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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.
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
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.
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