Excerpts from the Seeking Alpha transcript of the Oxy Investor Update:
“The other option in the near term for some will be using direct air capture to produce net zero oil. Net zero oil pairs direct air capture with existing CO2 EOR infrastructure and production. Through this closed-loop system, we can proactively capture and permanently sequester the life cycle emissions for a barrel of oil to create a net zero product. Net zero oil can play an important role in the energy transition by significantly reducing the emissions associated with an existing product. While zero-emission energy, fleet electrification and other solutions progress, net zero oil is a near-term product that limits growth in atmospheric CO2, while providing a fuel that fits with current infrastructure, logistics and transportation systems globally.”
“…I’ll just repeat what we’ve all we said in the past. This started out as a way to enhance the value of our existing operations, and it will do that as Richard stated by providing a long-term sustainable lower cost source of CO2 for enhanced oil recovery, both our conventional and our shale reservoirs. So that was the original reason that we started all of this.”