Oil and gas industry giant ExxonMobil has announced it is progressing plans to increase earnings and cash flow potential, while continuing to research technology breakthrough that will lead to emission reductions.
During the company’s annual meeting, chairman and CEO Darren Woods told shareholder: “We are committed to sharing the company’s success with our shareholders. Higher earnings and increased cash flow from our investments are a good means to accomplish this. We are equally committed to helping society reduce global emissions while supporting growth and prosperity for communities around the world – effectively addressing the dual challenge.”
Woods added that ExxonMobil is progressing its work on using next-generation biofuels to reduce transportation-related emissions, as well as carbon capture for power generation and new industrial processes to reduce energy consumption.
Earlier this year, the company committed to invest up to $100 million over a ten-year period in research with the US Department of Energy’s National Renewable Energy Laboratory and National Energy Technology Laboratory to bring lower emission tech to commercial scale.
“The agreement adds to our work with more than 80 universities around the world and with five energy centres – at MIT, Princeton, Stanford, the University of Texas and two national universities in Singapore,” added Woods. “In addition, we partner with private sector companies that have unique capabilities critical to potential breakthroughs, such as Synthetic Genomics on algae biofuels.”