A team of geologists may have just discovered what could be the world's last big oil frontier, and Oilprice.com readers were among the first to find out about it
In January, Occidental Petroleum announced it had accomplished something no oil company had done before: It sold a shipload of crude that it said was 100% carbon-neutral. While the two-million-barrel cargo to India was destined to produce more than a million tons of planet-warming carbon over its lifecycle, from well to tailpipe, the Texas-based driller said it had completely offset that impact by purchasing carbon credits under a U.N.-sponsored program called CORSIA. Carbon credits are financial instruments generated by projects that reduce or avert greenhouse-gas emissions such as mass tree plantings or solar power farms.
Occidental Petroleum was upgraded to buy from neutral Wednesday by an analyst at MKM Partners who believes the oil giant's recent depreciation warrant's the ratings boost. Shares of the Houston company were climbing 5.5% to $25.63 in trading Wednesday. Occidental and other oil companies were hammered by the COVID-19 pandemic, which stifled demand for the commodity.