The lease agreement, with the potential to expand acreage, is a pivotal step in OLCV subsidiary 1PointFive’s strategic vision to develop a series of carbon capture and sequestration hubs within the
- 1PointFive plans to build, acquire and operate multiple sequestration hubs on the
Gulf Coast and across theU.S. , some of which are expected to be anchored by Direct Air Capture (DAC) facilities, to offer storage capacity to point-source emitters, such as manufacturing sites and power plants, with a capacity to sequester up to hundreds of millions of metric tons of anthropogenic CO2. - 1PointFive aims to play a transformational role in combatting climate change through industrial decarbonization of the hard-to-abate industrial sector in the
U.S.
“We’re excited to work with
The lease agreement also marks Weyerhaeuser’s first step in building its carbon capture and storage (CCS) business across its land base in the
Weyerhaeuser has identified multiple locations for potential CCS projects across a portion of its 7 million-acre footprint in theU.S. South using proprietary geological data covering its lands.- The expansion into CCS is part of Weyerhaeuser’s previously announced plan to grow its recently formed Natural Climate Solutions business, including through CCS, forest carbon offsets, renewable energy development, mitigation solutions and conservation.
“We are excited to work with OLCV on this project, which combines a portion of our uniquely positioned southern
About
About 1PointFive
1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) platform that is working to help curb global temperature rise to 1.5°C by 2050 through the deployment of decarbonization solutions, including Carbon Engineering's Direct Air Capture (DAC) and AIR-TO-FUELS™ technologies alongside geologic sequestration hubs. More at 1PointFive.com.
About
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including those relating to OLCV’s strategy, 1PointFive’s strategy’s impact on the environment, the agreement’s benefits and related impact on carbon emissions, and 1PointFive’s plans to build, acquire and operate multiple sequestration hubs as part of Oxy’s net-zero strategy. These statements are based on Oxy’s current expectations, beliefs, plans, estimates, and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words such as “will,” “may,” “expect,” “plan,” “aim,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. 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.
These statements are not guarantees of future performance as they involve assumptions that may prove to be incorrect and risks and uncertainties, including those that are beyond Oxy’s control. Factors that may cause actual results to differ materially from forward-looking statements include Oxy’s ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, to acquire requisite pore space, to access capital, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as market conditions, geopolitical events, and scientific developments. Additional factors that may affect 1PointFive’s ability to build, acquire and operate multiple sequestration hubs can be found in Oxy’s public disclosure and its filings with the
Phone: +1 (713) 497-2017
Email: eric_moses@oxy.com
Occidental / Oxy investor relations contact
Phone: +1 (713) 215-7864
Email: jeff_alvarez@oxy.com
Phone: +1 (919) 861-0342
Email: nancy.thompson@weyerhaeuser.com
Phone: +1 (206) 539-3907
Email: andy.taylor@weyerhaeuser.com
Source: Occidental
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