Reports related to this article:
Project(s): View 5 related projects in PECWeb
Plant(s): View 5 related plants in PECWeb
en
Researched by Industrial Info Resources (Sugar Land, Texas)--With $16.6 billion in capital expenditures (capex) under its belt for 2021, Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) intends to ramp up spending this year and in the years following. In December, the company said it is aiming for between $20 billion and $25 billion in annual capex through 2027. In Tuesday's earnings conference call with investors, ExxonMobil Chief Executive Officer Darren Woods discussed what the company achieved in 2021 and what's on the table for 2022.
As the price of oil increases, so have ExxonMobil's profits and its production. In 2021, the company boosted its production in the Permian Basin by 100,000 barrels of oil equivalent per day (boe/d) to 460,000 boe/d. But like other Big Oil companies, ExxonMobil also is shifting some of its focus away from traditional hydrocarbon spending and toward environmental projects and chemical production.
Like other petroleum-focused companies with chemical capabilities, ExxonMobil is investing strongly in its chemicals segment. Woods said the company already is ramping up production of its ethylene and downstream products production plant near Corpus Christi, Texas, which was completed in January. For more information see January 24, 2022, article - ExxonMobil, SABIC Complete Texas Ethylene Plant, but What Else Is on the Books? The facility will produce ethylene, monoethylene glycol, high-density polyethylene and linear low-density polyethylene. Subscribers to Industrial Info's Chemical Processing Project Database can click here for the related reports.
Woods said the company plans to begin production from a new polypropylene unit addition later this year. This second unit, part of ExxonMobil's "Growing the Gulf" initiative, will have a production capacity of approximately 900 million pounds per year, bringing the plant's production capacity to nearly 2 billion pounds per year of polypropylene. The project kicked off in 2019. Subscribers can click here for the project report.
About a year ago, ExxonMobil announced the creation of its new business segment, ExxonMobil Low Carbon Solutions, and the company is ramping up activity in this area. Woods said this year ExxonMobil plans to make final investment decisions on large-scale carbon capture and storage projects in Wyoming and Rotterdam, Netherlands.
According to ExxonMobil, the plant near LaBarge, Wyoming, "has already captured more CO2 than any other facility in the world." The expansion project, consisting of carbon-capture equipment additions, grassroot pipelines and disposal wells will capture up to 1 million tons of carbon dioxide each year, in addition to the 6 million to 7 million tons already captured at the facility annually. Subscribers to Industrial Info's Production and Pipelines project databases can click here for related reports.
The project at the Rotterdam refinery would capture up to 500,000 tons per year of carbon dioxide, transporting it to storage via a new pipeline. Subscribers to Industrial Info's Refining Project Database can click here for the report.
Woods also said ExxonMobil is progressing with its major CCS plans in the Houston Ship Channel area, a massive undertaking involving other companies, lots of infrastructure and government funding. He said, "We're continuing to advance the flagship carbon-capture opportunity in Houston. It now has 14 participating companies and has potential to capture up to 100 million metric tons of CO2 per year by 2040." For additional information, see May 3, 2021, article - ExxonMobil Pinpoints Houston Ship Channel for Massive Carbon Capture and Storage Hub.
Like other companies with a downstream footprint, ExxonMobil also is considering production of lower-carbon fuels. The company plans this year to make a final investment decision on a renewable diesel complex at its Strathcona Refinery in Alberta, Canada, which also would include CCS systems. The facility would process up to 20,000 barrels per day of biofeedstock and blue hydrogen with an overall production goal of 40,000 BBL/d of renewable diesel by 2024. The CCS system would capture up to 500,000 metric tons of CO2 annually. Subscribers can click here for the project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
As the price of oil increases, so have ExxonMobil's profits and its production. In 2021, the company boosted its production in the Permian Basin by 100,000 barrels of oil equivalent per day (boe/d) to 460,000 boe/d. But like other Big Oil companies, ExxonMobil also is shifting some of its focus away from traditional hydrocarbon spending and toward environmental projects and chemical production.
Like other petroleum-focused companies with chemical capabilities, ExxonMobil is investing strongly in its chemicals segment. Woods said the company already is ramping up production of its ethylene and downstream products production plant near Corpus Christi, Texas, which was completed in January. For more information see January 24, 2022, article - ExxonMobil, SABIC Complete Texas Ethylene Plant, but What Else Is on the Books? The facility will produce ethylene, monoethylene glycol, high-density polyethylene and linear low-density polyethylene. Subscribers to Industrial Info's Chemical Processing Project Database can click here for the related reports.
Woods said the company plans to begin production from a new polypropylene unit addition later this year. This second unit, part of ExxonMobil's "Growing the Gulf" initiative, will have a production capacity of approximately 900 million pounds per year, bringing the plant's production capacity to nearly 2 billion pounds per year of polypropylene. The project kicked off in 2019. Subscribers can click here for the project report.
About a year ago, ExxonMobil announced the creation of its new business segment, ExxonMobil Low Carbon Solutions, and the company is ramping up activity in this area. Woods said this year ExxonMobil plans to make final investment decisions on large-scale carbon capture and storage projects in Wyoming and Rotterdam, Netherlands.
According to ExxonMobil, the plant near LaBarge, Wyoming, "has already captured more CO2 than any other facility in the world." The expansion project, consisting of carbon-capture equipment additions, grassroot pipelines and disposal wells will capture up to 1 million tons of carbon dioxide each year, in addition to the 6 million to 7 million tons already captured at the facility annually. Subscribers to Industrial Info's Production and Pipelines project databases can click here for related reports.
The project at the Rotterdam refinery would capture up to 500,000 tons per year of carbon dioxide, transporting it to storage via a new pipeline. Subscribers to Industrial Info's Refining Project Database can click here for the report.
Woods also said ExxonMobil is progressing with its major CCS plans in the Houston Ship Channel area, a massive undertaking involving other companies, lots of infrastructure and government funding. He said, "We're continuing to advance the flagship carbon-capture opportunity in Houston. It now has 14 participating companies and has potential to capture up to 100 million metric tons of CO2 per year by 2040." For additional information, see May 3, 2021, article - ExxonMobil Pinpoints Houston Ship Channel for Massive Carbon Capture and Storage Hub.
Like other companies with a downstream footprint, ExxonMobil also is considering production of lower-carbon fuels. The company plans this year to make a final investment decision on a renewable diesel complex at its Strathcona Refinery in Alberta, Canada, which also would include CCS systems. The facility would process up to 20,000 barrels per day of biofeedstock and blue hydrogen with an overall production goal of 40,000 BBL/d of renewable diesel by 2024. The CCS system would capture up to 500,000 metric tons of CO2 annually. Subscribers can click here for the project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
