Occidental Petroleum Corp. CEO Vicki Hollub said on April 6 she opposes a carbon tax, an idea that has gained the backing of large rival oil companies and some trade groups.
“A carbon tax would be bad for a lot of the industry, a carbon tax would be bad for the consumers and especially for those consumers who are more disadvantaged from an economic standpoint,” Hollub told the virtual summit of the Texas Independent Producers and Royalty Owners Association.
The American Petroleum Institute (API), the largest U.S. oil and gas trade group, said last month that it endorses a carbon-price policy as one measure to mitigate climate change risk.
Oil majors Exxon Mobil Corp. and Chevron Corp. back the idea. Major U.S. financial trade groups have also called for some type of carbon pricing.
President Joe Biden’s administration is due to unveil a new economy-wide emissions reduction target for 2030 to comply with the Paris climate agreement by April 22, when Biden convenes world leaders on climate change.
Occidental collects carbon tax credits through its EOR operations. The method harnesses the CO₂produced during the extraction of oil and forces it back into the fields, which helps drive more oil to the surface.
The company has also set ambitious climate targets to reach net-zero emissions in its operations before 2040 and is trying to turn its low-carbon unit into a profitable business after it cut jobs and output last year when the coronavirus pandemic hammered global energy demand.
Recommended Reading
Analysis: Middle Three Forks Bench Holds Vast Untapped Oil Potential
2025-01-07 - Williston Basin operators have mostly landed laterals in the shallower upper Three Forks bench. But the deeper middle Three Forks contains hundreds of millions of barrels of oil yet to be recovered, North Dakota state researchers report.
CNOOC Makes Oil, Gas Discovery in Beibu Gulf Basin
2025-03-06 - CNOOC Ltd. said test results showed the well produces 13.2 MMcf/d and 800 bbl/d.
Oxy CEO: US Oil Production Likely to Peak Within Five Years
2025-03-11 - U.S. oil production will likely peak within the next five years or so, Oxy’s CEO Vicki Hollub said. But secondary and tertiary recovery methods, such as CO2 floods, could sustain U.S. output.
Baker Hughes: US Drillers Add Oil, Gas Rigs for Third Week in a Row
2025-02-14 - U.S. energy firms added oil and natural gas rigs for a third week in a row for the first time since December 2023.
US Drillers Add Oil, Gas Rigs for First Time in Eight Weeks
2025-01-31 - For January, total oil and gas rigs fell by seven, the most in a month since June, with both oil and gas rigs down by four in January.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.