ExxonMobil, Nucor Ink Big Carbon Capture and Storage Deal

https://www.forbes.com/sites/davidblackmon/2023/06/01/exxonmobil-nucor-ink-big-carbon-capture-deal

David Blackmon
Senior Contributor
David Blackmon is a Texas-based public policy analyst/consultant.

ExxonMobilXOM -0.1%, the largest U.S. domestic oil and gas company, and big steelmaker NucorNUE announced an agreement Thursday in which Exxon will capture carbon emissions from Nucor’s direct reduced iron (DRI) plant in Convent, Louisiana and permanently store it in underground reservoirs.

For ExxonMobil, the deal is its third major carbon capture and storage (CCS) project announced in the last seven months as it advances its strategy for growing a portfolio of such projects along the Texas and Louisiana Gulf Coast.

“Our agreement with Nucor is the latest example of how we’re delivering on our mission to help accelerate the world's path to net zero and build a compelling new business,” Dan Ammann, president of ExxonMobil Low Carbon Solutions (LCS), said in the company’s release. “Momentum is building as customers recognize our ability to solve emission challenges at scale.”

Combined with Exxon’s previously announced CCS agreements with CF Industries and Linde, the deal with Nucor will, when operational, enable the company’s Low Carbon Solutions business unit to transport and store 5 million metric tons per year (MTA) for third-party customers.

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5 Mt of CO2 expected captured for the 3 projects in how many years btw? Compared to global yearly emissions of ~40 Gt that is 8000 times bigger. Just to give an order of magnitude.
Like the infamous McCoy candidly confessed, speaking of other P&GA buzz words, CCS and is just there to provide senior management with “talking points”. It's just not up to scale.

Guys, LCS has only signed agreements so far. You do that with some words written on paper, a pen, and a handshake. So far LCS has done nothing, absolutely nothing for the corporation. And I don't think it will make any money for years to come. We'll see.

@xzl+1mU9ARkQ “ My guess is that Low Carbon Solutions will be a tax write off for the next decade.” Bilking American taxpayers is the exact point of LCS!

It's all virtuous signaling and green washing.

More of the same.

It will be interesting to see what the net revenue or loss is of our Low Carbon Solutions company is in our 2023 Annual Report.

My guess is that Low Carbon Solutions will be a tax write off for the next decade.

We are capturing and storing CO2 to receive tax incentives $$ for the European and US governments.

We may also be capturing CO2 as a "strategic petroleum reserve" to sell it in the future to companies that want to convert CO2 and green hydrogen into "green methanol" as a future fuel especially for marine applications.

Thread regarding ExxonMobil Corp. layoffs

ExxonMobil, Nucor Ink Big Carbon Capture and Storage Deal

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