2020 Annual Report

Carbon capture and storage (CCS) is the process in which carbon dioxide (CO₂), that would have otherwise been emitted into the atmosphere, is captured and injected into deep underground geologic formations for safe, secure storage. It is recognized as one of the most important low-carbon technologies required to achieve society’s net-zero goals at the lowest costs and is one of the only technologies that could enable some industrial sectors to decarbonize. ExxonMobil is the global leader in carbon capture and has more than 30 years of experience developing and deploying CCS technologies. We also have an equity share of about one-fifth of the world’s CO₂ capture capacity and are evaluating multiple opportunities to expand capacity. Furthermore, we are working on negative emissions technologies, like direct air capture, which uses advanced materials to capture CO₂ from the atmosphere.

Demand for industrial products is expected to continue to grow as the global economy recovers and standards of living rise in the developing world. To meet this demand, manufacturing solutions that are more energy- and greenhouse gas-efficient than those currently available will be required. Since 2000, ExxonMobil has reduced and avoided more than 320 million tonnes of emissions through energy efficiency and cogeneration projects and continues to target research in equipment design, advanced separations, catalysis, and process configurations as part of efforts to develop energy-efficient manufacturing.¹¹

Heavy-duty transportation requires fuels with high energy density that liquid hydrocarbons provide. Biofuels, such as those derived from algae, have the potential to be a scalable solution and deliver the required energy density in a liquid form that could reduce greenhouse gas emissions by more than 50 percent compared to today’s heavy-duty transportation fuels.¹¹ We continue to progress and invest in research to transform algae and cellulosic biomass into liquid fuels (biofuels) for the transportation sector.

ExxonMobil produces about 4 million oil-equivalent barrels of net oil and natural gas per day. We are active in 40 countries, and participate in all aspects of the upstream global value chain, including exploration, development, production, and marketing. Our Upstream is organized into five value-chains: deepwater, unconventional, LNG, heavy oil, and conventional. Our industry-leading, low cost-of-supply developments in deepwater, unconventional Permian, and LNG underpin the growing value of our portfolio.

ExxonMobil is one of the world’s largest manufacturers and marketers of fuels and lubricants, and sells about 5 million barrels per day of petroleum products. The commercial success of well-known brands and high-quality products is underpinned by our strong customer focus and supply reliability. Mobil 1 synthetic lubricant is the worldwide leader in synthetic motor oils and is the best-selling U.S. retail motor oil.^{16, 17}

ExxonMobil is among the largest chemical producers in the world with annual sales of over 25 million tonnes. We are the number one or two producer for more than 80 percent of our chemical product portfolio,¹⁹ achieved through operational excellence, cost discipline, a balanced product portfolio, proprietary technology, and industry-leading integration with our Downstream and Upstream operations.