1PointFive and Bain & Company Announce Agreement for Direct Air Capture Carbon Removal Credits

1PointFive, a carbon capture, utilization and sequestration (CCUS) company announced today that Bain & Company purchased 9,000 metric tons of carbon dioxide removal (CDR) credits over three years enabled by Direct Air Capture (DAC). The agreement is Bain's first purchase of DAC removal credits as a solution to address residual operational emissions and meet its current net negative commitment. For context, 9,000 tons of removed CO2 is equivalent to the emissions resulting from an estimated 10,000 long-haul roundtrip flights for an economy-class passenger.

The CDR credits will be produced from STRATOS, 1PointFive's large-scale DAC facility in Texas that is progressing through start-up activities. As a subsidiary of Occidental, 1PointFive is leveraging more than 50 years of carbon management expertise and major projects experience to deliver commercial-scale DAC. The captured carbon dioxide underlying the CDR credits will be stored through durable geologic sequestration.

"Collaborating with Bain & Company reflects our shared commitment to innovation and the importance of accelerating the adoption of Direct Air Capture technology," said Anthony Cottone, President and General Manager of 1PointFive. "We believe this agreement demonstrates continued momentum for the solution while supporting the development of vital domestic infrastructure."

Bain, whose award-winning carbon credit sourcing program includes a diverse set of CDR technologies, has long been a leading supporter of the voluntary carbon market. They have invested in 1.1 million tonnes of high-integrity carbon removal credits over the past five years.

Sam Israelit, Bain's Chief Sustainability Officer, said, "We are proud to partner with 1PointFive and add them to our portfolio of engineered carbon removal technologies. Their track record for developing DAC technology coupled with their deep understanding of what it takes to deliver large-scale infrastructure projects uniquely positions them to be a leader in this emerging segment."

About 1PointFive
1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) company that offers integrated solutions to help organizations unlock value from addressing carbon dioxide emissions. Through large-scale Direct Air Capture facilities and geologic sequestration hubs, we are working to deliver durable carbon dioxide removal and storage while enabling the development of low-carbon products and fuels. 1PointFive is a subsidiary of Occidental. For more information, visit 1PointFive.com.

About Bain & Company
Bain & Company is a global consultancy that helps the world's most ambitious change makers define the future. Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $2 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today's urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned both an ‘A' rating from CDP and a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry. Visit our website to learn about our services.

Cautionary Statement Regarding 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 the agreement's benefits and related impact on carbon emissions and Occidental's (NYSE: OXY) and its subsidiaries' deployment and use of DAC technology, which are based on Occidental's 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 "will," "may," "expect," "plan," 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 does 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 control. Factors that may cause actual results to differ materially from forward-looking statements include Occidental's ability to access necessary technology, 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 the agreement's benefits and related impact on carbon emissions and Occidental's and its subsidiaries' ability to deploy DAC technology can be found in Occidental's public disclosure and its filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at Occidental's website at oxy.com or the SEC's website at sec.gov. Information included herein is not necessarily material to an investor in Occidental's securities.

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