Carbon capture company stocks5/2/2024 The region offers ample opportunities for decarbonization investment, particularly carbon capture and storage. The deal brings Denbury’s carbon capture and storage assets (1,300 miles of CO2 pipelines and 10 onshore sequestration sites) along the Gulf Coast which has an abundance of refineries, chemical plants, and other hydrocarbon-related infrastructure and processing. More recently, XOM pushed into carbon capture by buying oil recovery specialist Denbury for US$4.9 billion. While the world's largest refiner isn’t pivoting to renewables the same way as its peers, the company has been investing in low-carbon technologies. Yet, greenhouse gas emissions will remain an overhang. “While Oxy can reasonably claim it is aiming to be a better corporate citizen than most, given its extensive carbon capture plans, the resulting impact of such interventions on oil prices would be equally painful,” cautions Ellis.ĮxxonMobil ( XOM) is an integrated oil and gas company that explores, produces, and refines oil. Notably, Oxy recently reached a deal to acquire a Canadian direct air capture startup Carbon Engineering Ltd for US$1.1 billion. The company's management has bold plans to establish a network of point-source and direct air capture facilities, initiatives that “should help Oxy get to net zero by 2050, and generate incremental revenue, too,” says Morningstar sector strategist Stephen Ellis, who pegs the stock’s fair value at US$61. Oxy's extensive experience in sequestering CO2 for enhanced oil recovery positions it to take even more ambitious steps. “This activity differentiates Oxy from most peers, which merely focus on curtailing their own emissions,” says a Morningstar equity report. The unit has ambitious plans to construct between 70 and 135 direct air capture, or DAC, plants in the areas in which it operates, the first of which comes online next year. Its midstream segment also includes Oxy Low Carbon Ventures, which partners with third parties to implement carbon capture, storage, and utilization projects. Occidental Petroleum has positioned itself as a net-zero champion within the industry. These companies are deeply invested in carbon capture and are putting their money where their mouth is.Īn independent exploration and production company, Occidental Petroleum ( OXY) operates in the United States, Latin America, and the Middle East. Investors seeking to profit from the fight against climate change may want to look at the followings stocks.
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