1PointFive (a subsidiary of Oxy) STRATOS Project (Texas, US)CASE STUDY 13 Description Large-scale direct air capture (DAC) project developed by 1PointFive, a subsidiary of Occidental (Oxy). DAC is a form of carbon capture technology that pulls carbon dioxide (CO2) directly from the atmosphere, offering a flexible way to decarbonize by decoupling the emission source from the point of capture. The captured atmospheric CO2 can be securely stored underground to deliver carbon dioxide removal (CDR) or used to create low-carbon products, such as fuels. Low-carbon fuel pathways could include storing the CO2 during the enhanced oil recovery (EOR) process, which repressurizes depleted oil reservoirs to optimize recovery, or using the CO2 as a feedstock to produce synthetic transportation fuels, such as sustainable aviation fuels. Most existing STRATOS offtake agreements are for CDR credits to be delivered through saline sequestration. Solutions –Strategic site selection: Co-located with existing CO2 pipeline infrastructure and high-quality subsurface formations suitable for sequestration, optimizing integration with transport, storage and utilization pathways while reducing capital requirements and accelerating deployment. –Market building: Offtake agreements representing more than 1 million tonnes of carbon dioxide exist today for STRATOS, demonstrating important demand signals for low-carbon solutions. Public demonstration of DAC advantages and integrity helps establish carbon removal market to de-risk investments for financiers. –Regulatory foresight: Early engagement and permitting to align operations with regulatory milestones and avoid costly delays. –Product optionality: Captured CO2 can be stored to generate carbon dioxide removal credits, used through a carbon capture and storage-enhanced oil recovery pathway to produce lower- carbon fossil fuels, or used for e-fuel production. Impact –$1.3 billion of capital investment. –Scaling-up verifiable, cost-effective decarbonization solutions to support hard-to-abate industries, such as aviation, while leveraging existing infrastructure and value chains. –500,000 tonnes per annum CO2 capture potential when fully operational. –>1,000 jobs created during construction phase and ~120 direct jobs during operational phase. Sources: Occidental Petroleum, 1PointFive.71 Fuelling the Future: How Business, Finance and Policy can Accelerate the Clean Fuels Market 39

Fuelling the Future 2026