PATHWAY TO NET-ZERO - Occidental Petroleum
CLIMATE REPORT 2020PATHWAY TONET-ZEROAt Occidental, we are leveraging our expertise in carbon managementand storage to achieve net-zero, with a vision toward total carbonimpact leadership that accelerates progress on global climate goals.
WE AREOCCIDENTALOccidental is an international energy company with operations in the United States, Middle East,Africa and Latin America. We are one of the largest oil producers in the U.S., including a leadingproducer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketingsegment provides flow assurance and maximizes the value of our oil and gas. Our chemicalsubsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy LowCarbon Ventures subsidiary is advancing leading-edge technologies and business solutions thateconomically grow our business while reducing emissions. We are committed to using our globalleadership in carbon dioxide management to advance a low-carbon world.Visit oxy.com for more information.TESSERACTABOUT THIS REPORTThe dynamic graphic you see in manyforms throughout these pages is atesseract — an energized structure thatexists and moves in four dimensions,transcending the gravity, space andtime of our conventional 3D world. Thetesseract symbolizes both the spiritand strategic direction of Occidental.We envision a future few others canimagine, and we are going there now,boldly forging our pathway to net-zero.The report begins with an introductory letter from Vicki Hollub, our President and CEO, highlightingour climate-related leadership and the actions we are taking to advance our net-zero ambitions. Weprovide a pathway detailing milestones, as well as an overview of progress on our commitments,climate-related governance and risk management processes and systems, planning and execution ofclimate strategies, and metrics and targets for reducing greenhouse gas emissions.The report reflects the four-element framework recommended by the Task Force on Climate-relatedFinancial Disclosures (TCFD).1 The TCFD’s recommendations are structured around four thematicareas: Governance, Strategy, Risk Management, and Metrics and Targets. This report was preparedin 2020 based on performance in earlier years, and the results of the scenario analysis are based onspecific assumptions and estimates. Given the inherent uncertainty in predicting and modeling futureconditions, caution should be exercised when interpreting the information provided. The results arenot indicative of, and this report does not represent, a preferred or expected outcome of the future.1 The TCFD — established by the Financial Stability Board in response to a request from the G20 Finance Ministers and Central Bank Governors —developed a voluntary disclosure framework for climate-related financial disclosures. The framework is organized around four themes: Governance,Strategy, Risk Management, and Metrics and Targets.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSCONTENTS04CEO LetterMessage from Vicki Hollub17Commitments toward Governanceand Engagement18GHG Emissions Metrics19Accolades and Accomplishments05Strategy to AchieveNet-Zero07Pathway to Achieve Net-Zero10Reducing Operational Emissions14Industry Leadership15Commitments andTargets16Climate-related Commitmentsand Targets17Commitments forDecarbonizing Operations andReducing GHG Emissions25The IEA SustainableDevelopment Scenario27Summary of ClimateReport Highlights20Governance22Board of Directors Engagement22Stakeholder Engagement22Public Policy Engagementand Advocacy23Executive Engagement29GlossaryABOUT THE INTERNATIONAL ENERGY AGENCY SUSTAINABLE DEVELOPMENT SCENARIO31Appendix: GHGEmissions Summary32GHG Emissions Summary 2017-201924Integrated RiskManagement25Integrating Climate into Occidental’sRisk Management ApproachThis report contains forward-looking statements based on management’s current expectations relating toOccidental’s operations and business prospects. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,”“could,” “may,” “might,” “anticipate,” “plan,” “seek,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,”“likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forwardlooking statements. You should not place undue reliance on these forward-looking statements, which speak only as ofthe date of this report. Actual results may differ from anticipated results, sometimes materially, and reported resultsshould not be considered an indication of future performance. Factors that could cause results to differ include, butare not limited to: the scope and duration of the COVID-19 pandemic and actions taken by governmental authoritiesand other third parties in response to the pandemic; our indebtedness and other payment obligations, including theneed to generate sufficient cash flows to fund operations; our ability to successfully monetize select assets, repayor refinance our debt and the impact of changes in our credit ratings; assumptions about energy markets; globaland local commodity and commodity futures pricing fluctuations; technology developments; supply and demandconsiderations for, and the prices of, our products and services; actions by the Organization of Petroleum ExportingCountries (“OPEC”) and non-OPEC oil producing countries; results from operations and competitive conditions; futureimpairments of our proved and unproved oil and gas properties or equity investments, or write-downs of productiveassets, causing charges to earnings; unexpected changes in costs; availability of capital resources, levels of capitalexpenditures and contractual obligations; the regulatory approval environment, including our ability to timely obtainor maintain permits or other governmental approvals, including those necessary for drilling and/or developmentprojects; our ability to successfully complete, or any material delay of, field developments, expansion projects, capitalexpenditures, efficiency projects, acquisitions or dispositions; risks associated with acquisitions, mergers and jointventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projectedsynergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associatedwith acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, naturalgas and natural gas liquids reserves; lower-than-expected production from development projects or acquisitions;exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on thepipeline systems that deliver our oil and natural gas and other processing and transportation considerations; generaleconomic conditions, including slowdowns, domestically or internationally, and volatility in the securities, capital orcredit markets; governmental actions and political conditions and events; legislative or regulatory changes, includingchanges relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or productiontax regimes, deepwater and onshore drilling and permitting regulations, and environmental regulation (includingregulations related to climate change); environmental risks and liability under international, provincial, federal,regional, state, tribal, local and foreign environmental laws and regulations (including remedial actions); potentialliability resulting from pending or future litigation; disruption or interruption of production or manufacturing or facilitydamage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber-attacks or insurgentactivity; failure of risk management; our ability to retain and hire key personnel; reorganization or restructuring ofour operations; changes in state, federal or foreign tax rates; actions by third parties that are beyond our control; andthe factors set forth in Part I, Item 1A “Risk Factors” of Occidental’s Annual Report on Form 10-K for the fiscal yearended December 31, 2019 and in Occidental’s other filings with the U.S. Securities and Exchange Commission (“SEC”).Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as aresult of new information, future events or otherwise.The Sustainable Development Scenario modeled in this report is derived from assumptions contained in theInternational Energy Agency’s 2019 World Energy Outlook. The scenario is not a forecast or prediction of the future.There can be no assurance that the scenario modeling or assessment presented in this report are reliable indicatorsof the actual impact of climate change on Occidental’s asset portfolio or business. Statistics and metrics included inthis report are estimates and may be based on assumptions or developing standards.ABOUT OUR GHG EMISSIONSThe estimated Occidental GHG emissions described in this report are derived from a combination of measuredand estimated data using the best reasonably available information. We use industry standards and best practicesfor estimating GHG emissions from similar sources, including guidance from the U.S. EPA, API and IPIECA. Theuncertainty associated with Occidental’s emission estimates depends on variation in the processes and operations,the availability of sufficient or equivalent data, the quality of available data or estimations, and the methodologiesused for measurement and estimation. The estimates may vary over time as updated data become available,emission estimation methodologies are refined, and to reflect changes to Occidental’s assets, operations or emissionsboundaries. Occidental’s reporting of estimated Scope 2 and 3 emissions from third parties is an evaluation of ourproducts and operations' emission lifecycle to express the magnitude of our emission reduction ambitions and doesnot in any way indicate an acceptance by Occidental of any responsibility for such emissions.CAUTIONARY NOTE TO U.S. INVESTORSThe SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possiblereserves. Any reserve estimates provided in this presentation that are not specifically designated as being estimatesof proved reserves may include “potential” reserves or other estimated reserves not necessarily calculated inaccordance with, or contemplated by, the SEC’s latest reserve reporting guidelines.
4“OUR FUTURE DEPENDS ON A WORLD WITH LOWER GREENHOUSE GASEMISSIONS. AT OCCIDENTAL, WE ARE LEVERAGING OUR EXPERTISEIN CARBON MANAGEMENT AND STORAGE — WITH THE ULTIMATE GOALOF ACHIEVING NET-ZERO.”REPORT HIGHLIGHTSCEO LETTERIn 2020, Occidental expanded its vision for a low-carbonfuture by leveraging its carbon management expertiseto achieve net-zero in our operational and energy-useemissions by 2040 and our total emissions inventory by2050. Amid an unprecedented global pandemic and lowoil prices, we made progress in advancing carbon capture,utilization and storage (CCUS) technologies with thepotential to benefit our business and the climate. We setnew targets to reduce greenhouse gases (GHG), includingmethane, and remain on track to end routine gas flaringby 2030.With the acquisition of Anadarko, Occidental increased itsportfolio of flexible, high-quality assets and advantageousmix of long- and short-cycle projects. Our industryleadership in enhanced oil recovery (EOR) provides acompetitive advantage in carbon management and storage,and the development of carbon-neutral fuels. We have over40 years of experience injecting, transporting, separatingand storing carbon dioxide (CO2), and are uniquelypositioned to build a transformational and sustainablebusiness model — one that will use human-made CO2emissions to create solutions and products critical to ourlow-carbon future.As a member of the Oil and Gas Climate Initiative (OGCI),a CEO-led effort by the world’s most influential energycompanies, we continued our efforts to reduce our carbonfootprint and invest in economically viable low-carbontechnologies. In recognition of the critical role that publicpolicy will play in a low-carbon economy, we are workingwith the Carbon Capture Coalition and others to expandopportunities created by the U.S. FUTURE Act, whichincentivizes CCUS by advancing legislative support forresearch, development and deployment. I was honored tojoin the World Economic Forum’s stewardship board for thePlatform for Shaping the Future of Energy and Materials,which brings together leadership from many industries toaccelerate the transition to a more sustainable, secure andaffordable energy system.Oxy Low Carbon Ventures (OLCV), our business unitdedicated to advancing cutting-edge, low-carbontechnology solutions, is creating a marketplace for CO2and low-carbon fuels. OLCV announced several keypartnerships with the potential to grow our businesswhile reducing emissions, including an agreement tobuild the world’s largest direct air capture and storagefacility in the Permian Basin.Simultaneously, we made progress on our ongoingefforts to reduce emissions from our global operations.We were the first U.S. oil and gas company to endorseand commit to the World Bank’s “Zero Routine Flaring by2030” initiative.Our management and the Board of Directors worktogether and understand that climate issues, likeother business concerns, continuously evolve. In 2019,the Board created the Sustainability and ShareholderEngagement Committee to oversee stakeholderengagement, external reporting on environmental, socialand governance (ESG), and sustainability matters.2020 marks Occidental’s 100th anniversary. A constanttheme throughout our history has been our ability torespond, adapt and lead through change. Our futuredepends on a world with lower GHG emissions. AtOccidental, we are leveraging our expertise in carbonmanagement and storage so that, over time, the energyand products we produce have a lower net-carbonintensity — with the ultimate goal of achieving net-zero.We will do this with innovation that reduces the impactof our and others’ operations in ways that benefit andexpand our business, while helping energize our planetand society.Vicki HollubPresident and Chief Executive OfficerEstablished a pathway with key milestonesto achieving: Net-zero for our operational and energyuse emissions (Scope 1 and 2) before2040, with the ambition to accomplishbefore 2035; Net-zero for our total emissionsinventory, including product use(Scope 1, 2 and 3) before 2050; and Total carbon impact through carbonremoval and storage technology anddevelopment beyond 2050.Committed to full elimination of routinegas flaring by 2030.Set mid-term targets to reduce ourupstream oil and gas GHG and methaneemissions intensities by 2025; andSet mid-term targets to reduce thecarbon emissions intensity of our chemicalproducts by 2025.
STRATEGYTO ACHIEVENET-ZEROPathway to Achieve Net-ZeroReducing Operational EmissionsIndustry Leadership
Climate Report2020Strategy toAchieve Net-ZeroCommitments and TargetsGovernanceIntegratedRisk ManagementSummary of ClimateReport HighlightsSTRATEGY TO ACHIEVE NET-ZEROOccidental is using our industry-leading carbon management expertise to transform into amore sustainable business — one that will help capture and use human-made carbon dioxide(CO2) emissions to create a variety of solutions and products critical to our low-carbon future.This business model is our pathway to achieve net-zero.Occidental has the largest CO2 managementoperations in the world, safely and permanently storingapproximately 20 million tons of CO2 annually in securegeologic formations as part of our enhanced oil recovery(EOR) operations while providing robust, transparentmeasurement of the stored carbon. Our current positionwill allow us to offset the emissions equivalent of over 4million cars with the capture and use of anthropogenic orhuman-made CO2, a greenhouse gas (GHG) component.As we expand our capacity to capture and storecarbon emissions through cross-industry partnerships,technology advancements and project development,we will have the opportunity to offset much more. Oursubsurface expertise will enable us to broaden ourportfolio of storage options to include saline reservoirs.A key differentiator is our comprehensive, enterprisewide strategy, which is predicated on our 40 years ofexperience with integrated carbon management andlarge-scale carbon separation, transportation, use andstorage, obtained from our EOR business. By leveragingthis valuable expertise, we are positioned for success ina low-carbon economy with a competitive advantagethat enhances our existing business and sets us apartfrom our peers.Occidental’s strategy for business sustainability buildsupon our strengths as an oil and gas company: a deepunderstanding of the subsurface and the ability tooperate older fields at a low cost while maximizinghydrocarbon recovery. We received U.S. EnvironmentalProtection Agency (EPA) approval of two geologicstorage Monitoring, Reporting and Verification (MRV)plans for our CO2 operations in Hobbs, New Mexico,and Denver City, Texas, in the Permian Basin. The MRVplans, which were the first-ever approved by EPA forsimultaneous CO2 EOR and sequestration, provide acredible and transparent framework for assessing thesuitability of the reservoir for storage and reporting theamount of CO2 stored through the process.With our large-scale CO2 infrastructure andunmatched core competency in CO2 management,Occidental is developing new low-carbon businessopportunities. These include direct air capture (see DAC,page 09), products from human-made CO2 and offsetsolutions, and expanded opportunities for storage thatenergy-intensive businesses can use to decarbonize.Our asset base and long history and expertise in EORwill allow us to capitalize on new business opportunitiesas the value of CO2 increases under low-carbonscenarios beyond EOR.Our operational emissions will be reduced throughefficiency improvements, process changes or switchingto less carbon-intensive power and feedstock. Negativeemissions and emission-reduction impacts may beachieved through capturing GHG directly from theatmosphere, carbon capture projects that preventemissions (see White Energy, page 09), enabling zero orlow-carbon power production (see NET Power, page 09).CARBON MANAGEMENTBY THE NUMBERSAs part of our strategy to achieve net-zero,Occidental is the global leader in the safeand permanent storage of CO2.A TOP PRODUCER IN THEPERMIAN BASIN WITHCO2 STORED3 million20 millionNET ACRESTONS STORED ANNUALLYEquivalent of approximately 4700 squaremiles — about the size of Hawaii’s Big Islandand Maui combinedEquivalent of over 4 million passengercars taken off the road, or approximately23 million acres of forests saved each yearEXISTING CO2 INFRASTRUCTURE14 CO2plants2500 milesOF CO2 PIPELINESVERIFICATIONFirst 2 U.S. EPA-approvedMONITORING, REPORTING AND VERIFICATION (MRV) PLANS6
Climate Report2020Strategy toAchieve Net-ZeroCommitments and TargetsGovernanceIntegratedRisk ManagementSummary of ClimateReport HighlightsPATHWAY TO ACHIEVE NET-ZERO01MILESTONEACHIEVE NET-ZERO FOR SCOPE 1 AND 2 EMISSIONS BEFORE 2040, WITH THE AMBITIONTO ACCOMPLISH BEFORE 20352020-20252025-2030 World’s 1st commercial scaleDirect Air Capture (DAC) facilitycomes online Multiple large volume CO2storage sites operational 1st CO2 storage site receiveshuman-made CO2 Routine flaring endedACTIVATION Emissions-free power facilityto support carbon capture Operational efficiencies atOccidental facilities CO2 industrial captureproject expansion Continued methane emissionsreduction activities02MILESTONEEXPANSION DAC expansion Strategic CO2 pipeline buildout tosupport broader capture and use Increase renewable energydeployment Increase emissions-free powerdeployment Unconventional CO2 storagedevelopment Industrial ‘Clean Campus’GLOBAL MARKETDEVELOPMENT Lar
OF ACHIEVING NET-ZERO. ” Vicki Hollub President and Chief Executive Officer In 2020, Occidental expanded its vision for a low-carbon future by leveraging its carbon management expertise to achieve net-zero in our operational and energy-use emissions by 2040 and our total emissions inventory by 2050. Amid an unprecedented global pandemic and low
UC Pathway Funds. UC Pathway Income Fund UC Pathway Fund 2020 UC Pathway Fund 2025. UC Pathway Fund 2030. UC Pathway Fund 2035 UC Pathway Fund 2040 UC Pathway Fund 2045. UC Pathway Fund 2050. UC Pathway Fund 2055 UC Pathway Fund 2060. UC Pathway Fund 2065. CORE FUNDS - 17.0 billion Bond and Stock Investments
TARGET DATE FUNDS - 9.1 billion UC Pathway Funds UC Pathway Income Fund UC Pathway Fund 2020 UC Pathway Fund 2025 UC Pathway Fund 2030 UC Pathway Fund 2035 UC Pathway Fund 2040 UC Pathway Fund 2045 UC Pathway Fund 2050 UC Pathway Fund 2055 UC Pathway Fund 2060 UC Pathway Fund 2065 CORE FUNDS - 12.9 billion Bond and Stock Investments Bond .
UC Pathway Income Fund UC Pathway Fund 2015 UC Pathway Fund 2020 UC Pathway Fund 2025 . UC Pathway Fund 2030 UC Pathway Fund 2035 UC Pathway Fund 2040 UC Pathway Fund 2045 . UC Pathway Fund 2050 UC Pathway Fund 2055 UC Pathway Fund 2060 . CORE FUNDS - 13.7 billion Bond and Stock Investments . Bond Investments Short-Term UC Savings Fund
MINERAL PROFILE PROVINCE OF NEGROS OCCIDENTAL 1 NEGROS OCCIDENTAL Mineral Profile I. GENERAL INFORMATION Region: WESTERN VISAYAS (Region VI) Province: Negros Occidental Population (as of August 1, 2015; in thousands): 3,059 Income classification: 1st Class Province Major economic activities: Farming and fishing The Province of Negros Occidental is located in the western side of
MINERAL PROFILE PROVINCE OF NEGROS OCCIDENTAL 1 NEGROS OCCIDENTAL Mineral Profile I. GENERAL INFORMATION Region: WESTERN VISAYAS (Region VI) Province: Negros Occidental Population (as of August 1, 2015; in thousands): 3,059 Income classification: 1st Class Province Major economic activities: Farming and fishing The
Nebraska Savings, hereinafter referred to as Occidental] to cause them to replace or repay DeBry for the equipment package. The suit also named as a defendant Kym C. Meehan, Occidental's property manager. (Record at 1-3.1 Dismissal and Attorney's Fees: 12. Occidental made a motion to dismiss based on the stipulation and order. (Record at 12-13.)
The Net-Zero riteria are part of the STi’s Net-Zero Standard. The Net-Zero Standard, which entails both the Criteria and forthcoming Net-Zero Guidance, will be finalized by November 2021 in advance of the 2021 United Nations Climate Change Conference (COP26). Public consultation of the Net-Zero Guidance is scheduled to begin in July 2021.
Using this API you could probably also change the normal Apache behavior (e.g. invoking some hooks earlier than normal, or later), but before doing that you will probably need to spend some time reading through the Apache C code. That’s why some of the methods in this document, point you to the specific functions in the Apache source code. If you just try to use the methods from this module .
