01:36 PM EDT, 10/03/2024 (MT Newswires) -- Occidental's (OXY) 1PointFive unit said Thursday the US Department of Energy has awarded its Bluebonnet and Magnolia Sequestration Hubs a total funding of $36 million under Phase III of the Carbon Storage Assurance Facility Enterprise Initiative.

The funding will help support site characterization activities, permitting and environmental approvals for construction at the hubs, which are suited for large-scale geologic carbon dioxide storage and located near industrial emissions sources, the firm said.

Occidental shares were up about 2% in recent trading.

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