CLAIM #64110 · Exxon Mobil Corp (XOM) · 2023Q4 earnings call · Feb 2, 2024 · due Feb 2, 2025
“My expectation is, with time, when we -- as we negotiate the opportunities with customers, we'll see more and more deals that bring emissions into that pipeline.”
Darren Woods · CEO
In context
“Yeah, sure. I think the Denbury acquisition, just maybe a slight update on that first is, we've closed it, we've been going through the integration process and frankly continue to be very pleased with what we see as the opportunities to integrate that with the work we're doing around our Low Carbon Solutions business in carbon capture. So we see huge potential in terms of linking together all the opportunities to reduce emissions, high concentration emissions along the US Gulf Coast and along that pipeline system. So the team's doing a lot of work around developing the business there, a lot of work with potential customers around how we can help capture their emissions, and a lot of work around the operations and improving and growing the capacity of that pipeline. So all that's ongoing. My expectation is, with time, when we -- as we negotiate the opportunities with customers, we'll see more and more deals that bring emissions into that pipeline. That's certainly the plan. But I would tell you we're very focused on building this business for the long term. If you think about what we're trying to do there with respect to addressing the risk of climate change and significantly reducing emissions for third parties, that's a business that doesn't exist today anywhere in the world. We're trying to make sure that as the first mover here that we establish a very strong foundation for business that we expect to be around for decades to come. And so my guidance to the team is while we want to move quickly to reduce emissions and to get customers and to grow the volume of emissions we're reducing, we don't want to do that and sacrifice the value opportunity here. And so we're striking that balance. And I think what you'll see happen is, we'”
Verify independently
SEC filings for XOM ↗ · Claim quote is verbatim from the 2023Q4 earnings call.