With Denbury now in the fold, Exxon has the capacity to reduce the country's emissions by 100 million tons per year, 20 times its current agreements with CF Industries, Linde, and Nucor. Denbury has the largest owned and operated carbon dioxide pipeline network at 1,300 miles and 10 strategically located onshore sequestration sites. In addition, it has acquired Denbury Resources in a $4.9 billion deal to bolster its carbon dioxide infrastructure. Those three agreements are equivalent to replacing 2 million gas-fueled cars with EVs, roughly the same number of EVs currently on the road. Exxon will transport the greenhouse gas (through EnLink Midstream's pipeline network) to a permanent underground storage hub it's developing.Įxxon has since signed similar commercial agreements with Linde and Nucor. That's equivalent to replacing about 700,000 gasoline-powered cars with electric vehicles (EVs).ĬF Industries is investing $200 million to build a carbon dioxide dehydration and compression unit at its facility to capture the carbon dioxide. Exxon will capture and permanently store up to 2 million metric tons of carbon dioxide emissions annually from one of CF Industries' manufacturing complexes in Louisiana. Last year, the energy giant unveiled a landmark agreement with CF Industries, a leading hydrogen and nitrogen products producer. ExxonMobil is emerging as an early leader in point source capture, capturing carbon dioxide directly from an emissions source, like a large-scale industrial facility. Quickly capturing the opportunityĮnergy companies are pursuing two different methods of capturing carbon dioxide: point source capture and direct air capture (DAC). Here's a look at their strategies for capturing this potentially multitrillion-dollar market opportunity. ExxonMobil (NYSE: XOM), EnLink Midstream (NYSE: ENLC), and Occidental Petroleum (NYSE: OXY) are emerging as early leaders in the carbon capture sector.
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