This year, Exxon signed the largest-of-its-kind commercial carbon capture and storage (CCS) agreement, aiming to capture and store up to 2 million metric tonnes of CO2 each year.
- Nov 24, 2022, 4:00 PM CSTBumper profits have allowed Exxon to greatly expand its Low carbon Solutions business.
ExxonMobil announced last month that it had once again seen positive quarterly earnings, of $19.7 billion for the third quarter of 2022. By this point, Exxon had made $15.2 billion in investments in 2022, with $5.7 billion going toward capital and exploration expenditures. By the end of the year, the energy firm expects to have invested $24 billion.
Based on its recent inclination to global CCS investments, it appears Exxon has caught the eyes of the Biden administration, which may become a major support of Big Oil’s decarbonisation efforts. The Inflation Reduction Act , which was launched in November, has several funding opportunities available for companies looking to combat climate change through renewable energy and decarbonisation projects.
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