Engine No. 1 Activist Presentation Deck
and fails to accurately portray the relevance of its own
carbon capture capabilities
●
ExxonMobil claims to be the "global
leader" in carbon capture, yet most of
this is the necessary separation of CO2
that naturally occurs during the
production of methane (the key
ingredient in natural gas), which is
captured versus vented
• This reduces Scope 1 and 2 emissions
intensity, not the far larger Scope 3
emissions from burning natural gas, and
total emissions rise with production
growth even if emissions intensity falls
●
Also, much of the CO₂ captured is
injected into the ground to loosen hard to
reach oil, thus increasing total emissions
New "Low Carbon Solutions" business
mostly a patchwork of existing projects
CRE
PRACE
"Exxon's new carbon capture plan looks
a lot like its old one ... Exxon says LaBarge
already captures 7 million tons of carbon dioxide.
a year, nearly 80% of the company's total ...
Most of the CO2 is ... sold to nearby crude
operators to enhance their oil recovery."
Bloomberg, Feb. 1, 2021
of the oil on
"Andrew Logan, director of the oil and gas
program at investor activist group Ceres, said
the effort [by ExxonMobil] on carbon capture
appeared little more than a 'repackaging of
existing efforts.""
Barron's February 2, 2021
2.
"Last year, the company quietly canceled
construction on a high-profile CCS project in
LaBarge, Wyo., Bloomberg reported. Exxon said
yesterday it's exploring LaBarge as one of its
future CCS projects."
E&E News, February 2, 2021
Sources: Kevin Crowley (Feb 1, 2021). Exxon's New Carbon Capture Plan Looks a Lot Like Its Old One. Bloomberg. John Biers (Feb 2, 2021). Exxon Mobil
Reports Huge 2020 Loss As Changes Draw Mixed Reviews. Barron's. Mike Lee & Carlos Anchondo (Feb. 2, 2021). ExxonMobil Forms Low C02 division;
Invests $3 billion in cutting emissions. E&E News.
REENERGIZE
EXXON//
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