Occidental starts up first-of-its-kind solar facility directly powering oil and gas operations
October 03 2019 - 2:06PM
Occidental (NYSE:OXY) today announced the start-up of the company’s
first solar facility to directly power an enhanced oil recovery
field operation in the Permian Basin. The company, through its Oxy
Low Carbon Ventures (OLCV) subsidiary, also announced that it has
signed a long-term power purchase agreement for 109 MW of solar
energy, beginning in 2021, for use in its Permian operations.
“Occidental is taking an important step toward realizing our
aspiration to become carbon neutral through the use of
emissions-free solar electricity,” President and CEO Vicki Hollub
said. “Using solar energy in our operations is another way Oxy Low
Carbon Ventures is enhancing the profitability and sustainability
of our business while meeting the challenge of reducing atmospheric
greenhouse gases.”
The Goldsmith field solar facility, built by Occidental in Ector
County near Odessa, Texas, expands on the company’s commitment to
economically lower its carbon footprint by using emissions-free
power sources in operations. The 120-acre field is the first
large-scale solar facility of its kind to directly power oil and
gas operations in Texas and features 174,000 photovoltaic panels
with a total capacity of 16 MW — enough to power the operations at
the Goldsmith field. First Solar manufactured the photovoltaic
panels and is under contract with OLCV to operate the facility.
OLCV also recently signed a 12-year solar power purchase
agreement with a joint venture between Macquarie’s Green Investment
Group (GIG) and Core Solar LLC, whose solar project in West Texas
will be operational in 2021. GIG is a specialist in green
infrastructure principal investment, project delivery and the
management of portfolio assets and related services and Core Solar
is a developer of utility scale solar plants.
“As the top producer in the Permian, we are focusing many of our
low-carbon investments and projects in the region with the goal of
becoming the leader in producing lower-carbon energy,” OLCV
President Richard Jackson said. “The solar facility and long-term
solar power agreement further enable us to realize cost
efficiencies and reduce the carbon intensity of our operations
through the use of lower-carbon electricity, which together are
ultimately expected to eliminate more than 160,000 tons of CO2
emissions each year.”
About Occidental
Occidental is an international oil and gas exploration and
production company with operations in the United States, Middle
East and Latin America. Headquartered in Houston, Occidental is one
of the largest U.S. oil and gas companies, based on equity market
capitalization. Occidental’s midstream and marketing segment
purchases, markets, gathers, processes, transports and stores
hydrocarbons and other commodities. The company’s wholly owned
subsidiary OxyChem manufactures and markets basic chemicals and
vinyls. Occidental posts or provides links to important information
on its website at oxy.com.
About Oxy Low Carbon
Ventures
Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of
Occidental, an international oil and gas exploration and production
company with operations in the United States, Middle East and Latin
America. Occidental’s global strategy includes active investment in
carbon dioxide enhanced oil recovery (CO2-EOR) and carbon capture,
utilization and storage (CCUS), as well as other emissions reducing
technologies. OLCV capitalizes on Occidental’s EOR leadership by
developing CCUS projects that source anthropogenic CO2 and promote
innovative technologies that drive cost efficiencies and
economically grow Occidental's businesses while reducing
emissions.
Cautionary Statement Regarding
Forward-Looking Statements
Statements in this release relating to
expectations, beliefs, plans or forecasts are forward-looking
statements. These statements are typically identified by words such
as “potential,” “will,” “would,” “should,” “may,” “plan,”
“anticipate,” “believe,” “expect,” “designed to,” “target,”
“effort” or similar expressions that convey the prospective nature
of events or outcomes. Forward-looking statements involve
estimates, expectations, projections, goals, forecasts,
assumptions, risks and uncertainties. Actual results may differ
from anticipated results, sometimes materially, and reported or
expected results should not be considered an indication of future
performance. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Unless legally required, Occidental does not undertake any
obligation to update any forward-looking statements, as a result of
new information, future events or otherwise. Material risks that
may affect the results of Occidental and its subsidiaries appear in
Part I, Item 1A “Risk Factors” of Occidental’s Annual Report on
Form 10-K for the year ended December 31, 2018, and in Occidental’s
other filings with the SEC.
Contacts: Media: Melissa E. Schoeb713-366-3615
melissa_schoeb@oxy.com or Investors: Jeff
Alvarez713-215-7864jeff_alvarez@oxy.com On the web: oxy.com
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