ExxonMobil Secures Largest CO2 Offshore Storage Site in the U.S.

ExxonMobil Secures Access to Over 271,000 Acres in Texas Waters for CO2 StorageAgreement Will Directly Benefit the Texas Permanent School FundLatest Example of ExxonMobil’s Leadership in Building a Carbon Capture Industry in the U.S.

October 10, 2024 08:30 AM Eastern Daylight Time

SPRING, Texas—Exxon Mobil Corporation (NYSE: XOM) has executed the largest offshore carbon dioxide (CO2) storage lease in the U.S. with the Texas General Land Office (GLO).

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The over 271,000-acre site complements ExxonMobil’s onshore CO2 storage portfolio and strengthens the U.S. Gulf Coast's position as a leader in carbon capture and storage (CCS).

“With our growing roster of customers ready to deploy CCS, we’ll be driving substantial emissions reductions along the Gulf Coast through a comprehensive solution that includes capture, transportation, and storage—capabilities that make us a clear leader,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions. This is yet another sign of our commitment to CCS and the strides we’ve been able to make.

The terms of the agreement will directly benefit the Texas Permanent School Fund, enhancing education for Texas children while reducing emissions and promoting community development in nearby areas.

“As the steward of 13 million acres of energy-rich state land, I am proud to partner with ExxonMobil in utilizing state land for innovative solutions that can help ensure future energy production,” said Commissioner Dawn Buckingham. Energy independence is vital to ensuring our state and country remain economic leaders around the globe.

ExxonMobil operates the largest CO2 pipeline network in the U.S. and is well-positioned to leverage its extensive infrastructure and storage space to deliver an end-to-end carbon capture solution.

Offshore acreage provides much-needed storage space for CO2 emissions, and the Gulf of Mexico’s vast potential will play a key role in meeting net-zero goals.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs. The corporation’s primary businesses—Upstream, Product Solutions, and Low Carbon Solutions—provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies.

ExxonMobil holds an industry-leading portfolio of resources and operates the largest CO2 pipeline network in the United States. In 2021, the company announced ambitious emission-reduction plans, including a 20-30% reduction in corporate-wide greenhouse gas intensity and a 70-80% reduction in methane intensity by 2030. With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.

For more information, visit ExxonMobil.