Houston-based Occidental Petroleum Corp. is expecting to slowly back away in the coming years from its primary oil and natural gas developments to zero in on ways to manage carbon emissions, according to CEO Vicki Hollub.


In a recent interview with IHS Markit Vice Chairman Daniel Yergin, Hollub said carbon capture operations could become the primary business in the years to come. Hollub during a 3Q2020 conference call said Oxy, as it is better known, had said the company’s plan to achieve net-zero emissions would be centered around capturing and then reusing carbon dioxide (CO2).

The evolution has been ongoing for years, Hollub said.

“We had been in CO2 enhanced oil recovery for about 40 years,” she noted. “We were trying to figure out a way to ensure the...