Apr 29, 2024 - Technology

Exxon reveals its latest carbon plan

Exxon's optimistic climate plans

Illustration: Rebecca Zisser/Axios

ExxonMobil is eyeing large-scale production of carbon-based materials used in battery storage, steel production and other applications, Ben writes.

Why it matters: The oil-and-gas giant sees potentially billion-dollar markets. On Friday Exxon revealed its first detailed comments on how it expects the playing field to shape up.

What's new: "If you look at the world's efforts to decarbonize, it's clear to us that carbon, over time, will become more and more advantaged feedstock," CEO Darren Woods said on Friday's Q1 earnings call.

  • They see opportunities to "transform the molecular structures of low-value, carbon-rich feeds from refining and petrochemical processes to create high-value products," he said in a written statement.

Catch up quick: While climate activists want oil giants to scale back on fossil fuels, U.S. majors — and to a lesser degree their European peers — are in more of a 'both/and' mode.

  • Exxon has touted plans to continue boosting production of its core products that consume the bulk of its investment — even as it moves more deeply into carbon capture, hydrogen, lithium and other areas.

What's next: Woods cautioned that it's "early days" for the carbon materials segment.

  • Exxon chose to reveal its thinking "to make sure people are beginning to think more broadly about what this company is capable of," he adds.
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