Occidental's 1PointFive Secures $500M Boost To Capture CO2: Details
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 13 2024
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Source: Benzinga
Funding for Carbon Capture: Occidental Petroleum's subsidiary, 1PointFive, will receive up to $500 million from the U.S. Department of Energy to develop the South Texas Direct Air Capture Hub, which aims to remove significant amounts of CO2 and potentially expand its capacity in the future.
Debt Reduction Plans: Occidental plans to use proceeds from divestitures, including an $818 million sale, to reduce its principal debt by $3 billion, supported by strong cash flow from operations.
Analyst Views on FTXN
Wall Street analysts forecast FTXN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FTXN is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
