RE:RE:RE:RE:ICE vehicles are pricing themselves out of the marketOXY is nicely positioned for the future of Carbon capture and injection, and is building more. Much of it is used in the process of OXY's enhanced oil recovery, by injecting it into the formations to coax more oil out of the reservoir. Not only does the process produce more oil, OXY stands to benefit by earning a growing chunk of ever increasing carbon credits.
Why can't we do that here? Well, the difference is that our stupid Canadian carbon energy policy set by the Liberal idiots in charge do not grant carbon credits for CO2 injections when used in enhanced oil recovery operations. This is a deliberate smack in the face, to discourage Canadian oil production.
Some companies in Canada is already doing it. Look at Whitecap for example. They are already a net negative emitter and are removing CO2 in Weyburn and injecting more CO2 into the reservoirs than they emit, yet do not and will not receive a carbon credit for it.
Again, another poor energy/carbon policy that makes Canada even more uncompetitive to our peers across the border.
Eastern Canada can feel all warm and fuzzy importing US oil products that have been greenwashed by having carbon credits applied in the production process, rather than our own bad homegrown dirty oil.
Sockboy and his band of idiots simply have to go.
Experienced wrote: Actually, OXY is transforming itself into a carbon capture and renewable energy company which is why Buffet is interested in owning a piece of it. They already have one of the world's largest solar energy farms in TX.
Ironically, your question underlines the point I have been making about SU for over a year - it needs to use its huge FCF to move into a non oil businesses with meaningful oil growth prospects. Instead, they seem to have little interest in this and doing the opposite by doubling down on oil production (although in fairness they are dabling in carbon capture but this seems to be more of a sideline than a primary focus). This is one of the big reasons that its SP doesn't reflect its FCF metrics - a fact that won't change until it changes its strategy.
While we are on the topic - let's talk about carbon capture. People here are debating EVs and transportation oil demand in the future but there is a lot more to the story. Carbon from carbon capture is going to replace a lot of oil demand in energy intensive businesses like cement for construction and asphalt for roads to name a couple of things. Carbon, not oil is going to be a big business in the future.