World’s first large-scale direct air capture plant to use Siemens Energy equipment

Siemens Energy will supply a motor-driven 13,000 horsepower (hp) fully modular wet gas compressor package and a motor-driven 8,500 hp dry gas compressor for the DAC plant. The equipment will compress the captured CO2 for additional processing and pressurize the final product into a pipeline for injection into underground reservoirs.

1PointFive’s plant is expected to provide practical solutions that hard-to-decarbonize industries can use to help achieve net zero. Captured carbon dioxide can be safely sequestered deep underground in saline formations or used to produce hydrocarbons to enable lower-carbon or net-zero transportation fuels and in products like chemicals and building materials.

Siemens Energy President and CEO Christian Bruch commented on the collaboration saying, “We are honored to be part of such an important project. Technologies to effectively capture and sequester CO2 will be a necessity if we want to achieve our climate goals. Close partnerships with partners like Occidental are the base to scale up innovative solutions.”

“We are leveraging Oxy’s core competence in carbon management to capture and sequester atmospheric carbon dioxide to help meet the goals of the Paris Agreement and reduce emissions globally,” said Vicki Hollub, President and CEO, Occidental. “Our first Direct Air Capture plant will advance industrial-scale carbon capture to provide a solution to help Oxy and others accelerate their respective paths to net zero.”

Policy incentives, such as the Inflation Reduction Act, are accelerating DAC technology as a climate solution to help organizations reduce their CO2 emissions.

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 Occidental’s and its subsidiaries' deployment and use of DAC technology, which are based on Occidental’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,” 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, Occidental 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 Occidental’s control. Factors that may cause actual results to differ materially from forward-looking statements include Occidental’s ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, 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 Occidental’s and its subsidiaries' ability to deploy DAC technology can be found in Occidental’s public disclosure and its filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at Occidental’s website at oxy.com or the SEC’s website at sec.gov. Information included herein is not necessarily material to an investor in Occidental’s securities.