Occidental Petroleum (NYSE: OXY) believes carbon capture and storage (CCS) will eventually become a massive market. The oil company estimates it could be a $3 trillion to $5 trillion global industry in the future. It’s not alone in that view. Oil giant ExxonMobil (NYSE: XOM) estimates that there could be a $4 trillion market for capturing and storing carbon dioxide by 2050.
Both oil companies are working toward capturing this potentially multitrillion-dollar market opportunity. Occidental recently signed a deal with a potential partner to develop what could be its next direct air capture (DAC) facility in Texas. The company’s early leadership in carbon capture and storage puts it in a strong position to capture a meaningful portion of what looks like a massive opportunity.
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