1PointFive and Enterprise Agreement Supports Development of Carbon Dioxide Transportation Network for Southeast Texas Sequestration Hub
28 October 2024 - 11:00PM
Business Wire
1PointFive, a carbon capture, utilization, and sequestration
(CCUS) company, and Enterprise Products Partners L.P. (NYSE: EPD)
today announced an agreement for the development of a carbon
dioxide (CO2) transportation network to support the Bluebonnet
Sequestration Hub that 1PointFive is developing in southeast Texas.
1PointFive, a subsidiary of Occidental, is progressing the
development of carbon sequestration hubs that leverage Occidental’s
50-year history of managing CO2 to deliver solutions that help
advance industrial decarbonization.
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the full release here:
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Under the Transportation Services Agreement, once 1PointFive
provides notice, Enterprise will develop a new pipeline network and
provide fee-based transportation services to 1PointFive to
transport CO2 emissions captured by third parties at facilities in
the vicinity of the Houston Ship Channel to 1PointFive’s Bluebonnet
Sequestration Hub. The new pipeline network will be co-located with
existing pipeline infrastructure.
“We are excited to reach this milestone and look forward to
collaborating with Enterprise to build a CO2 transportation network
for our sequestration hub, which is designed to provide a reliable
and efficient way for hard-to-abate sectors to address their CO2
emissions,” said Jeff Alvarez, President of 1PointFive
Sequestration. “This agreement pairs our expertise managing large
volumes of CO2 with Enterprise’s decades of midstream experience to
bring confidence to industrial customers seeking a decarbonization
solution.”
“This project with 1PointFive builds upon the strong working
relationship we have had with Occidental for many years,” said Bob
Sanders, Executive Vice President of Asset Optimization for
Enterprise’s general partner. “By leveraging our proven midstream
expertise and integrated network of assets, we are well positioned
to provide a reliable and cost-efficient CO2 transportation
solution.”
1PointFive’s Bluebonnet Sequestration Hub was recently awarded
funding from the U.S. Department of Energy (DOE) to support the
Hub’s development and realize the potential of carbon sequestration
in the United States.
About 1PointFive
1PointFive is a Carbon Capture, Utilization and Sequestration
(CCUS) company that is working to help curb global temperature rise
to 1.5°C by 2050 through the deployment of decarbonization
solutions, including Carbon Engineering's Direct Air Capture and
AIR TO FUELS™ solutions alongside geologic sequestration hubs.
Visit 1PointFive.com for more information.
AIR TO FUELS™ is a registered trademark of Carbon Engineering
ULC.
About Enterprise Products Partners L.P.
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil, refined products and petrochemicals. Services
include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and marine terminals; crude oil gathering, transportation,
storage and marine terminals; petrochemical and refined products
production, transportation, storage, and marine terminals and
related services; and a marine transportation business that
operates on key U.S. inland and intracoastal waterway systems. The
partnership’s assets include more than 50,000 miles of pipelines;
over 300 million barrels of storage capacity for NGLs, crude oil,
refined products and petrochemicals; and 14 billion cubic feet of
natural gas storage capacity. Please visit
www.enterpriseproducts.com for more information.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including those relating
to Occidental’s and 1PointFive’s development and deployment of the
Bluebonnet Sequestration Hub, the development of the CO2
transportation network for the Hub, and the related impact on
carbon emissions, which are based on current expectations, beliefs,
plans, estimates, and forecasts. All statements other than
statements of historical fact are forward-looking statements for
purposes of federal and state securities laws. Words such as
“believe,” “will,” “may,” “expect,” “plan,” “potential,” or similar
expressions that convey the prospective nature of events or
outcomes are generally indicative of forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news release.
Unless legally required, Occidental and Enterprise do not undertake
any obligation to update, modify, or withdraw any forward-looking
statements as a result of new information, future events, or
otherwise.
These statements are not guarantees of future performance as
they involve assumptions that may prove to be incorrect and risks
and uncertainties, including those that are beyond Occidental’s and
Enterprise’s control. Factors that may cause actual results to
differ materially from forward-looking statements include
Occidental’s, 1PointFive’s and/or Enterprise’s ability to develop
and employ existing or new technology on a commercial scale, to
access capital, to collaborate with third parties and customers,
and to receive approvals from regulatory bodies, as well as market
conditions, geopolitical events, and scientific developments.
Additional factors that may affect Occidental’s and 1PointFive’s
ability to develop and deploy the Bluebonnet Sequestration Hub, the
development of the CO2 transportation network for the Hub, and the
benefits of the agreement between 1PointFive and Enterprise can be
found in Occidental’s and Enterprise’s respective filings with the
U.S. Securities and Exchange Commission (SEC), which may be
accessed at the SEC’s website at sec.gov. Information included
herein is not necessarily material to an investor in Occidental’s
or Enterprise’s securities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241028902496/en/
1PointFive - Media Eric Moses +1 713-497-2017
eric_moses@oxy.com Enterprise - Media Rick Rainey
713-381-3635 rrainey@eprod.com
1PointFive - Investors R. Jordan Tanner +1 713-552-8811
investors@oxy.com Enterprise - Investors Libby Strait
713-381-4754 ecstrait@eprod.com
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