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Bond Market News
Occidental Petroleum Acquires Carbon Engineering for $1.1bn
August 16, 2023
Occidental Petroleum acquired Carbon Engineering, a technology firm for $1.1bn to fulfill its aim of building multiple carbon capture sites using direct air capture (DAC) technology. The payments will be spread over three approximately equivalent annual payments, with the first due at closing, before the end of 2023. Occidental plans to build about 100 DAC plants to tackle climate change. DAC actively removes carbon dioxide from air, however the technology is in early stages of commercialization. Occidental said it has been working with Carbon Engineering on DAC deployment since 2019.
Bonds of Occidental Petroleum were flat with 5.5% 2025 trading at 99 cents to the dollar, yielding 5.97%.
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