By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Markets > Stocks > BlackRock and Occidental Petroleum commit $550 million to world’s largest DAC project
Stocks

BlackRock and Occidental Petroleum commit $550 million to world’s largest DAC project

News Room
Last updated: 2023/11/09 at 9:14 PM
By News Room
Share
3 Min Read
SHARE

© Reuters.

BlackRock Inc (NYSE:)., under the leadership of CEO Larry Fink, has committed $550 million through its Diversified Infrastructure business towards the development of STRATOS, the world’s largest Direct Air Capture (DAC) facility currently under construction in Ector County, Texas. The project, also backed by Occidental Petroleum Corporation (NYSE:) and its carbon capture subsidiary 1PointFive led by CEO Vicki Hollub, was launched as a joint venture on Monday.

STRATOS is designed to annually extract and store 500,000 tonnes of CO₂ from the atmosphere in geologic formations. The facility is currently one-third complete, with operational readiness expected by mid-2025.

The investment comes despite a 2022 ban by Texas Comptroller Glenn Hegar on entities boycotting fossil fuels. Nonetheless, BlackRock’s commitment to STRATOS persists, aligning with the firm’s broader focus on sustainable investment strategies.

In addition to BlackRock and Occidental Petroleum, several other entities have shown interest in the project. Amazon (NASDAQ:), Airbus, ANA, TD Bank Group, the Houston Astros, and the Houston Texans have all signed carbon removal credit purchase agreements with 1PointFive.

This investment marks a significant step towards large-scale carbon capture solutions. By backing projects like STRATOS, BlackRock and Occidental Petroleum are positioning themselves at the forefront of efforts to mitigate climate change through innovative technology.

InvestingPro Insights

Our real-time data from InvestingPro offers valuable insights into the financial health and performance of both BlackRock Inc. and Occidental Petroleum Corporation.

BlackRock Inc., known as BLK in the stock market, has a track record of high return on invested capital, which is a promising sign for the STRATOS project. An InvestingPro Tip to note is that BlackRock has raised its dividend for 13 consecutive years, demonstrating the company’s stability and reliability to its shareholders. Additionally, BlackRock’s cash flows can sufficiently cover interest payments, which is a positive indicator of the company’s financial health and its ability to fund ambitious projects like STRATOS.

On the other hand, Occidental Petroleum Corporation, or OXY, is also showing positive signs. According to InvestingPro Tips, the management has been aggressively buying back shares, which can be seen as a strong vote of confidence in the company’s future. Moreover, OXY has maintained dividend payments for an impressive 50 consecutive years, underlining its commitment to returning value to its shareholders.

For more detailed insights and tips, consider exploring the InvestingPro platform, which offers an extensive list of 8 additional tips for BLK and 6 more for OXY. These can provide a more comprehensive understanding of these companies’ financial prospects, helping you make more informed investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Read the full article here

News Room November 9, 2023 November 9, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
OpenAI signs $30bn data centre deal with Oracle

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

How Goldman Sachs won big in the Fed’s annual stress test

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

This sell-off could be your golden ticket to AI and fintech gains

Watch full video on YouTube

On the streets with New York’s ‘rat tsar’

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

How Coach won over Gen Z

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

Stocks

CPS reports solid 2023 performance, eyes future growth By Investing.com

By News Room
Stocks

Niu Technologies faces mixed results in Q4 2023 By Investing.com

By News Room
Stocks

Exagen Inc. reports strong 2023 revenue growth By Investing.com

By News Room
Stocks

Legacy Housing reports mixed results amid sales decline By Investing.com

By News Room
Stocks

Harmony Biosciences exec sells over $383k in stock By Investing.com

By News Room
Stocks

Biofrontera posts record revenue and outlines growth plans By Investing.com

By News Room
Stocks

Granite Ridge CFO buys $31,000 in company stock By Investing.com

By News Room
Stocks

Coliseum Capital Management buys MasterCraft Boat shares worth over $3.2m By Investing.com

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?