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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."

Updated 8 mins ago - Economy & Business

Tax season nightmare ahead for understaffed IRS

Illustration: Shoshana Gordon/Axios

The IRS will start accepting 2021 tax returns in less than a week, and the filing delays and administrative headaches to come might eclipse last year — which was “one of the worst filing seasons," according to an independent advocacy agency within the IRS.

Why it matters: For taxpayers, especially with complex or paper filings, this means headaches, delayed refunds, and mistakes.

China builds its own movie empire

Expand chart
Data: Gower Street citing Comscore; Chart: Kavya Beheraj/Axios

China blocked all four of Disney's Marvel movies from being released in its theaters last year, a grim sign for U.S. film giants being squeezed out of the world's fastest-growing box office.

Why it matters: The Chinese Communist Party is using domestic films as a key conduit for mass messaging aimed at achieving political goals, leaving little room for foreign views.

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