Climate Lobbying Overview: Occidental Petroleum appears to have mixed engagement with climate policy. The company has communicated top-line support for climate action and policy, and supported US GHG emissions regulations and standards. However, Occidental does not appear to support a carbon tax and has traditionally advocated a continued role for fossil fuels in the energy mix, although recent communications have focused on the role of Carbon Capture Storage (CCS) and Direct Air Capture (DAC) technologies.

Top-line Messaging on Climate Policy: Occidental’s top-line positions on climate policy have improved since 2018. In March 2022, the company released its 2021 Climate Report, in which it recognized the scientific consensus on climate change and supported emissions reductions in line with the 2°C goal, while pursuing means to limit warming to 1.5C. Occidental has also stated support for the Paris Agreement in Occidental’s ‘Climate Advocacy and Engagement’ document on its corporate website, accessed in January 2022. In its 2021 Climate Report, Occidental supported the need for climate policies and emphasized the need for “a market-based mechanism with a baseline regulatory framework” to reduce emissions.

Engagement with Climate-Related Regulations: Occidental has limited engagement with specific climate regulations, demonstrating mixed positions. In its 2021 CDP Climate Change Response, the company revealed that it does not support a carbon tax that regulates some sectors while omitting others – a position that the company has consistently maintained since 2016. In its 2021 Climate Report, Occidental's position on a number of policies appears to be contingent on whether they include measures to promote CCUS and/or DACS, including, cap and trade policies, clean energy standards, and 984980 low carbon fuel standards

Occidental appears to support GHG emissions legislation and standards. In its October 2021 climate policy position document, Occidental stated it had endorsed the reinstating of methane regulations under the US Congressional Review Act. The same position was publicly declared in April 2021 when CEO Vicky Hollub responded to US Senator Angus King’s inquiries on Occidental’s position on the methane component in the Act. In January 2022, Occidental submitted a supportive position to the EPA regarding its proposed methane standards for oil and gas.

Positioning on Energy Transition: Occidental Petroleum appears to support measures to maintain a high GHG emissions energy mix. In 2020, the company appears to have repeatedly (and successfully) lobbied for substantial financial support for the oil and gas industry during the COVID-19 pandemic. This includes successfully lobbying for access to financial assistance from the Federal Reserve’s Main Street Lending Program in May 2020. The company also organized a letter-writing campaign amongst Occidental employees aimed at members of Congress, advocating for financial assistance for the oil industry in April 2020. Additionally, CEO Vicki Hollub met with then US President Donald Trump in April 2020 to directly advocate for financial support for the fossil fuel industry.

In 2021-22, Occidental appears to have had limited communications on the role of oil and gas in the energy mix, except in the context of 985113 'net-zero oil', which appeared to be offered as an alternative to renewable energy by Hollub during a World Economic Forum Panel in May 2022. The generation of net zero oil is linked to Occidental's support for CCUS and DACS. Occidental has repeatedly stated support for CCUS and DAC technologies as the primary means for reducing emissions. At the CEO Vicky Hollub's testimony to the US Senate Committee on Natural Resources hearing in April 2021, the company supported the federal CCS incentives through the 45Q tax credit and the Energy Policy Act of 2020. Occidental has also support 45Q tax credits in the Future Act according to its 2021 CDP response, however this includes support for tax credits for CCS to be used for enhanced oil recovery. In October 2021, Occidental’s climate policy document supported policy incentives to enable large scale deployment of CCS and DAC technologies. In 2020, Occidental’s ‘Pathway to Net-Zero’ document disclosed that the company engages with different divisions of the US federal and state governments to “advance CCUS and low-carbon energy solutions”.

Occidental appears to show limited support for renewables. In February 2021, CEO Vicki Hollub appeared to support misinformation around the Texas blackouts, erroneously blaming “the limitations of some renewable energy systems in extreme climate conditions” for the disaster.

However, Occidental has supported the decarbonization of shipping. In September 2021, the company, in partnership with the Global Maritime Forum, released a Call to Action document that called for measures to decarbonize the shipping industry. This was also reiterated in a September 2021 tweet that supported a net-zero target for the shipping industry.

Industry Association Governance: Occidental has disclosed its membership to a number of industry associations through its corporate website, including a review of alignment on climate change. Occidental’s climate advocacy document contains detailed climate positions of a handful of associations and whether the company’s climate positions are consistent with them. Occidental retains membership to several industry associations which have actively opposed ambitious climate change regulation in the US, including the American Petroleum Institute and the US Chamber of Commerce.

A detailed assessment of the company's corporate review on climate policy engagement can be found on InfluenceMap's CA100+ Investor Hub here.

InfluenceMap collects and assesses evidence of corporate climate policy engagement on a weekly basis, depending on the availability of information from each specific data source (for more information see our methodology). While this analysis flows through to the company’s scores each week, the summary above is updated periodically. This summary was last updated in Q3 2022.