Carbon capture, utilization, and storage (CCUS) could play a crucial role in reducing global emissions. Exxon believes that this technology will one day be able to compete with the size of the oil and gas market. By 2050, the CCUS market is estimated to reach $4 trillion according to estimates.

Collaboration with FuelCell Energy for carbon capture and storage Exxon is working with FuelCell Energy in the field of carbonate fuel cell technology to capture carbon dioxide while simultaneously producing electricity. ExxonMobil’s subsidiary, Esso Nederland BV, plans to build a pilot plant at its production complex in Rotterdam to test the groundbreaking technology that could significantly reduce CO2 emissions from key industries. Carbonate fuel cells have the unique ability to capture CO2 emissions from industrial sources before they are released into the atmosphere. This feature increases the overall efficiency of the process and provides additional value streams that lower the cost of carbon capture and storage. The unique advantage of this technology is that it not only captures CO2, but also produces low-carbon energy, heat, and hydrogen as co-products.

ExxonMobil stock in weekly chart – ISIN: US30231G1022

Source: https://www.aktienscreener.com

Technical perspective The Exxon stock saw strong gains in 2022 and reached a price of $119.63 in February 2023. It then fell to $98 before rebounding to $119.92 in April, only to fall back to $100. In September, the stock reached a record high of $120.70 before falling below the psychologically important $100 mark. The range formed within a year provides clear resistance and support levels. The upper limit is at $120, while the lower limit is at $97. If the support holds, the oil stock could once again target the upper limit.

Conclusion The recent weak oil prices have stabilized due to increasing uncertainties in the Red Sea. It will still take some time before oil and gas are truly replaced. In the meantime, Exxon is using the hefty profits from the black gold business to prepare for the future.