ExxonMobil said its Low Carbon business has the potential to generate hundreds of billions of dollars in revenue and outperform the company’s traditional oil and gas business. Dan Ammann, the president of Exxon’s Low Carbon Business Solutions unit, noted that the new unit would have a much more stable or less cyclical profile compared to the company’s traditional oil and gas business.
- Exxon plans to spend $10B by 2027 on reducing carbon emissions from its own operations.
- Unlike other oil and gas firms that are exploring opportunities in renewable energy sources, like solar and wind, Exxon has focused on other energy sources.
- Exxon is exploring carbon capture, hydrogen, and biofuels, which are estimated to have a combined potential of $6.5T by 2050.
- Exxon announced it had signed a long-term agreement with multinational chemical company Linde to decarbonize its operations.