Latest news with #VickiHollub
E&E News
19-05-2025
- Business
- E&E News
Occidental taps UAE oil giant for carbon removal money
Occidental Petroleum has inked a deal with the Abu Dhabi National Oil Co. that could provide $500 million for a carbon dioxide removal megaproject being pursed by the U.S. driller. The agreement to evaluate a potential joint venture for the South Texas Direct Air Capture Hub was signed by Occidental Chief Executive Vicki Hollub and ADNOC CEO Sultan al-Jaber, who is also the technology minister and climate envoy of the United Arab Emirates. It was announced Friday during President Donald Trump's visit to the UAE. The deal represents a vote of confidence — and a potential insurance policy — for the hub's development amid increased scrutiny of climate-related spending from Trump's Department of Energy, along with growing economic challenges for the broader direct air capture industry. Advertisement The South Texas hub seeks to remove 1 metric million tons of heat-trapping carbon dioxide from the atmosphere annually with matching funds awarded during the Biden administration — federal backing that is now in question. Occidental's deal with ADNOC would help fund a hub that's half the size of the current proposal.
Yahoo
18-05-2025
- Business
- Yahoo
Occidental Petroleum Corporation (OXY) Joins Hands with ADNOC to Develop Texas Direct Air Capture Hub
It was recently revealed that Occidental Petroleum Corporation (NYSE:OXY) has formed an agreement with UAE's ADNOC for the development of a direct air capture facility in South Texas. Let us shed some light on this development. Occidental Petroleum Corporation (NYSE:OXY) is 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. It was recently announced that Occidental Petroleum Corporation (NYSE:OXY) and its subsidiary, 1PointFive, have entered into an agreement with XRG, the investment company of Abu Dhabi National Oil Company, to evaluate a potential JV to develop a direct air capture (DAC) facility in South Texas. As part of the joint venture, ADNOC will consider investing up to $500 million for the development of the facility, designed to capture 500,000 tons of carbon dioxide per year. The two energy giants have been discussing opportunities to collaborate on carbon capture, utilization, and storage projects in the U.S. and UAE since signing an MoU in 2023. The Strategic DAC Framework Agreement was signed during President Trump's recent visit to the United Arab Emirates, when the Gulf nation announced plans to raise its energy investments in the United States to $440 billion in the next decade. Vicki Hollub, President and CEO of Occidental Petroleum Corporation (NYSE:OXY), stated: 'We are proud to advance our decades-long partnership with ADNOC and XRG on our South Texas DAC Hub, which we believe will deliver game-changing technology to support U.S. energy independence and global goals. Agreements like this, along with U.S. DOE support, demonstrate continued confidence in DAC as an investable technology that can create jobs and economic value in the United States and Texas.' While we acknowledge the potential of OXY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than OXY and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 10 Cheap Energy Stocks to Buy Now and 10 Most Undervalued Energy Stocks According to Hedge Funds. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-05-2025
- Business
- Yahoo
Occidental Petroleum Corporation (OXY) Joins Hands with ADNOC to Develop Texas Direct Air Capture Hub
It was recently revealed that Occidental Petroleum Corporation (NYSE:OXY) has formed an agreement with UAE's ADNOC for the development of a direct air capture facility in South Texas. Let us shed some light on this development. Occidental Petroleum Corporation (NYSE:OXY) is 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. It was recently announced that Occidental Petroleum Corporation (NYSE:OXY) and its subsidiary, 1PointFive, have entered into an agreement with XRG, the investment company of Abu Dhabi National Oil Company, to evaluate a potential JV to develop a direct air capture (DAC) facility in South Texas. As part of the joint venture, ADNOC will consider investing up to $500 million for the development of the facility, designed to capture 500,000 tons of carbon dioxide per year. The two energy giants have been discussing opportunities to collaborate on carbon capture, utilization, and storage projects in the U.S. and UAE since signing an MoU in 2023. The Strategic DAC Framework Agreement was signed during President Trump's recent visit to the United Arab Emirates, when the Gulf nation announced plans to raise its energy investments in the United States to $440 billion in the next decade. Vicki Hollub, President and CEO of Occidental Petroleum Corporation (NYSE:OXY), stated: 'We are proud to advance our decades-long partnership with ADNOC and XRG on our South Texas DAC Hub, which we believe will deliver game-changing technology to support U.S. energy independence and global goals. Agreements like this, along with U.S. DOE support, demonstrate continued confidence in DAC as an investable technology that can create jobs and economic value in the United States and Texas.' While we acknowledge the potential of OXY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than OXY and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 10 Cheap Energy Stocks to Buy Now and 10 Most Undervalued Energy Stocks According to Hedge Funds. Disclosure: None.
Bloomberg
13-05-2025
- Business
- Bloomberg
US Oil Output Has Peaked. But Don't Expect a Rapid Decline.
The chain-smoking protagonist of Landman, the American television drama series about the Texas oil industry, puts it better than anyone else: 'You want oil to live above 60, but below 90,' says the fictional Tommy Norris. 'Seventy-eight dollars a barrel, that's about perfect.' In real life, prices that are far below that 'perfect' level. Earlier this month, West Texas Intermediate, the industry benchmark, changed hands below $60 a barrel, touching a four-year low of $55. Although prices have recovered in recent days, the impact is starting to be felt in Texas and beyond: Shale companies are trimming spending, announcing they will reduce the number of drilling rigs and fracking crews they employ. The US accounts for two in 10 barrels of oil pumped worldwide, so what happens there has an outsize impact. At current prices, US shale oil output has probably peaked. Just don't expect a rapid decline like the downturns of 2015 and 2020; the most likely trajectory is an undulating plateau. Whatever the shape, it will be crucial for the global market. The OPEC+ cartel is boosting output faster than expected, and demand growth is slowing due to the trade war. That leaves shale as a key adjusting lever. 'We had expected that US production overall would peak between 2027 and 2030,' Vicki Hollub, chief executive officer of top shale producer Occidental Petroleum Corp., told investors last week. 'It's looking like that peak could come sooner.' Others echoed her words. The 'current prices' caveat is crucial. With shale, small price shifts matter a lot: The difference between booming production and declining output is measured in a fistful of dollars, perhaps as little as $10 to $20 a barrel. At $50, many companies are staring at financial calamity and production is in free-fall; $55 is survivable; $60 isn't great, but money still flows and output holds; at $65, everyone is back to more drilling; and at $70, the industry is printing money and output is soaring. Oil prices translate into production. The link is the reinvestment ratio: how much money shale companies devote to drilling new wells versus paying their shareholders and creditors. That percentage changes constantly. In the past, shale companies reacted to low oil prices by raising the reinvesting ratio, devoting significantly more cash to drilling. But right now, these businesses are under pressure from investors to pay them. As such, the current price weakness may translate into output weakness quicker than what was the case during previous downturns, in 2020-2021 and 2014-2016. For now, signs of the slowdown are everywhere: The number of active oil drilling rigs now stands at 474, the second lowest since late 2021, according to data from Baker Hughes Co., a top energy services business. But in shale, drilling isn't the most important barometer. Far more important is the proportion of so-called frac crews, the specialized teams that perform hydraulic fracturing, or fracking, on the wells: injecting water, sand and chemicals underground to free oil from the hard-to-crack shale rock. In the Permian, the key shale region straddling Texas and New Mexico, the number of frac crews dropped to a four-year low of 105, according to Primary Vision Inc., a firm that tracks industry trends. Back in 2023, when oil was close to $100 a barrel, more than 160 crews were working in the Permian.
Zawya
12-05-2025
- Business
- Zawya
Oxy eyes 15-year extension in Oman's Block 53, unveils large gas find
US energy major Occidental Petroleum (Oxy) is in advanced talks with the Omani government to extend its contract for Block 53 — home to the world-class Mukhaizna steamflood field — by 15 years to 2040, the company confirmed during its Q1 2025 earnings call. The proposed extension is expected to unlock over 800 million barrels of additional resources across stacked pay formations, enhancing long-term cash flows while aligning with Oman Vision 2040 goals to maximise value from existing energy assets. Occidental noted that the revised terms will support both low-decline enhanced oil recovery and conventional production, ensuring capital efficiency and sustained output. Occidental also reported a significant gas and condensate discovery in North Oman, with estimated in-place resources exceeding 250 million barrels of oil equivalent. Located near existing infrastructure, the field has already entered early production, alongside a second smaller discovery that was fast-tracked to commercialisation within just 13 weeks. 'These developments reflect our deep-rooted partnership with Oman and reaffirm our long-term commitment to supporting its energy strategy,' said CEO Vicki Hollub. She noted that recent efficiency gains have reduced drilling costs by 50 per cent in Block 53, while artificial lift enhancements cut workover costs per barrel by half. The developments form part of Occidental's broader strategy to optimise its international portfolio, prioritising resilient, capital-efficient assets amid global market volatility. With appraisal underway and final approval pending, the Block 53 expansion and new gas discovery are set to reinforce Oman's upstream sector as a key pillar of fiscal sustainability and energy security in the coming decade. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
