StocksMediumUpdated•Originally published 9 November 2026•Updated 9 November 2026•
1 min read
Occidental Beats Quarterly Profit Estimates Amid Expansion in EOR Projects
Key Facts
1Occidental signed long-term agreements with two companies to secure CO2 captured from natural gas processing facilities in the Delaware Basin.
2Project developers will fund and build the infrastructure to capture, transport, and deliver the CO2 to Occidental.
Occidental Petroleum beat quarterly profit estimates in its latest financial results. This financial performance coincided with the company signing long-term agreements with two partners to secure captured CO2 from natural gas processing facilities in the Delaware Basin, according to GlobeNewswire.
The projects aim to capture and transport approximately 2 million metric tons of CO2 annually for enhanced oil recovery (EOR) operations, with potential expansion to 4 million metric tons. Initial shipments are expected in 2029, supporting Occidental's strategy to extend the productive life of its Permian Basin resource base.