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Occidental Petroleum just bought Carbon Engineering for $1.1 billion
Occidental Petroleum Corp (NYSE: OXY) just announced plans of buying Carbon Engineering for about $1.1 billion. Its shares are down 2.0% at writing. What’s in it for Occidental Petroleum? The oil and gas giant expects this acquisition to help expand its footprint in carbon capture and storage. It has been working with the Canadian clean energy company since 2019. Occidental is yet to secure regulatory approval for the said transaction that it hopes will complete by the end of this year. Vicki Hollub – its Chief Executive said today in a press release: "We expect the acquisition to deliver shareholders value ... (full story)