Who Owns 1PointFive?
1PointFive is a carbon capture, utilization, and sequestration company and a subsidiary of Occidental Petroleum Corporation (NYSE: OXY). Launched in 2020 and headquartered in Houston, Texas, it develops the STRATOS direct air capture facility in Ector County, Texas, designed to remove up to 500,000 tonnes of CO2 per year, plus carbon sequestration hubs along the Gulf Coast.
Parent Company
Founded
2020
Status
Publicly Traded
Headquarters
1PointFive Timeline
United StatesOfficial Website
Who Owns 1PointFive?
- Parent Company: Occidental Petroleum Corporation
- Ownership Type: Subsidiary
- Company Type: Publicly Traded
- Stock Ticker: New York Stock Exchange: OXY
| Brand | Parent Company | Ownership Type |
|---|---|---|
| 1PointFive | Occidental Petroleum Corporation | Subsidiary |
History of 1PointFive
- Founded: 2020
- Founders: Occidental Petroleum (Oxy Low Carbon Ventures)
Occidental created 1PointFive in 2020 inside Oxy Low Carbon Ventures, its decarbonization arm, naming the company for the 1.5 degrees Celsius warming limit in the Paris Agreement. The founding logic used Oxy's existing assets: decades of experience injecting CO2 into Permian reservoirs for enhanced oil recovery, plus pore space and pipeline infrastructure across the Gulf Coast.
The first years focused on building the commercial layer. 1PointFive announced STRATOS, a large-scale direct air capture plant in Ector County, Texas, and began pre-selling carbon dioxide removal credits to corporate buyers. Early commitments came from companies including Amazon, Airbus, and Shopify, establishing STRATOS's revenue model before construction finished.
In 2023 two moves accelerated the plan. Occidental acquired Carbon Engineering for approximately $1.1 billion, acquiring the technology 1PointFive had licensed. And BlackRock committed roughly $550 million through its diversified infrastructure funds to a joint venture developing STRATOS, providing outside capital that signaled institutional confidence in the project.
Microsoft became the anchor customer with agreements for hundreds of thousands of tonnes of removals over multiple years, among the largest DAC credit purchases anywhere. Other buyers followed, including Amazon's agreement for 250,000 tonnes over ten years and a 2025 commitment from Bain & Company for 9,000 tonnes over three years.
The regulatory milestone came April 2025 when the EPA granted Class VI underground injection permits for STRATOS, the first ever issued to sequester CO2 captured from a DAC project, clearing the path to permanent storage in the Lower San Andres formation.
As of 2026, STRATOS is in startup. Phase 1 completed wet commissioning and central processing tests in early 2026, with commercial operations expected during the year. In May 2026, new CEO Richard Jackson disclosed a facility issue in non-process components unrelated to the capture technology, saying the company was evaluating repair timing and its effect on the startup schedule.
About Occidental Petroleum Corporation
What does Occidental Petroleum own?
Occidental owns oil and gas production assets across the Permian Basin, DJ Basin, and Gulf of America in the US, plus operations in Oman, the UAE, Algeria, and Libya. It owns the 1PointFive carbon capture subsidiary and Oxy Low Carbon Ventures, and an equity interest in Western Midstream Partners. It sold its OxyChem chemical subsidiary to Berkshire Hathaway in January 2026.
Is Occidental Petroleum publicly traded?
Yes. Occidental trades on the New York Stock Exchange under the ticker OXY and is a component of the S&P 500. The company has been public for decades and is one of the oldest names in the American oil industry.
Who founded Occidental Petroleum?
A group of California oilmen founded Occidental in Los Angeles in 1920. Armand Hammer took control in 1957 and built it into a major producer through the Libyan concessions and decades of acquisitions, running the company until his death in 1990.
Where is Occidental Petroleum headquartered?
Occidental is headquartered in Houston, Texas, USA. The company moved its headquarters from Los Angeles to Houston in the mid-2010s as it refocused on oil and gas and spun off its California business.
How many brands does Occidental Petroleum own?
Occidental operates mainly under the Oxy corporate brand and owns the 1PointFive carbon capture brand within its Oxy Low Carbon Ventures unit. Its former chemical brand, OxyChem, was sold to Berkshire Hathaway in January 2026.
Who owns Occidental Petroleum?
Occidental is owned by its public shareholders. Berkshire Hathaway is the largest shareholder with a common stock stake above 25 percent, plus a $10 billion preferred position and warrants acquired during the 2019 Anadarko financing. The remaining shares are held by institutional and retail investors.
Who is the CEO of Occidental Petroleum?
Richard Jackson has been President and CEO since June 1, 2026. He succeeded Vicki Hollub, who retired after a decade as CEO and remains on the board of directors. Jackson joined Occidental in 2003 and previously led its US onshore operations before becoming Chief Operating Officer.
- Founded: 1920
- Headquarters: Houston, Texas, USA
- Company Type: Publicly Traded
- Stock: New York Stock Exchange: OXY
- Revenue: $22.08 billion (FY2025, continuing operations)
- Employees: Approximately 10,412
Where Is 1PointFive Made / Based?
- Headquarters: Houston, Texas, USA
1PointFive Categories & Tags
1PointFive Sustainability & Ethics
1PointFive's entire product is an environmental one: verified permanent removal of atmospheric CO2. Its credits are issued under independent standards with third-party measurement and verification, a structure disclosed under California's Voluntary Carbon Market Disclosure Act. The EPA Class VI permits impose continuous monitoring, reporting, and verification requirements on the sequestration itself.
The critical questions concern parent context. Occidental is an oil producer whose Scope 3 emissions from sold products vastly exceed what STRATOS can remove, and Oxy's enhanced oil recovery heritage means captured CO2 has historically been used to produce more oil. STRATOS credits are structured around dedicated geologic storage rather than EOR use, but the brand's credibility among climate buyers rests on keeping that separation intact.
Brands Owned by Occidental Petroleum Corporation
1PointFive Ownership: Pros & Cons
Advantages
- +STRATOS is among the largest planned DAC facilities in the world at 500,000 tonnes per year
- +First EPA Class VI permits issued for DAC sequestration
- +Contracted carbon credit buyers include Microsoft, Amazon, and Bain & Company
- +BlackRock joint venture validates institutional appetite and shares capital risk
- +Parent expertise in CO2 handling and Permian geology is directly applicable
Considerations
- -DAC at this scale is unproven; STRATOS hit startup issues in 2026
- -Carbon credit economics depend on voluntary corporate demand and 45Q policy
- -Oil-company ownership creates credibility tension for climate-focused buyers
- -Removal costs remain far above most conventional offsets
- -Single flagship project concentrates execution risk
Frequently Asked Questions About 1PointFive
Sources & Further Reading
Competitors to 1PointFive
No direct competitors found in the same category. This could be because 1PointFiveoperates in a unique market segment or we're still building our competitor database.
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Occidental Petroleum Corporation Stock Information
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