ExxonMobil launches Low Carbon Solutions business unit
By Mary Page Bailey |
February 2, 2021
ExxonMobil has created a new business to commercialize its extensive 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 $3 billion on lower emission energy solutions through 2025. The business will be led by Joe Blommaert, who has more than 30 years of experience in the industry with leadership roles in technology advancement, product marketing, and operations. The board of directors has elected him as a vice president of Exxon Mobil Corporation.
Under Pressure, ExxonMobil Ups Ante Against Global Warming, Promises to Contain Overall Costs
ExxonMobil on Tuesday pledged $3 billion to lower emissions in a bid to bolster its environmental record even as it slashed overall capital spending and vowed to safeguard its dividend.
Executives, while declining to directly address a news report that ExxonMobil and fellow supermajor Chevron Corp. had discussed a potential tie-up, also said they continue to explore strategic merger and acquisition (M&A) opportunities.
All of this came as ExxonMobil on Tuesday reported a full-year loss of more than $22.4 billion (minus $5.25/share) – down from a profit of $14.3 billion in 2019 ($3.36/share) and its fourth-consecutive quarterly loss in the wake of the pandemic’s demand destruction. It marked the first annual loss since the merger of Exxon and Mobil in 1999.
6 hours Record Renewables Investment Closes The Gap With Oil & Gas Spending 7 hours Qatar To Solidy Its Market Share In Fast-Growing Chinese LNG Market 11 hours Low-Rated U.S. Oil Firms Raise Record $20 Billion In Bonds 12 hours SEC: ConocoPhillips, Occidental Should Hold Shareholder Votes On Emission Goals 13 hours Saudi Forces Strike Yemen In Response To Attack On Aramco 3 days Oil Firms Discuss Return To Venezuela As Maduro Promises End Of Monopoly 3 days Nuclear Overtakes Coal Fired Power Generation In Historic Move 3 days China Bans Tesla Use At Military Sites Over National Security Concerns 3 days Riyadh Refinery Attacked By Drones, Saudis Say Oil Supply Safe
ExxonMobil Low Carbon Solutions to bring emission reduction to market Technology
News Highlights: ExxonMobil Low Carbon Solutions to bring emission reduction to market Technology
IRVING, Texas – (BUSINESS WIRE) –ExxonMobil said it has formed a new company today to market its extensive low-carbon technology portfolio. The new company, ExxonMobil Low Carbon Solutions, will initially focus on carbon capture and storage, one of the critical technologies needed to achieve net zero emissions and the climate goals outlined in the Paris Agreement.
ExxonMobil Low Carbon Solutions is planning more than 20 new carbon capture and storage capabilities around the world to enable large-scale emissions reductions. ExxonMobil plans to invest $ 3 billion in lower-emission energy solutions through 2025. The company will be led by Joe Blommaert, who has over 30 years of industry experience with leadership roles in technology advancement, product marketing and operations. The board of director