Enbridge (ENB) will construct and operate the CO2 pipeline system, while Occidental (OXY) will construct and operate the CO2 sequestration facilities.
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.