Occidental Petroleum Is Making Strides to Capture This $5 Trillion Opportunity
Occidental Petroleum ...
Occidental Petroleum(OXY -2.01%) sees tremendous potential for carbon capture and storage (CCS). The process that extracts carbon dioxide from the air and stores it underground could help significantly reduce climate-impacting carbon emissions in the future. CCS is not only good for the environment, but it also represents a potentially lucrative market opportunity.
Occidental believes that CCS could become a $3 trillion to $5 trillion global market in the future. Because of that, the oil company estimates that it could eventually generate as much in earnings and cash flow from its CCS business as it currently makes by producing oil and gas. That's leading the company to take several steps to capture this massive opportunity.
Benchmark U.S. crude oil for July delivery rose...
Benchmark U.S. crude oil for July delivery rose 91 cents to $119.41 a barrel Tuesday. Brent crude for August delivery rose $1.06 to $120.57 a barrel.
Wholesale gasoline for July delivery fell 3 cents to $4.16 a gallon. July heating oil fell 4 cents to $4.32 a gallon. July natural gas fell 3 cents to $9.29 per 1,000 cubic feet.
US Drillers Add Oil and Gas Rigs for the First Time in Three Weeks
The U.S. oil and natural gas rig count rose this week for the first time in three weeks, as crude...
The U.S. oil and natural gas rig count rose this week for the first time in three weeks, as crude output slowly returns to pre-pandemic levels despite high prices as producers focus on returning money to shareholders and paying down debt.
The oil and gas rig count, an early indicator of future output, rose six to 733 in the week to June 10, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report on June 10.
Baker Hughes said that puts the total rig count up 272 rigs, or 59%, over this time last year.
U.S. oil rigs rose six to 580 this week, their highest since March 2020, while gas rigs were unchanged at 151 for a third week in a row.
Dow skids nearly 900 points as inflation hits 40-year high
All three major U.S. stock benchmarks closed sharply lower Friday, each suffering their biggest weekly...
All three major U.S. stock benchmarks closed sharply lower Friday, each suffering their biggest weekly loss since January, after inflation data for May came in much hotter than expected.
The Dow Jones Industrial Average DJIA dropped 880 points, or 2.7%, to close at 31,392.79.
The S&P 500 SPX slid 116.96 points, or 2.9%, to finish at 3,900.86.
The Nasdaq Composite COMP slumped 414.20 points, or 3.5%, to end at 11,340.02.
For the week, the Dow dropped 4.6%, the S&P 500 slid 5.1% and the Nasdaq tumbled 5.6%. All three major benchmarks book a second straight week of declines and their biggest weekly loss since January, according to Dow Jones Market Data
U.S. Midwest may have summer power shortages for years
The power grid operator in the Central United States warned on Friday that problems it may experience...
The power grid operator in the Central United States warned on Friday that problems it may experience keeping the lights on this summer could also occur during the summers of 2023, 2024, and beyond.
The region's grid operator, Midcontinent Independent System Operator (MISO), has already warned of potential capacity shortfalls and other reliability concerns in parts of its territory this summer.
MISO operates the grid for some 42 million people in 15 U.S. central states from Minnesota to Louisiana and the Canadian province of Manitoba.
On Friday, MISO released a survey showing it could have a potential capacity deficit of 2.6 gigawatts (GW) during the summer of 2023 depending on market responses over the next year.
