Energy companies like Occidental Petroleum (OXY), Hess Corporation (HES) and Marathon Petroleum (MPC) and have seen solid gains in 2022.
Burning fossil fuels emits a significant amount of carbon dioxide into the atmosphere, which impacts the environment. While carbon dioxide is a big problem for the oil and gas industry, many energy companies are starting to see an opportunity. Oil giant ExxonMobil (NYSE: XOM) estimates that capturing carbon dioxide and storing it underground (i.e., carbon capture and storage, or CCS) could become a $4 trillion market by 2050.
Enbridge Inc. (Enbridge) (TSX: ENB) (NYSE: ENB) and Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental (NYSE: OXY), today announced that the parties intend to work towards jointly developing a carbon dioxide (CO2) sequestration hub in the Corpus Christi area of the Texas Gulf Coast. Enbridge and OLCV signed a letter of intent to explore this joint project, which would provide a complete CO2 solution for area emitters through the development of a pipeline transportation system and sequest