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ExxonMobil Secures Largest U.S. Offshore CO2 Storage Site
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Exxon Mobil Corporation (XOM - Free Report) has secured the largest offshore carbon dioxide (CO2) storage lease in the United States with the Texas General Land Office, marking a significant step in carbon capture and storage (CCS). The site covers more than 271,000 acres in Texas state waters, solidifying ExxonMobil’s leadership in the CCS industry.
XOM Expands CO2 Storage in the U.S. Gulf Coast
This new offshore site complements ExxonMobil’s existing onshore CO2 storage portfolio and boosts the U.S. Gulf Coast’s status as a global hub for carbon capture. The company is already operating the largest CO2 pipeline network in the United States, positioning it to offer a full-service solution for carbon capture, transport and storage.
Dan Ammann, president of ExxonMobil Low Carbon Solutions, noted that with a growing base of customers ready to implement CCS, ExxonMobil is positioned to drive significant emission reductions along the Gulf Coast. The company’s comprehensive approach, which includes capture, transportation and storage, reinforces its leadership in the industry.
XOM’s Lease Benefits Texas Education
The agreement's terms will directly support the Texas Permanent School Fund, contributing to the state’s education system. Texas Land Commissioner Dawn Buckingham expressed enthusiasm about the partnership, emphasizing its benefits of supporting educational funding and advancing energy solutions. She pointed out that the revenues from the lease will directly benefit the state and Texas schoolchildren.
XOM’s Role in Net-Zero Goals
ExxonMobil’s new offshore acreage provides crucial space for storing CO2 emissions, helping society work toward achieving net-zero goals. The Gulf of Mexico, with its vast potential for storage, is a key player in this effort, and ExxonMobil is well-positioned to leverage its infrastructure to support carbon reduction strategies on a large scale.
With this lease, XOM continues advancing its vision of a low-carbon future while significantly contributing to the local community and education system.
XOM’s Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
The Zacks Consensus Estimate for AROC’s 2024 EPS is pegged at $1.04. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2025 in the past 60 days.
MPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership’s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX’s 2024 EPS is pegged at $4.29. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
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ExxonMobil Secures Largest U.S. Offshore CO2 Storage Site
Exxon Mobil Corporation (XOM - Free Report) has secured the largest offshore carbon dioxide (CO2) storage lease in the United States with the Texas General Land Office, marking a significant step in carbon capture and storage (CCS). The site covers more than 271,000 acres in Texas state waters, solidifying ExxonMobil’s leadership in the CCS industry.
XOM Expands CO2 Storage in the U.S. Gulf Coast
This new offshore site complements ExxonMobil’s existing onshore CO2 storage portfolio and boosts the U.S. Gulf Coast’s status as a global hub for carbon capture. The company is already operating the largest CO2 pipeline network in the United States, positioning it to offer a full-service solution for carbon capture, transport and storage.
Dan Ammann, president of ExxonMobil Low Carbon Solutions, noted that with a growing base of customers ready to implement CCS, ExxonMobil is positioned to drive significant emission reductions along the Gulf Coast. The company’s comprehensive approach, which includes capture, transportation and storage, reinforces its leadership in the industry.
XOM’s Lease Benefits Texas Education
The agreement's terms will directly support the Texas Permanent School Fund, contributing to the state’s education system. Texas Land Commissioner Dawn Buckingham expressed enthusiasm about the partnership, emphasizing its benefits of supporting educational funding and advancing energy solutions. She pointed out that the revenues from the lease will directly benefit the state and Texas schoolchildren.
XOM’s Role in Net-Zero Goals
ExxonMobil’s new offshore acreage provides crucial space for storing CO2 emissions, helping society work toward achieving net-zero goals. The Gulf of Mexico, with its vast potential for storage, is a key player in this effort, and ExxonMobil is well-positioned to leverage its infrastructure to support carbon reduction strategies on a large scale.
With this lease, XOM continues advancing its vision of a low-carbon future while significantly contributing to the local community and education system.
XOM’s Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like Archrock Inc. (AROC - Free Report) , Core Laboratories Inc. (CLB - Free Report) and MPLX LP (MPLX - Free Report) . While Archrock sports a Zacks Rank #1 (Strong Buy) at present, Core Laboratories and MPLX carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
The Zacks Consensus Estimate for AROC’s 2024 EPS is pegged at $1.04. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2025 in the past 60 days.
MPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership’s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX’s 2024 EPS is pegged at $4.29. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.