15. Renewables, Carbon Capture, and Oil’s Future in Texas
Texas oil companies are actively diversifying into renewable energy and leading in carbon capture technologies to align with global energy transition goals. Occidental Petroleum, for instance, has received EPA approval to store 500,000 metric tons of CO₂ underground near Odessa, marking a significant step in direct air capture initiatives. Additionally, ExxonMobil is exploring a $100 billion project along the Houston Ship Channel to capture CO₂ emissions from local facilities, aiming to store them deep beneath the Gulf of Mexico. These efforts underscore the industry’s commitment to reducing emissions and ensuring its relevance in a transitioning energy landscape (texastribune.org).
