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ExxonMobil, BP, Chevron and Conoco Phillips among oil companies that posted billions in losses in 2020

ExxonMobil, BP, Chevron and Conoco Phillips among oil companies that posted billions in losses in 2020
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XOM Creates New Low Carbon Business

ExxonMobil (NYSE: XOM) has created a new business to commercialize its low-carbon technology portfolio. ExxonMobil (NYSE: XOM) has revealed that it has created a new business to commercialize its low-carbon technology portfolio. The new business, called ExxonMobil Low Carbon Solutions (ELCS), will initially focus on carbon capture and storage (CCS), according to Exxon, which labeled CCS as one of the critical technologies required to achieve net zero emissions and the climate goals outlined in the Paris Agreement. Led by Joe Blommaert, ELCS is said to be advancing plans for more than 20 new CCS opportunities around the world to enable large-scale emission reductions. Exxon highlighted that new CCS projects and partnerships are under evaluation in several regions, including the U.S. Gulf Coast, Wyoming, the Netherlands, Belgium, Scotland, Singapore, and Qatar.

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ExxonMobil Doubles Down on Carbon Capture in $3-Billion Plan To Lower Emissions

Source: Getty Images. ExxonMobil announced this week that it wants to build at least 20 new carbon-capture-and-sequestration (CCS) facilities in a plan that includes investing $3 billion in low-emissions technologies by 2025. To spearhead the effort, the Irving, Texas-based oil company has formed a new business called ExxonMobil Low Carbon Solutions. The move means that ExxonMobil’s existing carbon-capture programs will benefit from added staff and planning resources. Upon sharing the news, the company said it has been working for years to develop new process technologies that can lower the cost of capturing and storing CO 2. Meanwhile, momentum has been steadily building in terms of support for CCS from governments and investors around the world.

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ExxonMobil creates low carbon technology business

Advertisement ExxonMobil has created a new business to commercialise its low-carbon technology portfolio. The new business, ExxonMobil Low Carbon Solutions, will initially focus on carbon capture and storage, one of the critical technologies required to achieve net zero emissions and the climate goals outlined in the Paris Agreement. ExxonMobil Low Carbon Solutions is advancing plans for more than 20 new carbon capture and storage opportunities around the world to enable large-scale emission reductions. ExxonMobil plans to invest US$3 billion on lower emission energy solutions through 2025. The business will be led by Joe Blommaert. The board of directors has elected him as a vice president of ExxonMobil.

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Exxon launched a $3 billion effort focused on lowering its emissions after investors pressured the oil giant to address climate change

Exxon launched a $3 billion effort focused on lowering its emissions after investors pressured the oil giant to address climate change bjones@businessinsider.com (Benji Jones) © Barry Lewis/InPictures via Getty Images An Exxon refinery in Baton Rouge, Louisiana Barry Lewis/InPictures via Getty Images Exxon Mobil on Monday announced a new business focused on low-emissions technologies. The business will initially focus on carbon capture, a technology Exxon has been developing for years. The announcement follows mounting pressure from investors who have been pushing the company to do more to address climate change. Exxon Mobil, the largest US oil company, announced on Monday that it was forming a new business focused on low-emissions technologies including carbon capture. The announcement follows reports that investors with more than $2 trillion in assets are pressing the company to move more quickly to address climate change.

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