Houston-based Occidental Petroleum Corp. is aiming for net-zero carbon emissions, but rather than investing in renewables, it plans to capture and then reuse the carbon from its global oil developments, CEO Vicki Hollub said Tuesday.

During a third quarter conference call, Hollub and the executive team offered details about the sweeping strategy to boost oil production while working toward a goal of net-zero carbon dioxide (CO2) emissions. The plan is to be emissions free in the direct operations by 2040, with emissions from other sources, including by customers down to zero by 2050.

The European majors, all of which aim to be emission free in 30 years or less, are charting growth in renewables and alternative fuels to reduce their carbon footprints. Oxy, as it is better known,...