CCS is a readily available technology that can reduce emissions at scale from sectors like refining, chemicals, cement and steel sectors, and power generation.

With more than 30 years of experience developing and deploying CCS technologies, ExxonMobil is well positioned as the global leader in CCS. CCS is the process of capturing CO2 that would otherwise be released into the atmosphere and injecting it into deep geologic formations for safe, secure and permanent storage.

What is mobile carbon capture? Simply put, MCC refers to the process of capturing CO2 at the point of emission - namely, from the vehicle while it is in motion - before it is released into the atmosphere.

ExxonMobil is making $17 billion in "lower-emission investments" between 2022 and 2027, with 60% devoted to reducing its own emissions and 40% earmarked to reducing others' emissions. These include investments in low-carbon hydrogen, carbon capture and storage, and renewable fuels facilities.

If not being used on-site, the captured CO2 is compressed and transported by pipeline, ship, rail or truck to be used in a range of applications, or injected into deep geological formations such as depleted oil and gas reservoirs or saline aquifers.

CCS involves the capture of carbon dioxide (CO2) emissions from industrial processes, such as steel and cement production, or from the burning of fossil fuels in power generation. This carbon is then transported from where it was produced, via ship or in a pipeline, and stored deep underground in geological formations.

SKYMINE®: CarbonFree's SkyMine is the world's first and largest industrial-scale carbon mineralization facility capable of capturing up to 50,000 metric tons of CO2 annually from cement flue gas.

Securities Mentioned in Article

The primary downside to CCS technology is the additional expense it adds to energy production and the unknown impacts of storage in the long term. Transportation of captured and compressed carbon requires specially designed pipes that are expensive to build.

A recent study found that after taking into account the energy used to capture and isolate CO2 from flue gas at a fossil fuel-burning industrial plant, the carbon capture system would reduce the plant's net emissions by only 10 to 11 percent, not the estimated 80 to 90 percent cited by proponents.

A performance-based ranking system that pits workers against one another - discouraging employees from challenging managers - as well as accelerated efforts to offshore jobs have been driving departures. By the end of last year, Exxon's attrition rate (18%) was almost double the average of its industry peers.

SPRING, Texas – ExxonMobil today announced the startup of two new chemical production units at its Baytown, Texas, manufacturing facility. The $2 billion expansion is part of ExxonMobil's long-term growth plans to deliver higher-value products from its U.S. Gulf Coast refining and chemical facilities.