Occidental's 1PointFive Sells Carbon Removal Credits To Airbus

1PointFive, a subsidiary of Occidental Petroleum Corp's OXY Oxy Low Carbon Ventures business, entered an agreement for the sale of 400,000 tonnes of carbon removal credits from its planned first Direct Air Capture (DAC) facility using Carbon Engineering's DAC solution to Airbus SE EADSY. Deal terms were not disclosed.
Airbus pre-purchased the capture and permanent sequestration of 100,000 tonnes of carbon dioxide (CO2) from the atmosphere each year for four years—with an option to secure more volume in the future.
1PointFive's first DAC facility, which will include pure sequestration, is being deployed using Carbon Engineering's industrial-scale DAC solution. Construction of the first DAC facility is expected to begin in the second half of 2022 in the Permian Basin.
Price Action: OXY shares are trading lower by 1.59% at $57.09, and EADSY lower by 2.56% at $28.98 on the last check Friday.