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

HOUSTON — November 9, 2026 — Occidental (NYSE: OXY) today announced it signed long-term agreements with two companies to secure CO2 captured from third-party natural gas processing facilities in the Delaware Basin for use in Occidental’s enhanced oil recovery (EOR) operations in the Permian Basin. The two project developers will fund and build the infrastructure to capture, transport and deliver the CO2 to Occidental.

The separate agreements cover two projects in the Delaware Basin that are expected to collectively capture and transport approximately 2 million metric tons of CO2 annually from existing and new natural gas processing plants. The projects have the potential to expand up to 4 million metric tons per year combined. The projects are subject to final investment decisions, and initial shipments to Occidental are anticipated in 2029.

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“Securing reliable, long-term sources of CO2 supports Occidental’s advanced recovery strategy to extend the productive life of existing fields and enhance recovery across our conventional and unconventional resource base,” said Vishal Gupta, President and General Manager, EOR Ventures, Occidental.

The projects, once operational, will help diversify our CO2 supply, improve access to cost-effective resources and create infrastructure that can connect additional carbon capture projects over time. Federal 45Q incentives are an important support for these investments.

The projects also include the combined development of nearly 100 miles of new CO2 pipeline infrastructure in the Delaware Basin, connecting to the existing CO2 pipeline network that supplies the Permian Basin and extending CO2 access across the Delaware. The pipelines are being designed with additional capacity to allow natural gas processing facilities and other sources of industrial CO2 to interconnect and to support future conventional and unconventional recovery opportunities for Occidental.

Occidental is also pursuing offtake from additional third-party sources of anthropogenic CO2.

About Occidental

Occidental is an international energy company that produces, markets and transports oil and natural gas to maximize value and provide resources fundamental to life. The company leverages its global leadership in carbon management to advance lower-carbon technologies and products. Headquartered in Houston, Occidental primarily operates in the United States, the Middle East and North Africa. To learn more, visit oxy.com.

A PDF of the news release can be found here.