Occidental's Low Carbon Ventures (OLCV) subsidiary and Natural Resource Partners L.P. announced the execution of an agreement for the evaluation and potential development of a permanent carbon dioxide (CO2) sequestration hub located in southeast Texas. OLCV expects the development of the project will be completed by its subsidiary 1PointFive. The agreement provides OLCV with the exclusive rights to develop a CO2 sequestration hub on approximately 65,000 acres of pore space controlled by NRP.

The site offers proximity to a large number of industrial CO2 emissions. The approximate total CO2 storage potential of this location is at least 500 million metric tons. The agreement advances OLCV's and 1PointFive's strategic vision to develop carbon capture and sequestration hubs, some of which are expected to be anchored by Direct Air Capture (DAC) facilities.