Carbon TerraVault Provides 2024 Update

Core Insights - Carbon TerraVault Holdings, LLC (CTV) has signed a Memorandum of Understanding with National Cement Company of California to establish California's first net zero cement facility, highlighting its commitment to decarbonization in hard-to-abate sectors [1][2] - CTV has received the first Class VI well permits from the EPA for carbon dioxide (CO₂) storage, which is a significant regulatory milestone for the company [2][6] - The company is focused on executing its first carbon capture and storage (CCS) project at Elk Hills in 2025, with a project pipeline approaching 9 million metric tons per year [2][6] 2024 Highlights - CTV expanded its CO₂ storage portfolio by 70%, adding 134 million metric tons (MMT) in Class VI permit applications, bringing the total CO₂ storage capacity submitted to the EPA for review to 325 MMT [6] - The company signed agreements for 5.4 million metric tons per annum (MMTPA) of CO₂ management with major industrial partners [6] - CTV was awarded $12 million in funding and selected for an additional$35 million from the U.S. Department of Energy to support decarbonization projects in California [6] 2025 Outlook and Highlights - Construction of California's first CCS project at CRC's Elk Hills cryogenic gas plant is planned to commence in Q2 2025, with the first CO₂ injection anticipated by year-end [6] - CTV's total CO₂ emissions from CCS projects under consideration now stands at nearly 9 MMTPA [6] - Expected capital investments for 2025 are projected to be between $20 million and$35 million, with $14 million to$18 million allocated for the CCS project at Elk Hills [6][9] Financial Results - In Q4 2024, CMB expenses were reported at $20 million, up from$13 million in Q3 2024, with total expenses for the year reaching $56 million compared to$37 million in 2023 [5] - General and administrative expenses for Q4 2024 were consistent at $5 million, with total expenses for the year at$15 million, compared to $12 million in 2023 [5]