ExxonMobil Continues to Capture More of This Potentially $4 Trillion Future Market Opportunity
ExxonMobil (NYSE: XOM) believes that carbon capture and sequestration (CCS) represents a massive opportunity to make money while helping the environment. The oil giant believes the market for CCS will be worth a staggering $4 trillion by 2050. The company is emerging as an early leader in capturing this massive market opportunity. It recently signed another deal to provide carbon dioxide transportation and storage solutions for a customer. These commercial agreements will supply ExxonMobil with steadier revenue, which will grow its income while reducing the impact of oil price volatility on its cash flows. ExxonMobil has signed an agreement with Calpine, the country's largest power producer from natural gas, to transport and permanently store up to 2 million tons of carbon dioxide per year from its Bayton Energy Center near Houston. The project is part of Calpine's Bayton Carbon Capture and Storage project, which aims to capture the facility's carbon dioxide emissions. That will enable the company to provide a 24/7 supply of low-carbon electricity to customers in Texas and steam to nearby industrial facilities. Calpine's project will produce about 500 megawatts of electricity, enough to power 500,000 homes. Continue reading
ExxonMobil (NYSE: XOM) believes that carbon capture and sequestration (CCS) represents a massive opportunity to make money while helping the environment. The oil giant believes the market for CCS will be worth a staggering $4 trillion by 2050.
The company is emerging as an early leader in capturing this massive market opportunity. It recently signed another deal to provide carbon dioxide transportation and storage solutions for a customer. These commercial agreements will supply ExxonMobil with steadier revenue, which will grow its income while reducing the impact of oil price volatility on its cash flows.
ExxonMobil has signed an agreement with Calpine, the country's largest power producer from natural gas, to transport and permanently store up to 2 million tons of carbon dioxide per year from its Bayton Energy Center near Houston. The project is part of Calpine's Bayton Carbon Capture and Storage project, which aims to capture the facility's carbon dioxide emissions. That will enable the company to provide a 24/7 supply of low-carbon electricity to customers in Texas and steam to nearby industrial facilities. Calpine's project will produce about 500 megawatts of electricity, enough to power 500,000 homes.
