The American multinational oil firm generates £34.04 billion of revenue.
Exxon announces a new business to commercialise its low-carbon tech portfolio.
Exxon Mobil Corp. (NYSE: XOM) said on Tuesday that it swung to a massive net loss in the fiscal fourth quarter. Its adjusted profit in Q4, however, topped analysts’ forecasts. Exxon’s financial report comes only days after its peer, Chevron Corp published its earnings report.
Exxon Mobil shares were reported more than 1% up in premarket trading on Tuesday. The stock is now trading at £33.48 per share after recovering from a low of £23.09 per share in the last week of October 2020.
Exxon Mobil Corp. pledged to spend $3 billion on low-emission technologies through 2025 to address investor concerns over its environmental record, unveiling a plan that comprises several projects that have already been announced.
ExxonMobil Sharpens Focus on Cutting CO2 Emissions
by Ship & Bunker News Team
Tuesday February 2, 2021 Oil major
ExxonMobil Low Carbon Solutions will initially focus on carbon capture projects including on the
Porthos project at
Rotterdam, the company has said. Porthos will see carbon dioxide (CO2) emissions from industry and transport stored in depleted North Sea offshore gas fields. The firm is also looking at its involvement in the
Acorn CO2 storage project in northeast Scotland.
FuelCell Energy, to advance fuel cell technology, and
Global Thermostat, which looks taking CO2 from the air, form part of its strategy to tackle carbon output, according to the company.
Author Bio
Matthew is a senior energy and materials specialist with The Motley Fool. He graduated from Liberty University with a degree in Biblical Studies and a Masters of Business Administration. You can follow him on Twitter for the latest news and analysis of the energy and materials industries: Follow @matthewdilallo
ExxonMobil (NYSE:XOM) unveiled plans yesterday to create a new business to commercialize its low-carbon technology portfolio. ExxonMobil Low Carbon Solutions will initially concentrate on carbon capture and storage, which extracts carbon dioxide from the atmosphere and injects it into the ground. This business will also focus on other lower-carbon technologies in the future, including hydrogen.