ExxonMobil Continues to Capture More of This Potentially $4 Trillion Future Market Opportunity

The institution is emerging arsenic an aboriginal person successful capturing this monolithic marketplace opportunity. It precocious signed different woody to supply c dioxide proscription and retention solutions for a customer. These commercialized agreements volition proviso ExxonMobil with steadier revenue, which volition turn its income portion reducing the interaction of lipid terms volatility connected its currency flows.

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ExxonMobil has signed an statement with Calpine, the country's largest powerfulness shaper from earthy gas, to transport and permanently store up to 2 cardinal tons of c dioxide per twelvemonth from its Bayton Energy Center adjacent Houston. The task is portion of Calpine's Bayton Carbon Capture and Storage project, which aims to seizure the facility's c dioxide emissions. That volition alteration the institution to supply a 24/7 proviso of low-carbon energy to customers successful Texas and steam to adjacent concern facilities. Calpine's task volition nutrient astir 500 megawatts of electricity, enough to powerfulness 500,000 homes.

Exxon volition necktie Calpine's installation into its existing c dioxide pipeline system, which is the largest successful the world. It volition transport the greenhouse state to sequestration sites on the U.S. Gulf Coast, including perchance those that usage c dioxide for enhanced lipid betterment (a method to summation lipid accumulation from bequest lipid fields).

With the summation of Calpine, Exxon has now signed six c dioxide proscription and sequestration contracts totaling 16 cardinal tons per year. Barry Engle, the president of Exxon's Low Carbon Solutions Business, commented, "This statement underscores the increasing assurance our customers crossed divers sectors -- including steel, fertilizer, concern gases, earthy state processing, and present powerfulness procreation -- person successful our unsocial end-to-end CCS system."

In 2022, Exxon signed a landmark statement with fertilizer shaper CF Industries to seizure and permanently store up to 2 cardinal tons of c dioxide annually from a nitrogen manufacturing installation successful Mississippi. The largest-of-its-kind commercialized statement astatine the clip besides progressive pipeline institution EnLink Midstream (now portion of Oneok) and led Exxon to make a 125,000-acre sequestration tract successful Louisiana.