Exxon Mobil Corporation (XOM) has announced a commitment to achieve net-zero emissions from operated assets by 2050, with a target for its Permian operations set for 2030. The company plans to invest $30 billion in Lower Carbon Solutions from 2025 to 2030, focusing on carbon capture and storage (CCS), low-carbon hydrogen, and ammonia. Following its acquisition of Denbury, ExxonMobil now manages more than 1,500 miles of CO2 pipelines, the largest network in the U.S., aiming to reduce third-party emissions by over 50 million tons annually by 2030.
In addition, ExxonMobil aims to produce up to 1 billion cubic feet per day of low-carbon hydrogen at its planned facility in Baytown, Texas, capturing over 98% of associated CO2 and managing up to 10 million tons via CCS. The company also plans lithium production in Arkansas, with a target for first production in 2027, aiming to supply approximately 1 million electric vehicles per year by 2030.
Chevron (CVX) has committed $10 billion through 2028 for low-carbon initiatives including biofuels, hydrogen, and CCS, targeting 100,000 barrels per day of renewable fuels and capturing 25 million tons of CO2. Shell (SHEL) is investing $10-$15 billion between 2023 and 2025 in renewable energy and hydrogen infrastructure, including large-scale CCS projects.
