Valero, Occidental Face New Pressure on Carbon Emissions, CCS

April 28, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Occidental Petroleum Corporation (NYSE:OXY) (Los Angeles, California) and Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas) are facing renewed pressure from investors to toughen their goals to reduce greenhouse gas emissions from their facilities, despite having already invested heavily in carbon capture and storage (CCS) technology.

A key proxy adviser told investors the two companies are not doing enough to clean up their products, and is likely to apply similar pressure to Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas), Chevron Corporation (NYSE:CVX) (San Ramon, California) and other oil and gas giants. Investment firms such as BlackRock Incorporated (NYSE:BLK) (New York, New York) also are applying pressure.

Industrial Info is tracking more than $2.2 billion worth of CCS-related projects from Valero and Occidental, as part of more than $34 billion worth of active CCS projects across the U.S.