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Exxon s carbon capture climate plan is too little, too late

Exxon s carbon capture climate plan is too little, too late Quartz 2/2/2021 © Provided by Quartz ExxonMobil posted a fourth-quarter loss of $20.1 billion on Feb. 2 its fourth consecutive quarter in the red after writing down $19 billion in “less strategic” oil-producing assets. In that, the company joins other US and European oil outfits, which wrote down a collective $145 billion in the first three quarters of 2020 due to the pandemic and concerns about climate change. Exxon also made a surprise promise on Tuesday: to invest $3 billion in carbon capture technology by 2025, through a newly-minted subsidiary venture called ExxonMobil Low Carbon Solutions. Don’t get too excited, though Exxon is still no champion for climate action.

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ExxonMobil reports results for fourth quarter 2020 and provides perspective on forward plans

ExxonMobil reports results for fourth quarter 2020 and provides perspective on forward plans Source: Reuters Fourth quarter loss of $20.1 billion included unfavorable identified items of $20.2 billion, primarily non-cash impairments; earnings excluding identified items were $110 million, or $0.03 per share assuming dilution Exceeded cost-reduction objectives, with 2020 capital spending of $21 billion below target by $2 billion; cash operating expense more than 15% below 2019, of which $3 billion is a structural reduction Met 2020 methane emissions (15%) and flaring (25%) reduction targets versus 2016 1 , and announced 2025 emission reduction plans; projected to be consistent with the Paris Agreement Management Perspectives on Forward Plans Additional annual structural operating expense reductions of $3 billion expected by 2023, resulting in total annual structural reductions of $6 billion versus 2019

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Exxon s US$19B writedown caps first annual loss in 40 years

Exxon defends dividend after first annual loss in decades Kevin Crowley, Bloomberg News VIDEO SIGN OUT Exxon Mobil Corp. pledged to safeguard its mammoth dividend after posting its first annual loss in at least 40 years, a show of defiance by an oil driller besieged by activist investors, lawmakers and climate-change campaigners. Exxon assured investors of its financial health in a world of US$50-a-barrel oil and promised that if crude were to dip to US$45 it would sacrifice spending in the name of dividends. The Western worldâs largest oil explorer has so far avoided the sort of payout cuts adopted by rivals Royal Dutch Shell Plc and BP Plc.

New yorkUnited statesCity ofUnited kingdomBloomberg paul bagnellFernando valleBrett gibbsGiacomo romeoExxon mobil corpBp plcExxonmobil low carbon solutionsJefferies international ltdMobil corpRoyal dutch shell plcDe shaw coChevron corp

ExxonMobil Announces New Business to Tackle Carbon Emissions, Reiterates FuelCell Collaboration

ExxonMobil Announces New Business to Tackle Carbon Emissions, Reiterates FuelCell Collaboration Benzinga 2/2/2021 © Provided by Benzinga On his first day as President, Joe Biden signed an executive order to rejoin the Paris Climate Accord. U.S. energy companies must now abide by the climate goals outlined in the agreement to become carbon-free by 2035. Popular Searches What Happened: On Monday, ExxonMobil (NYSE: XOM) announced the creation of a new business, ExxonMobil Low Carbon Solutions. The new company will collaborate with FuelCell Energy Inc. (NSDAQ: FCEL) to advance carbonate fuel cell technology and Global Thermostat to capture CO2 from the air. ExxonMobil Low Carbon Solutions plans to first tackle carbon capture and storage to meet the agreements outlined in the Paris Accord and then to create 20 new opportunities to help with large scale carbon reduction.

France generalUnited kingdomJoe bidenFuelcell energy incExxonmobil low carbon solutionsParis climateExxonmobil low carbonFuelcell energyGlobal thermostatMobil low carbon solutionsParis accordபிரான்ஸ் ஜநரல்ஒன்றுபட்டது கிஂக்டம்ஓஹோ பிடென்எக்ஷ்க்ஷொன்மொபில் குறைந்த கார்பன் தீர்வுகள்பாரிஸ் காலநிலை

Exxon Defends Dividend After First Annual Loss in Decades

Exxon Defends Dividend After First Annual Loss in Decades Bloomberg 2/2/2021 Kevin Crowley and Javier Blas (Bloomberg) Exxon Mobil Corp. pledged to safeguard the S&P 500 Index’s third-largest dividend after posting its first annual loss in at least 40 years, a show of defiance by an oil driller besieged by activist investors and climate-change campaigners. Popular Searches Exxon assured investors of its financial health in a world of $50-a-barrel oil and promised that if crude were to dip to $45 it would sacrifice spending in the name of dividends. The Western world’s largest oil explorer has increased the payout each year since 1972, unlike rivals Royal Dutch Shell Plc and BP Plc that cut distributions last year.

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