GlobeNewswire·Nov 9, 2026, 4:16 PM ET

Occidental Signs Long-Term CO₂ Offtake Agreements to Support Enhanced Oil Recovery Operations

Occidental signed long-term agreements to secure CO₂ captured from third-party natural gas processing facilities in the Delaware Basin for enhanced oil recovery operations in the Permian Basin.
Two project developers will fund & build infrastructure to capture, transport, & deliver the CO₂ to Occidental.
The projects aim to collectively capture & transport approximately 2 million metric tons of CO₂ annually, with potential to expand up to 4 million metric tons per year combined.
Projects are subject to final investment decisions, with initial shipments to Occidental anticipated in 2029.
The agreements include the development of nearly 100 miles of new CO₂ pipeline infrastructure in the Delaware Basin to connect to existing networks & support future interconnections.
Federal 45Q incentives are cited as important support for the investments, which aim to diversify CO₂ supply & improve access to cost-effective resources.
Occidental is also pursuing offtake from additional third-party sources of anthropogenic CO₂.