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Illustration: Aïda Amer/Axios

One of America's biggest oil producers, Occidental Petroleum, has a new term to describe how it hopes to evolve in response to climate change.

What they're saying: “Ultimately, I don’t know how many years from now, Occidental becomes a carbon management company and our oil and gas would be a support business unit for the management of that carbon," Occidental CEO Vicki Hollub told IHS Markit's Daniel Yergin in an interview.

Why it matters: It's arguably the most concrete example of how one U.S. oil company plans to — eventually — transform as the world moves to cleaner energy.

The intrigue: Occidental is betting on CO2 capture tech, which it uses now to extract oil from the ground, to stay in the oil business by offsetting those emissions.

  • European oil companies are pursuing a different path by investing in technologies outside the core oil and gas space, like renewables and electricity.

Driving the news: Occidental last month set a target to cut greenhouse gas emissions from its operations to net-zero by 2040. 

  • In a report this week, the Texas-based producer said it has a 2050 goal of zeroing out virtually all emissions associated with its fuels, including end-use products.

Yes, but: The vague “I don’t know how many years from now,” indicates Occidental’s shift will be very (very) slow. And don't forget that last year it paid tens of billions to buy rival producer Anadarko.

Go deeper

Ben Geman, author of Generate
Jan 29, 2021 - Economy & Business

Chevron posts another quarterly loss under weight of pandemic

Photo: Justin Sullivan/Getty Images

Chevron posted another quarterly loss Friday in the latest sign of how the pandemic is still weighing on oil companies despite some price recovery during the second half of the year.

Driving the news: The oil giant reported a $665 million loss for the October-December period, but it shrinks to $11 million on an adjusted basis after considering charges on its acquisition of Noble Energy and "foreign currency effects."

Biden to raise refugee admissions cap to 125,000

Afghan refugees arrive at Dulles International Airport after being evacuated from Kabul. Photo: Chip Somodevilla/Getty Images

The Biden administration will raise the refugee admissions cap to 125,000 for the next fiscal year beginning in October, the State Department confirmed in a statement Monday.

Why it matters: The move comes as the U.S. contends with resettling tens of thousands of Afghan refugees stateside, and as the world faces "unprecedented global displacement and humanitarian needs," the department wrote.

Wall Street's wobble disrupts record stock market boom

People walk by the New York Stock Exchange earlier this month. Photo: Spencer Platt/Getty Images

Monday interrupted a stretch of calm amid the historic stock market boom underway since March 2020.

Driving the news: Jitters were apparent nearly everywhere.

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