Can ExxonMobil Turn Carbon Capture Into a Major Growth Market?
ExxonMobil is building a comprehensive carbon capture and storage (CCS) business on the U.S. Gulf Coast, with infrastructure capable of handling up to 100 million metric tons of CO2 annually. The company has secured agreements for 9 million metric tons annually and received Texas approval for its Rose project to store 53 million metric tons. Other energy majors like Occidental Petroleum and Baker Hughes are also advancing carbon capture initiatives.