Exxon is working on tech to remove CO2 from atmosphere but a breakthrough is needed to slash costs [MSNBC.com]
Exxon Mobil Corporation (XOM)
Last exxon mobil corporation earnings: 5/1 07:34 am
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Source: MSNBC.com
Darren Woods, CEO of ExxonMobil, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 1, 2023.Patrick T. Fallon | AFP | Getty ImagesExxon MobilWoods said direct air capture technology holds huge long-term potential as a tool to address climate change. But it is currently unaffordable at scale, with the removal of atmospheric emissions costing between $600 to $1,000 per ton."If you tried to apply that across the emissions challenge the planet has, the world won't be able to pay for that," the CEO said during Exxon's quarterly earnings call. "We're focused on how we can make this technology broadly applicable at a cost that society can afford."The oil major has launched a pilot project in Baytown, Texas, to test the feasibility of its proprietary direct air capture process. Woods acknowledged the technology would still be too expensive to scale globally, even if Exxon reduced its current cost by 50%, but achieving that goal would demonstrate the valu
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XOM
Earnings
- 4/26/24 - Miss
XOM
Sec Filings
- 5/6/24 - Form PX14A6G
- 5/6/24 - Form 3
- 5/3/24 - Form S-8
- XOM's page on the SEC website