Exxon Mobil has revealed its achievements in lower carbon businesses in renewable energy industry during Q2 2024.
Exxon Mobil has reported earnings of $9.2 billion in the second-quarter of 2024 as it achieved record quarterly production from its low-cost-of-supply Permian and Guyana assets, with the highest oil production.
“We achieved a record in high-value product sales, growing by 10 percent versus the first half of last year. We’re building businesses such as Proxxima, carbon materials and virtually carbon-free hydrogen, with approximately 98 percent of CO2 removed,” Mike Wirth, Chevron’s chairman and chief executive officer, said.
ADVANCING CLIMATE SOLUTIONS
ExxonMobil and Air Liquide reached an agreement to support the production of virtually carbon-free hydrogen, with approximately 98 percent of CO2 removed, and ammonia at ExxonMobil’s planned Baytown, Texas hydrogen facility.
Air Liquide will build and operate four Large Modular Air separation units (LMAs) to supply 9,000 metric tons of oxygen and up to 6,500 metric tons of nitrogen daily to the facility. The LMAs are expected to primarily use low-carbon electricity to reduce the project’s carbon footprint.
The virtually carbon-free hydrogen project is expected to produce 1 billion cubic feet of hydrogen daily, and more than 1 million metric tons of ammonia per year while capturing approximately 98 percent of the associated CO2 emissions.
ExxonMobil aims to help enable the growth of a low-carbon hydrogen market along the U.S. Gulf Coast to assist industrial customers achieve their decarbonization goals.
ExxonMobil has signed a MOU with SK On, a leading electric vehicle (EV) battery developer, to ensure offtake of up to 100,000 metric tons of Mobil Lithium from the company’s first planned project in Arkansas. SK On plans to use the lithium in its EV battery manufacturing operations in the United States.
ExxonMobil signed its fourth carbon capture and storage (CCS) contract with a major industrial customer, bringing the total contracted CO2 to store for industrial customers up to 5.5 million metric tons per year.
ExxonMobil also signed agreement with CF Industries, a major fertilizer and ammonia producer, to transport and store up to 500,000 metric tons of CO2 per year from CF’s operations in Yazoo City, Mississippi, reducing CO2 emissions from the site by up to 50 percent.
The Carbon Materials venture is targeting market segments including carbon fiber, polymer additives, and battery materials.
Chevron website says it aim to grow oil and gas business, lower the carbon intensity of operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies.
Chevron’s chairman and chief executive officer Mike Wirth did not reveal its main achievements in lower carbon businesses in Q2.
Chevron reported earnings of $4.4 billion for second quarter 2024, compared with $6 billion in second quarter 2023. Chevron’s capital expenditures were 4 in Q2 2024.
Exxon Mobil’s capital and exploration expenditures were $7 billion in the second quarter. Exxon Mobil anticipates full-year capital and exploration expenditures to be $28 billion.
Baburajan Kizhakedath