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Occidental CEO Rejects U.S. Carbon Tax in Break With Big Oil

  • CEO Hollub prefers measures than incentivize carbon capture
  • Occidental was first U.S. oil producer to set net-zero goal
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Occidental Petroleum Corp. has split from some of its larger rivals by rejecting a potential U.S. carbon tax, saying that it prefers the existing system of tax credits designed to encourage oil companies to store carbon dioxide and reduce emissions.

The position appears to stand in contrast with that of supermajors like Exxon Mobil Corp. and the American Petroleum Institute industry group, which voted last month to endorse putting a tax or other price on carbon dioxide emissions to replace other greenhouse gas regulations. Independent producers and refiners have long been opposed to such a levy.