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Occidental Petroleum (NYSE:OXY) +1.4% in Wednesday's trading as its 1PointFive carbon capture unit said AT&T (T) agreed to purchase carbon dioxide removal credits as part of the company's commitment to reduce carbon emissions and become carbon neutral in its global operations by 2035.
AT&T (T) said it will buy the credits from Stratos, 1PointFive's first large-scale direct air capture facility currently under construction in Texas; financial details were not disclosed.
Stratos is designed to capture up to 500K metric tons/year of CO2 when fully operational and is expected to be the largest facility of its kind in the world.
"AT&T's carbon removal credit purchase is another proof point of the vital role that direct air capture can play in providing a high-integrity and durable solution to help organizations address their emissions," 1PointFive President Michael Avery said.