differ from the prior estimate by more than 5% of our company-wide Scope

1 and 2 emissions estimate in the relevant year. Because no such significant changes to our total GHG emissions for 2019 through 2021 have been identified in this reporting period, this report incorporates the data for those years that were presented in our 2022 Climate Report.

Oxy also provides certain emissions and production data on an equity basis,

where available, excluding assets that are sold in a given year. Our equity4 emissions currently reflect our proportionate equity interest in our operated

oil and gas and chemical assets and our third-party operated international joint ventures. They do not reflect our equity interests in third-party operations in the U.S., either onshore or offshore Gulf of Mexico, or passive equity investments, because we do not currently have consistent access to such data from those operators. We are evaluating processes to estimate GHG emissions from third-party U.S. operators and expect to be in a position to provide more information on those interests in the future.

Equity-based production data reflect oil and gas production presented in our annual Form 10-K, and equity-based Scope 3 emissions estimates reflect that total equity production. Oxy's Scope 3 estimates address the three most relevant categories in our downstream oil and gas value chain-the transportation, refining, and use of our sold oil and gas products (Category 9, 10, and 11, respectively), applying the 2009 and 2021 API Compendium and U.S.-based emission factors and the U.S. EPA/IPCC AR4 GWP to our production on an operated and equity basis. The estimates for transportation and refining reflect our production entirely as oil on

a BOE basis with further transportation of the refined products, rather than reflecting transportation and processing of natural gas or NGLs that would be expected to generate lower emissions. The estimates for use of our sold products assume 100% combustion of oil, NGLs, natural gas and downstream products and ignore non-emitting uses. While we believe the downstream oil and gas value chain comprises the Scope 3 categories most relevant to Oxy, we are continuing to assess methodologies to estimate emissions associated with these and other Scope 3 categories with respect to our oil and gas, chemical and other operations and products. Reporting of estimated emissions generated by others helps to evaluate the lifecycle emissions associated with our operations and products and to aid in expressing the magnitude of our net-zero goals and ambitions and does not indicate an acceptance by Oxy of responsibility for the emissions of others. There are multiple proposed or recently adopted changes to various GHG reporting regulations and protocols, including from the U.S. EPA, the SEC, the GHG Protocol, certain countries, political and economic unions and states, as well as for additional controls, fees or taxes on emissions. Given the potential significance of these changes for estimation and reporting, Oxy may update or modify our reported emissions and our current suite of GHG goals and targets to reflect new regulations and protocols, although we expect to retain our overarching net-zero goals and ambitions and

to continue to implement emissions reduction plans that we believe will complement our investments in Direct Air Capture (DAC), Carbon Capture, Utilization and Storage (CCUS) and other low-carbon technologies and infrastructure.


"I'd like to thank our dedicated employees and partners around the world for this year's remarkable progress. With our organization's 50+ year legacy and expertise managing CO2 for enhanced oil recovery in the Permian Basin, we are leading the way in carbon management."

At Oxy, we believe oil, natural gas and chemical producers play an essential role in advancing society's transition to a net-zero economy. And we're dedicated to leading the way in this bold evolution. 2023 marks the fifth anniversary of Oxy Low Carbon Ventures (OLCV). In this short time, Oxy's global workforce has unified around our net-zero goals and strategy-making remarkable advancements. Some of the progress detailed in this report includes:

  • New construction milestones for the STRATOS Direct Air Capture (DAC) facility
  • Agreement with BlackRock to invest $550 million in a STRATOS joint venture on behalf of clients through a fund managed by its Diversified Infrastructure business
  • Agreements announced to explore a DAC facility in the UAE and CCUS projects in Oman
  • Signed contracts for Carbon Dioxide Removal (CDR) credits with major companies
  • Expansion of exciting technology partnerships
  • Further reduction of operational greenhouse gas emissions

This year brings a strong sense of hope, optimism and encouragement as we continue to advance multiple pathways toward a lower-carbon future. Major U.S. legislation like the Infrastructure Investment and Jobs Act and the Inflation Reduction Act have drawn substantial new investments into a variety of low-carbon projects, including DAC, carbon sequestration hubs, hydrogen and lithium. This is the type of net-zero policy support we noted in our March 2022 OLCV investor update and our third quarter 2022 earnings call that would be instrumental in accelerating DAC deployment. We are gratified that leaders across the world are pursuing additional policies to spur rapid innovation of DAC and other net-zero technologies at commercial scale.

Over the past year, Oxy accelerated our progress and partnerships to address the climate challenge. The pillars of our Net-Zero Strategy- Revolutionize, Reduce, Reuse/Recycle and Remove-each saw significant new achievements. Construction is advancing on our STRATOS DAC facility in West Texas, the cornerstone project of our 1PointFive subsidiary. Designed to remove 500,000 metric tons of atmospheric CO2, we're expecting STRATOS to be operational in mid-2025. The site's permit applications to develop

two Class VI sequestration wells are under review by the U.S. EPA.

Of course, scale will be key in any carbon removal pathway. 1PointFive was selected by the U.S. Department of Energy for a grant to develop a DAC hub in South Texas. This new hub, which will be located on the historic King Ranch, is expected to be home to the world's first DAC facility designed to remove up to 1 million metric tons of CO2 per year. Oxy also signed an agreement with ADNOC to start a jointly funded preliminary engineering study for a DAC facility in the United Arab Emirates. The study will assess the feasibility of building the first megaton-scale DAC operation outside the United States.

This year, we also made tremendous strides in the development of five geologic sequestration hubs along the U.S. Gulf Coast. Together, these locations

collectively comprise more than 400 square miles and an estimated potential storage capacity of more than 6 billion metric tons of CO2. Geologic storage of CO2 is recognized by leading international organizations as an important pathway to achieving the goals of the Paris Agreement. Strategically siting our hubs near major centers of industrial activity can provide Oxy's industrial partners more options for meeting their CO2 emissions reduction milestones.

It's equally important we support the development of the carbon dioxide removal market itself. CDR credits generated from operations such as DAC can incentivize practices that help make net zero a reality. In 2023, we signed agreements with global companies for secure, high-quality, durable CDR credits from our future operation of STRATOS. In August, All Nippon Airways (ANA) became the world's first airline to sign a CDR purchase agreement with 1PointFive, securing 30,000 metric tons of removal capacity over a three-year period. In September, Amazon agreed to purchase 250,000 metric tons of CDR credits over a decade, which they will use to help achieve their goal of decarbonizing their global operations by 2040.

1PointFive also partnered with both Major League Baseball's Houston Astros and the Houston Texans of the National Football League for the future removal of CO2 equivalent to the teams' estimated regular season away-game flight emissions for three seasons. The Astros are acquiring additional CDRs for emissions related to the operation of their stadium.

This year also saw powerful new technology partnerships, as well as additional support for existing partners. In August, we took steps to grow our low-carbon portfolio by entering into an agreement to acquire DAC technology innovator Carbon Engineering-with whom Oxy has been partnering on DAC deployment since 2019. We reached an agreement with NET Power which plans to build its first utility-scale natural gas power plant in the Permian Basin to supply electricity with near-zero emissions to our operations. We also secured 100 percent of TerraLithium, and made additional investments in Newlight Technologies and Carbon Upcycling-both potential change-makers in the carbon space.

Within Oxy's operations, we continued to leverage advanced technologies to reduce emissions in 2023. These included increased drone usage, cutting-edge aircraft and satellite-based inspection technologies, optical gas imaging and expanded deployment of advanced ground-based sensors. Additionally, Oxy's involvement in the development of SensorUp's Gas Emission Management Solution (GEMS) is poised to play a crucial role in leak detection and repair,

as well as measurement, reporting and verification of methane emissions.

Around the world, Oxy reduced carbon dioxide equivalent (CO2e) emissions in our company-wide operated assets in 2022 by approximately 18% from 2019 and nearly 4% from 2021, and reduced methane emissions in our operated assets by approximately 58% from 2019 and 40% from 2021. As a part of the World Bank's Zero Routine Flaring by 2030 initiative, we've reduced routine flaring by 44% from our 2020 baseline in our global operated oil and gas assets, including achieving Zero Routine Flaring across our U.S.

operations in 2022. And we've either eliminated or retrofitted all high-bleed,


gas-driven pneumatic controllers found in our U.S. onshore operations.

I'm extraordinarily proud of the progress we've made over the last year, and

grateful to our 12,000 employees who've enthusiastically contributed their

ingenuity and hard work. In an effort to continue harnessing this diverse

talent, Oxy's Vanguard initiative sponsors sustainability challenges across our

operations in which teams of employees propose innovative solutions that

reduce water, energy or raw material use, or emissions or waste generation,

and finalists receive funding to implement their projects. These sprints help

us make the most of our tremendous expertise, and I'm looking forward to

pushing ourselves again in this way. We also continue to collaborate not just

across our organization, but across the world with like-minded groups pursuing

emissions reduction. This means continued participation with organizations

such as the Oil and Gas Climate Initiative (OGCI), the Aiming for Zero Methane

Emissions Pledge, the Methane Guiding Principles (MGP), Oil & Gas Methane

Partnership 2.0 (OGMP 2.0), and The Environmental Partnership (TEP).

We believe the combination of Oxy's subsurface and major project delivery

expertise, our unparalleled CO2 infrastructure, and our partnerships

with global companies and climate-focused groups uniquely positions

Oxy to apply innovative technologies to reduce the carbon footprint of

our oil and natural gas and chemical products, and help others do the

same. These efforts could ultimately produce net-zero oil to meet the

continuing demand for liquid fuels and hydrocarbon feedstocks in 2050

and beyond that is predicted by leading international organizations.

The most important thing to us is that DAC provides multiple pathways to

decarbonization. DAC enables the development of decarbonized oil and gas,

CDRs, sustainable aviation fuels, and also decarbonized hydrogen, chemicals

like ethylene, and so many other vital materials that enhance our quality of life.

I'd like to thank our dedicated employees and partners around the world for

this year's remarkable progress. With our organization's 50+ year legacy and

expertise managing CO2 for enhanced oil recovery in the Permian Basin, we

are leading the way in carbon management, and focused on contributing

solutions to address the climate challenge while also delivering value to

shareholders and essential energy and chemicals to society. We intend to

build on this momentum-working hard with our partners across the world

to lead the way toward a lower-carbon future. Balancing the pressing needs

of today with the net-zero potential of tomorrow is no small job-but our

team is up to the challenge. I am humbled to be part of this historic effort.

Vicki Hollub

President and Chief Executive Officer




Advocacy &













Our Board of Directors oversees Oxy's corporate governance, strategy, and risk management, including with respect to climate- related risks and opportunities. The Board conducts active review and oversight of Oxy's Net-Zero Strategy, which reflects the transition plan developed and implemented by Oxy's President and CEO and her senior leadership team, as detailed in our annual Climate Report, our Low Carbon Ventures investor updates and earnings calls. These matters are covered in regular Board and committee meetings, as well as the Board's annual strategic review session, as central elements of Oxy's strategic planning.

The Board delegates certain elements of its climate-related oversight functions to standing committees, each of which is composed of independent directors. The charter of each committee is available in the Investors/Governance section of Oxy's website,,and summarized annually in our Proxy Statement. This committee structure is designed to help the Board and its committees have the appropriate oversight of relevant sustainability issues. These committees regularly report on their activities to the full Board.


Reviews HSE programs and performance, including with respect to GHG emissions reduction efforts, as part of our risk management and continuous improvement processes.


Oversees our Enterprise Risk Management (ERM) program, which encompasses our internal processes and controls used by our ERM Council of senior executives to facilitate risk identification, management and reporting, including with respect to climate risks.



Oversees engagement with shareholders and other key stakeholders, external reporting on ESG and sustainability matters, and the company's social responsibility programs. The Committee also monitors climate-related public policy trends and related regulatory matters.


Reviews and approves the parameters and goals that determine executive compensation, including elements related to sustainability performance and climate-related targets. Since 2018, the Board's Executive Compensation Committee (the Compensation Committee) has approved annual climate-related targets for executive officers, directly linking compensation to Oxy's sustainability performance. In response to shareholder input that meaningful weighting of sustainability metrics appropriately aligns performance with Oxy's Net- Zero Strategy, the Compensation Committee maintained

the sustainability weighting at 30% of the 2023 annual cash incentive (ACI) award. The Compensation Committee also maintained targets for emission reduction projects (Scope 1 and 2) and low-carbon ventures projects (Scope 3)-for which it reviews and approves new targets each year to encourage continuing progress. The emissions reduction metric reflects key annual projects to deploy emissions detection, monitoring and control technologies, designs and practices that advance our net-zero goal for Scope 1 and 2 emissions before 2040 and our aim to do so before 2035. The low-carbon ventures metric focuses on business development for Direct Air Capture (DAC), Carbon Capture, Utilization and Storage (CCUS) and low- carbon products that promote progress toward our 2050 net- zero ambition for our total carbon inventory, including Scope 3 emissions from the use of our sold products.




Advocacy &











Senior management reports to the Board of Directors on environmental and sustainability matters, including climate-related risks and opportunities, during regularly scheduled Board and Committee meetings, annual strategy sessions and informally during regular business. In addition to discussions with management, the Board's oversight process has also included dedicated sessions with external experts on topics such as CO2 removal and the net-zero transition. In its meetings throughout 2022 and 2023, the Board discussed Oxy's Net-Zero Strategy with senior management, including leaders of

Oxy's business units and the Oxy Low Carbon Ventures (OLCV) team. Topics included, among others, the CO2 economy and competitive landscape, emissions reduction efforts across our businesses, pending and proposed regulations, risk management, and low-carbon investment opportunities.

During Board and Committee meetings, the Board also discusses the status of ongoing projects, such as construction progress of STRATOS-our first DAC facility which is being built in Ector County, Texas; Front-End Engineering and Design for our second DAC facility-a central feature in our planned CO2 sequestration hub at the King Ranch in Kleberg County, Texas; and

the development of other planned sequestration hubs along the U.S. Gulf Coast. Each of these developments is an important milestone on the path

to achieving Oxy's net-zero ambitions and helping the world meet the Paris Agreement's climate goals. These actions reflect the Board's active oversight of Oxy's strategy to increase shareholder value and thrive while advancing the transition to a net-zero economy.

Future Board strategy discussions will continue to refine and enhance consideration of climate-related risks and opportunities. Our directors have a wide range of experience, including in government service, non-governmental organizations and private sector industries, which supports a diversity

of thought.

Oxy's President and CEO, senior management and employees actively participate in voluntary methane emissions reduction and management programs, such as TEP, MGP, OGMP 2.0, OGCI, the Aiming for Zero Methane Emissions pledge, and the World Bank's Zero Routine Flaring by 2030 initiative. These programs promote continuous performance improvement and develop best practices and guidelines for the application of GHG emissions detection, monitoring and control technologies. OxyChem also participates in the U.S. Department of Energy's (DOE) Better Plants® program to reduce energy and fuel consumption by 20% over a 10-year period.




Advocacy &













At Oxy, we recognize the scientific consensus on climate change and the need to lower both GHG emissions and atmospheric concentrations of CO2. We also recognize the importance of impactful public policy to achieve the climate goals set forth in the Paris Agreement. As such, we offer a few observations on our climate-related policy beliefs:


  • Policy is needed in the short term to accelerate the deployment of technologies, including CCUS and DAC, that reduce or eliminate GHG emissions and atmospheric concentrations of CO2
  • We believe key policy success factors include:
    • supporting the commercial application of technologies in a manner that is sufficient, certain and financeable
    • supporting the development of chemistries and technology for innovative products such as low global warming potential (GWP) refrigerants and those that use CO2 as a feedstock
    • promoting advantages of using durable products to achieve a lower carbon lifecycle analysis (LCA).
  • Longer term, we believe maturing compliance and voluntary carbon markets will strengthen carbon pricing signals and expand commercial pathways for investments in CCUS, DAC and a growing suite of low-carbon products.
  • Electrification will continue to grow favoring zero-emissions sources but will not eliminate the need for CCUS.
  • CCUS and DAC will remain essential over the long term for hard-to-abate
    emissions, to address elevated concentrations of atmospheric CO2, and to provide CO2 feedstocks for low-carbon or net-zero fuels and feedstocks.


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OXY - Occidental Petroleum Corporation published this content on 30 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2023 00:32:15 UTC.