The oil and gas industry’s juggernaut, Exxon Mobil Corporation (XOM), is trying to drive its operations toward greater sustainability. Although the company expects oil and gas to meet more than 50% of the world’s energy needs, it is investing $17 billion over a six-year span through 2027 in lower carbon emissions technologies.
For instance, XOM agreed to buy Denbury Inc. (DEN) for $4.9 billion to accelerate its energy transition business with a ready-made carbon dioxide (CO2) sequestration operation. However, the broad adoption of carbon sequestration is still uncertain because of technical challenges and high costs.
