ExxonMobil at CERAWeek 2024: More is better, but not simple

Key takeaways:

We're a technology company, working to meet society's evolving needs.
Diversity of supply can help ensure energy security, which is crucial.
We're reducing our own emissions and helping our customers reduce theirs.

Article

2 min read

• March 19, 2024

There’s no denying an energy transition is underway. But the energy transition can mean different things to different people.

In much of the developed world, the energy transition means concentrating on the need to reduce emissions. Meanwhile, many developing nations are focused on transitioning from wood and animal waste to reliable electricity or heating oil. And in both instances, countries are concerned with energy security, which leads to higher living standards and better lives.

Bottom line, the energy transition will require many solutions, many technologies, all around the world and along varying timelines. It’s anything but simple.

And it’s where companies like ExxonMobil play an important role.

Yesterday, our CEO and Chairman Darren Woods spoke with S&P Global’s Vice Chairman Daniel Yergin to kick off CERAWeek 2024 in Houston. Below are some of the key points Darren made during that conversation:

What we do

At our heart, we’re a technology company. We use our capabilities to meet the evolving needs of society. Beyond investments in wind, solar and EVs – nobody is doing more.* Learn more about what we do

Energy security

Energy security is more important than ever. We cannot lose sight that there are still about 3 billion people in the world without access to reliable cooking fuels. Energy security is all about diversification and making sure you have options and availability. Explore our Global Outlook report

Strategic investments

ExxonMobil is pursuing more than $20 billion (2022-2027) in lower-emission investments. About half of that $20 billion is going to reducing our own emissions and the other half to helping others reduce theirs. Learn more about our plans and progress

Low Carbon Solutions

We have three commercial contracts with hard-to-decarbonize sectors – a steel company, an industrial gas company and an ammonia production company. We'll capture up to 5 million metric tons per year of their CO₂. That’s equivalent to replacing approximately 2 million gasoline-powered cars with electric vehicles.** Learn more about Low Carbon Solutions

Lithium production

Lithium production fits perfectly with our skill set. We think we can produce lithium at a lower cost and with less environmental impact than traditional methods, and therefore there’s an advantage we can bring. Learn more about lithium

Direct air capture (DAC)

We’re running a pilot project in Baytown, where we’re testing our own unique design with the goal to, over time, create a scalable and economically viable solution. It pulls carbon straight out of the air and could be the Holy Grail for reducing CO₂ emissions. But we’ll need to bring costs down, and carbon markets will need to develop for it to be successful. Learn more about DAC

The big picture

Reducing emissions without sacrificing energy security for billions of people will take multiple solutions, and we’re focused on doing our part. Our strategic investments are designed to help shape a sustainable energy future for us all.

_{*As of year-end 2023}

_{** ExxonMobil analysis based on assumptions for U.S. in 2022, including average distance traveled, fuel efficiency, average power grid carbon intensity, electric vehicle charging efficiency, and other factors. Gasoline-powered cars include light-duty vehicles (cars, light trucks and SUVs).}