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OS Energy Blogs

NATURAL GAS: FUELING THE FUTURE

ExxonMobil Chairman and CEO Darren Woods recently offered opening remarks at the World Gas Conference in Washington.

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It was fitting that this year’s event took place in the United States. After all, the U.S. is both the world’s largest consumer and producer of natural gas. New supplies from America’s shale revolution are transforming global markets.

Below are five key takeaways from Darren’s speech:

  1. Natural gas is boosting the U.S. economy
    Over the past 10 years, natural gas has emerged as a pillar of U.S. economic strength.  Jobs are being created, and domestic manufacturing is flourishing, thanks in large part to lower energy costs.
  2. Natural gas is a big part of the solution to our industry’s dual challenge
    How do we power the 21st century, while at the same time reduce emissions?  One way is through the use of natural gas. It’s already helped lower U.S. CO2 emissions to levels not seen since the 1990s.
    To help ensure the emissions-reduction promise of natural gas, ExxonMobil is taking steps to further cut greenhouse gas emissions in our own operations. These include a recently announced plan to cut methane emissions by 15 percent by 2020, focusing primarily on unconventional natural gas development and processing.
  3. The benefits of natural gas can be expanded internationally
    The results seen in the U.S. don’t need to stop in the U.S. The growing LNG trade should help spread the economic and environmental benefits of natural gas widely in the years to come.
  4. Policymakers need to develop a constructive framework to address climate change
    While developing a global framework that brings all nations together – something the Paris Accord sought to do – policymakers would do well to promote market solutions, including the emissions-reducing potential of natural gas.
  5. Technology – as always – will be vital
    Technological innovation will help expand supplies and drive lower-emission energy solutions, including continued work on scalable carbon capture and storage to help further environmental progress.
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OS Energy Blogs

MEGAN RUHMEL: THE FUTURE IN A PETRI DISH

Each day, I get to look into the future.

I’m an algae research technician at ExxonMobil, working with Synthetic Genomics, Inc. (SGI) to develop the perfect strain of fat, fit algae, which can be converted into engine-ready biofuel – science decades in the making.

Working on a project with this much potential is incredibly exciting, and I can’t wait for a time when algae biofuels will fuel the world’s trucks and planes.

It wasn’t always my dream to work with algae. I didn’t even know ExxonMobil had an algae program. But I studied biology and chemistry in college, and with my work experience in genetics, ExxonMobil knew I was the right fit for the program before I did.

Now, the opportunity to work on cutting-edge research means my colleages and I get to think creatively in the lab. We’re experimenting with ways we can grow and transform the algae. Every day, we make minute changes that could impact our big-picture, long-term research.

Those minute changes are the most important part of my job. My fellow technicians and I take daily measurements to see how productive our algae samples are. We see how quickly or slowly they grow according to different parameters, like temperature and light intensity, to develop a strain that produces the maximum amount of energy.

Our work requires diligence and precision in everything from collecting measurements to labeling beakers, because each day could be the day we make a breakthrough.

In our lab, the future is just a petri dish away.

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TAX AND REGULATORY REFORM’S ECONOMIC BOON

At ExxonMobil, we plan to invest more than $50 billion over the next five years to expand our business in the United States. These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law.

In fact, as you have probably seen, several companies have announced plans to invest here at home, partly as a result of tax reform, which among other things reduced one of the highest corporate tax rates in the developed world.

These positive developments will mean more jobs and economic expansion across the United States in a myriad of industries.

And it will complement the substantial capital spending in the United States that ExxonMobil has teed up in the coming years.

For instance, we will be investing billions of dollars to increase oil production in the Permian Basin in West Texas and New Mexico, expand existing operations, improve infrastructure and build new manufacturing sites. This will create thousands of jobs, strengthen the U.S. economy and enhance energy security.

This comes on top of our massive build-out of operations along the Gulf Coast where we are investing billions of dollars and creating tens of thousands of high paying jobs on a number of major chemical, refining and lubricant projects.

These are quality investments for our shareholders that are made even better by tax reform. That’s good news if you‘re among the millions of Americans who own ExxonMobil stock directly or have indirect ownership through the many public pension funds, mutual funds or exchange traded funds that are ExxonMobil owners.

These are all possible because of the resource base developed by our industry along with sound tax and regulatory policies that create a pro-growth business climate here in the U.S.

The recent changes to the U.S. corporate tax rate coupled with smarter regulation create an environment for future capital investments and will further enhance ExxonMobil’s competitiveness around the world. We’re actively evaluating the impact of the lower tax rate on the economics of several other projects currently in the planning stages to further expand our facilities along the Gulf Coast.

Good to see sound policy laying the groundwork for America’s future economic success.

Darren Woods is Chairman and CEO of ExxonMobil.

Darren Woods – Jan. 29, 2018

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