World’s First Large-Scale Direct Air Capture Plant to Use Siemens Energy Equipment

Siemens Energy compressors will be used at Occidental’s first large-scale Direct Air Capture (DAC) plant in Texas’ Permian Basin developed by 1PointFive, a subsidiary of Occidental. The two compressor packages will enable the plant to capture up to 500,000 metric tons of CO 2 per year when fully operational .

1PointFive’s plant is expected to provide practical solutions that hard-to-decarbonize industries can use to help achieve net zero. Captured carbon dioxide can be safely sequestered deep underground in saline formations or used to produce hydrocarbons to enable lower-carbon or net-zero transportation fuels and in products like chemicals and building materials.

Siemens Energy President and CEO Christian Bruch commented on the collaboration saying, “We are honored to be part of such an important project. Technologies to effectively capture and sequester CO 2 will be a necessity if we want to achieve our climate goals. Close partnerships with partners like Occidental are the base to scale up innovative solutions.”

“We are leveraging Oxy’s core competence in carbon management to capture and sequester atmospheric carbon dioxide to help meet the goals of the Paris Agreement and reduce emissions globally,” said Vicki Hollub, President and CEO, Occidental. “Our first Direct Air Capture plant will advance industrial-scale carbon capture to provide a solution to help Oxy and others accelerate their respective paths to net zero.”

Policy incentives, such as the Inflation Reduction Act, are accelerating DAC technology as a climate solution to help organizations reduce their CO 2 emissions.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including those relating to Occidental’s and its subsidiaries' deployment and use of DAC technology, which are based on Occidental’s current expectations, beliefs, plans, estimates, and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words such as “will,” “may,” “expect,” “plan,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Occidental does not undertake any obligation to update, modify, or withdraw any forward-looking statements as a result of new information, future events, or otherwise.

These statements are not guarantees of future performance as they involve assumptions that may prove to be incorrect and risks and uncertainties, including those that are beyond Occidental’s control. Factors that may cause actual results to differ materially from forward-looking statements include Occidental’s ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, to access capital, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as market conditions, geopolitical events, and scientific developments. Additional factors that may affect Occidental’s and its subsidiaries' ability to deploy DAC technology can be found in Occidental’s public disclosure and its filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at Occidental’s website at oxy.com or the SEC’s website at sec.gov. Information included herein is not necessarily material to an investor in Occidental’s securities.

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Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. A majority stake in the wind power subsidiary Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs around 92,000 people worldwide in more than 90 countries and generated revenue of €29 billion in fiscal year 2022. www.siemens-energy.com.

Occidental is an international energy company with assets primarily in the United States, the Middle East, and North Africa. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

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    CONTACT: Siemens Energy

Jake Rubin

Phone: (202) 227-0321

E-mail:jake.rubin@siemens-energy.comJanet Ofano

Phone: (803) 389-6753

E-mail:janet.ofano@siemens-energy.comOxy

Media

Eric Moses

Phone: (713) 497-2017

Email:eric_moses@oxy.comInvestors

Neil Backhouse

Phone: (713) 366-5604

             Email:neil_backhouse@oxy.com

KEYWORD: UNITED STATES NORTH AMERICA CANADA TEXAS
    

INDUSTRY KEYWORD: OTHER ENERGY UTILITIES OIL/GAS SUSTAINABILITY ENVIRONMENT ALTERNATIVE ENERGY ENERGY GREEN TECHNOLOGY
    

SOURCE: Siemens Energy

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PUB: 03/06/2023 07:00 AM/DISC: 03/06/2023 07:00 AM

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