Oct. 21, 2021 9:21 AM ET
Exxon Mobil Corporation (XOM)
By: Carl Surran, Seeking Alpha News Editor
Exxon Mobil (NYSE:XOM) unveils plans to spend $400M to expand carbon capture and storage at its LaBarge, Wyo., facility, which the company says already has captured more carbon dioxide than any other facility in the world.
Exxon says the expansion project will capture as much as 1M metric tons of CO2 in addition to the 6M-7M mt already captured at LaBarge each year.
The LaBarge expansion is in the design and permitting phase, and Exxon says requests for bids for engineering, procurement and construction contracts have been issued to third parties.
Exxon expects a final investment decision on the expansion project next year, based on several factors including regulatory approvals, and operations could start as early as 2025.
Exxon Mobil is "still refusing to contemplate the renewables transition, insisting on expanding production and developing CCS... a path to nowhere," Keith Williams writes in a bearish analysis newly published on Seeking Alpha.