Occidental and its subsidiary 1PointFive and King Ranch, a privately-held agricultural production and resource management company, announced a lease agreement to support large-scale Direct Air Capture (DAC) projects for dedicated carbon dioxide (CO2) sequestration on 106,000 acres in Kleberg County, Texas. The agreement provides access to land for the potential to remove up to 30 million metric tons of CO2 per year through DAC and pore space estimated to store up to 3 billion metric tons of CO2 in geologic reservoirs. The agreement will advance 1PointFive's development plans for commercial-scale DAC plants as a decarbonization solution to accelerate a net-zero economy.

In addition to DAC emissions capture, the King Ranch acreage is also located near industrial emitters in the Gulf Coast region, including Corpus Christi, where emissions can be captured, transported and sequestered in the pore space. Each DAC plant in the site is expected to be capable of removing up to 1 million metric tons of CO2 per year yielding a total capacity of up to 30 million metric tons per year when all facilities are operational. Occidental's first DAC plant in the Texas Permian Basin is currently under construction and builds on Occidental's 50 years of carbon management experience.

1PointFive is working with Carbon Engineering to commercialize their technology and enable the global deployment of large-scale DAC projects. Worley is handling engineering, procurement, and construction (EPC) services for the first DAC plant.