Exxon’s Big Bet On Algae Biofuels Is Crumbling [Yahoo! Finance News]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance News
In the late 2000s, Big Oil led byRoyal Dutch ShellBP Plc.ExxonMobilChevronbiofuelIn 2009, Exxon entered the algae biofuels race with a bang, teaming up with unicorn biotech startupSynthetic Genomics Incproduce algae biofuel within a decade10,000 barrels of algae biofuels per dayExxon now stands as the only oil and gas supermajor that is still pursuing algae biofuels in a big way with the company claiming on its website to haveinvested ~$250M in biofuels researchHowever, it's going to take some serious feats of financial engineering for Exxon's algae biofuels to compete in this era of $30-$40/bbl oil or for the company to convince its critics that this is not just another attempt at greenwashing.The Future of Energy?To be fair, algae biofuels are not such a terrible idea.Algae does have some clear advantages over other biofuel candidates, mainly because these photosynthetic microorganisms are super-efficient at converting sunlight into biomass, havehigh lipid content of up to 80%Howeve
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News
- US oil giants' profits dip as Exxon deal nears finish line [Yahoo! Finance]Yahoo! Finance
- Chevron, Exxon stocks fall as lower refining margins, falling natural gas prices hit profits [Yahoo! Finance]Yahoo! Finance
- Yahoo Finance [Yahoo! Finance]Yahoo! Finance
- PCE, big tech, and energy earnings: 3 Things [Yahoo! Finance]Yahoo! Finance
- ExxonMobil and Chevron Report Lower Earnings [The New York Times]The New York Times
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- 4/18/24 - Form PX14A6G
- XOM's page on the SEC website