Carbon capture company 1PointFive announced March 13 that AT&T has agreed to purchase CO2 removal credits from STRATOS, 1PointFive’s first large-scale direct air capture (DAC) facility currently under construction in Texas.
The transaction is part of AT&T’s commitment to reduce carbon emissions and become carbon neutral in its global operations by 2035, according to a March 13 press release.
STRATOS is designed to capture up to 500,000 metric tons of CO2 annually when fully operational. Under the agreement, the captured CO2 will be stored through durable saline sequestration, the release stated.
1PointFive said it is also participating in AT&T’s Connected Climate Initiative to collaborate on carbon removal solutions like DAC that can “help cost effectively achieve net zero.”
“AT&T’s carbon removal credit purchase is another proof point of the vital role that direct air capture can play in providing a high-integrity and durable solution to help organizations address their emissions,” said Michael Avery, president and general manager of 1PointFive.
Recommended Reading
US Refiners to Face Tighter Heavy Spreads this Summer TPH
2024-04-22 - Tudor, Pickering, Holt and Co. (TPH) expects fairly tight heavy crude discounts in the U.S. this summer and beyond owing to lower imports of Canadian, Mexican and Venezuelan crudes.
Imperial Expects TMX to Tighten Differentials, Raise Heavy Crude Prices
2024-02-06 - Imperial Oil expects the completion of the Trans Mountain Pipeline expansion to tighten WCS and WTI light and heavy oil differentials and boost its access to more lucrative markets in 2024.
US Gulf Coast Heavy Crude Oil Prices Firm as Supplies Tighten
2024-04-10 - Pushing up heavy crude prices are falling oil exports from Mexico, the potential for resumption of sanctions on Venezuelan crude, the imminent startup of a Canadian pipeline and continued output cuts by OPEC+.
Oil Broadly Steady After Surprise US Crude Stock Drop
2024-03-21 - Stockpiles unexpectedly declined by 2 MMbbl to 445 MMbbl in the week ended March 15, as exports rose and refiners continued to increase activity.
Veriten’s Arjun Murti: Oil, Gas Prospectors Need to Step Up—Again
2024-02-08 - Arjun Murti, a partner in investment and advisory firm Veriten, says U.S. shale provided 90% of global supply growth—but the industry needs to reinvent itself, again.