Does XOM have any projects to produce carbon neutral fuels? Any transition to other forms of energy like solar, hydrogen, or something else?
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At the last Investors Day meeting, our CEO told everyone on the call that we were not going to acquire or build wind and solar farms. The returns on wind and solar investments were too low for ExxonMobil.
However, Shell and BP are investing in wind and solar farms.
Floating offshore wind looks interesting.
Exxonmobil has never seriously bought into this, just PR….Tons of money spent on Algae here in Annandale we all knew it was BS, never commercially viable… carbon capture sure…we have some Tee shirts left here if your interested, only one that got any traction out of this was Syrup, first in the life boat🤡 Drill baby Drill 🛢
At least we will be carbon neutral with all the manure spewing out our managers
mouths 💩
Renewables have much potential, but they lack profitability, especially in the double digit range. Only oil & gas investment has yielded 10-20% returns and renewables without subsidy will not yield that range. Therefore, XOM strategy is to be the lowest cost producer to weather future uncertainty. It will succeed, but it will also crush all long term career potential for most (or provide too much uncertainty for the average white collar worker). These are just the cold hard facts and management is doing what it needs to setup until 2050. Oil & gas looks like the coal industry.
World's largest renewable diesel unit in Strathcona. I believe we are also looking into licensing renewable diesel technology. Blue hydrogen from natural gas and CCS in Baytown. Bought a 49% stake in the Norwegian company Biojet. I'm sure there are plenty of other projects in the works that just haven't been made public yet.
We did ki-l the algae biofuels program recently.
Exxon won’t get into renewables, just sell assets to get smaller to match declining demand for oil and gas. Exxon will divest in Europe first since they are very against o&g.