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Occidental CEO Sees Schumer-Manchin Deal as ‘Very Positive’

Aug. 3, 2022, 6:18 PM

Occidental Petroleum Corp. praised the Democrats’ climate-change and tax bill as “net very positive” because it would lock in federal oil-lease sales and increase tax credits for carbon capture, Chief Executive Officer Vicki Hollub said.

Hollub praised the deal brokered by US Senators Chuck Schumer and Joe Manchin for pairing lease sales with solar and wind development, and reinstating a Gulf of Mexico auction that had been frozen by the courts. Carbon capture, an emerging green technology favored by the industry, would accelerate if the Inflation Reduction Act becomes law, she said. The proposal includes a 70% increase in the ...