Occidental Petroleum

Moving industry forward with next-gen advancements in energy storage and transmission

Alternative Energy

NET Power’s breakthrough technology, the Allam-Fetvedt Cycle, aims to eliminate emissions in the natural gas power generation process. Traditional plants burn gas to produce pressurized gas that operates turbines, resulting in greenhouse gases (carbon dioxide and nitrogen oxide) being released into the atmosphere. NET Power’s solution burns natural gas using oxygen, resulting in only carbon dioxide as a byproduct, which is then pressurized to produce supercritical carbon dioxide, which can be reused in the power generation process to capture heat from the plant.NET Power opened a 25-megawatt (MW) demonstration plant in Texas in January 2021 and announced that the company will be starting the construction of its first four commercial plants.&nbsp;&nbsp;In <a href="https://sp-edge.com/updates/14470">November 2022</a>, NET Power announced that it will develop and build the world’s first utility-scale natural gas-fired power plant with near-zero atmospheric emissions. The plant, which is expected to be online in 2026, will be built in Odessa, Texas, and will produce ~300 MW of power.Key customers and partnershipsIn May 2021, NET Power and G2, a company building the world's first net-zero liquefied natural gas (LNG) production facility, executed a letter of intent to collaborate. In July 2021, the company partnered with Zero Degrees Whitetail Development (ZDWD), 8 Rivers Capital, and Sembcorp Energy UK (SEUK) to develop a NET Power station at SEUK’s Wilton International site on Teesside, UK. ZDWD plans to develop multiple 300 MW NET Power facilities across the UK.&nbsp;In <a href="https://sp-edge.com/updates/17656">April 2023</a>, NET Power selected Zachry Group for front-end engineering design (FEED) and engineering, procurement, and construction (EPC) services for its initial utility-scale power plant. In <a href="https://sp-edge.com/updates/18818">May 2023</a>, NET Power announced plans to establish a JV with SK Group. The NET Power-SK JV will pursue the development of utility-scale NET Power plants across Asia. In <a href="https://sp-edge.com/updates/25081">December 2023</a>, the company signed a Strategic Supply Agreement with Lummus Technology for recuperative heat exchangers (HXR) for NET Power's large-scale power plants.Funding and financialsIn June 2023, NET Power was listed on the NYSE. The transaction is expected to raise gross proceeds of over USD 670 million, with the combined company expected to have a market capitalization of over USD 2 billion. This included PIPE commitments from <a href="https://sp-edge.com/updates/17968">Occidental</a> (USD 350 million), the Rice family (USD 125 million), and <a href="https://sp-edge.com/updates/18818">SK Group</a> (USD 50 million). The company intended to use these funds to commercialize its first utility-scale natural gas-fired power plant.&nbsp;Key competitors: None comparable (NET Power is the only startup to develop a zero-emission natural gas-power generation solution)

NET Power is a clean energy technology company with a mission to globally deploy affordable and reliable zero-emissions energy solutions. The Company licenses its proprietary NET Power Cycle, which transforms natural gas into low-cost, clean power that's available 24/7. Founded in 2010 and headquartered in Durham, North Carolina, NET Power is driving global adoption by partnering with power producers, technology providers, investors and other innovators to deliver utility-scale plants.

OxyMar provides chemicals and allied products products and service.

Occidental Petroleum is an international oil and gas exploration and production company. Occidental specializes in applying advanced technology to boost production and access hard-to-recover reserves. With more than 40,000 employees and contractors worldwide, they are committed to being the employer, partner, and neighbor of choice.

<div> Occidental Petroleum Corporation (NYSE: OXY) is an international oil and gas exploration and production company headquartered in Houston, Texas. Founded in 1920, Occidental has operations in the US, Middle East and Latin America. The company is one of the largest US oil and gas companies based on market capitalization. Occidental's core business is focused on oil and gas exploration and production. Its US operations are concentrated in the Permian Basin, Rockies, and Gulf of Mexico. The company's international assets include operations in Oman, the United Arab Emirates, and Algeria. Key products and services include: <ul> <li> Crude oil and natural gas production </li> <li> Enhanced oil recovery using carbon dioxide injection </li> <li> Petrochemicals and specialty chemicals through its OxyChem subsidiary </li> <li> Midstream and marketing operations for oil, gas and other commodities </li> </ul> Occidental agreed to acquire CrownRock, a major Permian Basin producer, for USD 12 billion in December 2023. The deal is expected to close in the second half of 2024 and will significantly expand Occidental's acreage and production in the Permian. The company is also investing in carbon capture and storage technologies, including direct air capture, to reduce emissions from its operations. In 2023, Occidental formed a joint venture with BlackRock to develop its first direct air capture facility called STRATOS, which is scheduled to be operational by mid-2025. </div>

Occidental Petroleum Q3 Earnings Preview: Cautious tone amid debt woes (NYSE:OXY)

Oxy Low Carbon Ventures

Clear the air on carbon capture, reuse, and storage

Carbon Capture, Utilization & Storage (CCUS)

Solutions that capture CO2 from flue-gas stacks including both industrial stacks and vehicle tailpipes.

Solutions that capture CO2 from ambient air, including from indoor spaces.

Solutions that “recycle” captured CO2 to produce commercial products other than sustainable fuel, such as proteins, plastics, building materials, etc.

Solutions that permanently store captured CO2 underground.

Solutions that “recycle” captured CO2 to produce sustainable fuels

Hydrogen Economy

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<div>
 
 Hy2gen USA, part of Germany's Hy2gen, has signed a memorandum of understanding with Ocean Connect Energy (OCE), a developer of offshore wind energy. 
 Together, they aim to investigate using offshore wind to fuel the production of green hydrogen, including the identification and development of suitable locations for powering Hy2gen’s renewable hydrogen and e-fuel production from OCE’s offshore wind projects in the US and globally.
 
</div> Analyst QuickTake: 
 In a similar vein, Hy2gen also partnered with offshore wind company Deep Wind Offshore in November 2023 through its subsidiary Hy2gen Norge AS to secure a supply of renewable electricity for the production of renewable ammonia in Norway.

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