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A Conversation with Oxy CEO, Vicki Hollub
Inevitable
The Role of Carbon Management in Climate Action
This chapter explores OXI's role as a carbon management company, focusing on their historical use of CO2 for enhanced oil recovery while underscoring the critical need for effective carbon emission management. It emphasizes the urgency of collective action against climate change, highlighting the escalating frequency of climate-related disasters and the need for cross-sector collaboration.
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Speaker 1
I've
Speaker 2
heard you refer to OXI as a carbon management company. Like, can you share more about, I assume that's sort of related to what you just said, but maybe define that in a bit more direct way.
Speaker 1
Yeah, what I mean by a carbon management company is we do manage carbon, whether it's hydrocarbons or CO2. We manage methane and ethanol going into our chemical plants. And the thing that we do with CO2 is we've been using CO2 for enhanced oil recovery in our operations for almost 50 years. That's in the Permian Basin. CO2, it almost works like CO2 in Coke and Coca-Cola. When you put CO2 in oil reservoirs, it creates an energy and the ability to move the oil better. And so you can get oil to a producing well easier. In fact, the oil that we're moving with CO22 you can't move any other way.
Speaker 2
This is enhanced oil recovery.
Speaker 1
And so since we've been handling CO2 for a long time we know how to do it and we can do it less expensively than others. We've seen others feel like you've got to use these exotic materials to be able to even handle CO2. We've been handling it so long we know how to do it in a less expensive way in a very safe way. And so what we're going to do in the future is the CO2 that we'll be handling will be out of the atmosphere. And that CO2 that we also might catch from point source
Speaker 2
emitters. Hey everyone, I'm Yin, a partner at MCJ Collective, here to take a quick minute to tell you about our MCJ membership community, which was born out of a collective thirst for peer to peer learning and doing that goes beyond just listening to the podcast. We started in 2019 and have grown to thousands of members globally. Each week, we're inspired by people who join with different backgrounds and points of view. What we all share is a deep curiosity to learn and a bias to action around ways to accelerate solutions to climate change. Some awesome initiatives have come out of the community. A number of founding teams have met, several nonprofits have been established, and a bunch of hiring has been done. Many early stage investments have been made, as well as ongoing events and programming, like monthly Women in Climate Meetups, idea jam sessions for early stage founders, climate book club, art workshops, and more. Whether you've been in the climate space for a while or just embarking on your journey, having a community to support you is important. If you want to learn more, head over to mcjcollective.com and click on the members tab at the top. Thanks and enjoy the rest of the show. We're going to spend a ton of time on your work in DAC and carbon capture in a minute. Just trying to set the stage a little bit more to understand how you all as a company sort of think about all of this work ahead of us as a society, right? To some extent, there's a time value trade off too, right? How do you decide how quickly certain parts of, you said, carbon fuels, for example, or getting fuels to net zero need to happen relative to the ability to continue to deliver fuel to people to live their daily lives and do the things they need to do. Relative to, I've talked to a lot of Houstonians here this week who are saying, hey, we definitely have more hurricanes, it's hotter. Our grid can't handle the instability because of climate change, frankly, and how you navigate urgency relative to long-term planning, I guess.
Speaker 1
Yeah, I think the sense of urgency should be incredibly high. The storms, they're more frequent, they're stronger. This barrel that we just got through here, I don't know how many of were here during that storm, but that didn't feel like a category one when we weren't even a direct hit. That didn't even feel like a category one. That felt like something much worse. And so I think the storms are getting stronger. We have to do something about it. This sense of urgency should be much higher. And the way I feel about it is this is 9-11. We had a horrible thing happen in our country. And when 9-11 happened for a period of time, there was so much patriotism, and we pulled together as a country. And the way that that felt of everybody feeling like, hey, we are here together, and we are going to get through this together as a country, that feeling felt good. It was a horrible thing that caused it, but it felt like the right way to feel. What I don't get is here, our world is facing a tragedy here. We're already facing things that we shouldn't have to face. We're living things that, and people are dying all around the world because of the storms that are being caused that are worse than they've ever been. But has that caused us to want to work together? Has that caused us to collaborate with each other? Like there people who won't even speak to me because I'm an oil CEO. We should be pulling together. There's no greater tragedy facing the world today than what's happening to our earth. And so there are some wars and things that are also incredibly bad, but this is a tragedy that if we don't pull together and if we don't work together, we're not going to solve it.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode