Occidental Petroleum's Trading Volume Drops 42.71% Ranking 145th Amid Carbon Capture Milestone

On April 7, 2025, Occidental Petroleum (OXY) experienced a significant decline, with its trading volume dropping by 42.71% to 10.37 billion, ranking 145th in the day's market activity. The stock price fell by 4.42%, marking the third consecutive day of decline, with a total decrease of 21.45% over the past three days.

Occidental Petroleum and its subsidiary 1PointFive have secured Class VI permits from the U.S. Environmental Protection Agency to sequester carbon dioxide. This approval is a significant milestone for the company's carbon capture and storage initiatives, particularly for the STRATOS Direct Air Capture facility. The permits allow for the storage of approximately 722,000 metric tons of CO2 per year, about 4,400 feet underground. This development underscores Occidental's commitment to reducing its carbon footprint and contributing to global sustainability efforts.

The approval of these permits is expected to have a positive impact on Occidental's long-term strategic goals. By securing the necessary regulatory approvals, the company can proceed with its carbon capture projects, which are crucial for meeting environmental standards and reducing greenhouse gas emissions. This move aligns with the growing demand for sustainable energy solutions and positions Occidental as a leader in the carbon management sector.