ExxonMobil is a multinational oil and gas corporation headquartered in Irving, Texas, with operations in over 50 countries worldwide. The company was formed in 1999 through the merger of Exxon and Mobil. As of today, ExxonMobil is one of the world’s largest publicly traded energy companies. With an estimated market capitalization of over $413 billion.
Completion of the Beaumont Refinery Expansion
The successful completion of the Beaumont refinery expansion project is a significant milestone for ExxonMobil, as it represents the largest refinery expansion in more than a decade. Exxon will be able to increase capacity per day by an additional 250,000 barrels. Making the location one of the largest refinery complexes along the U.S. Gulf Coast.
Construction on the refinery’s expansion began in 2019, employing 1,700 contractors and hiring over 50 full-time employees to help operate the expanded refinery. Currently, ExxonMobil has approximately 2,100 employees in the Beaumont area. And, its operations account for approximately 1 in every seven jobs in the region.
ExxonMobil’s President of Production Solutions states, “ExxonMobil maintained its commitment to the Beaumont expansion even through the lows of the pandemic, knowing consumer demand would return and new capacity would be critical in the post-pandemic economic recovery.”
Exxon Mobil’s Presence in the US Permian Basin
As of March 2023, the Beaumont refinery’s processing capacity is over 630,000 barrels per day. It is one of the US’s largest refineries and is connected to ExxonMobil’s pipelines in the Permian Basin. The company has set a goal to achieve net-zero emissions at Beaumont’s operations by 2030. Ultimately, ExxonMobil’s intent is to reduce upstream emissions by up to 20% within the next two years.
How is Exxon Mobil Tackling GHG Emissions?
Statistics from ExxonMobil’s 2023 ‘Advancing Climate Solutions Progress Report’:
- Increasing investment from 2022 through 2027 on lower-emission initiatives to approximately $17 billion, up by nearly 15%.
- Deploying new technology to expand measurement and mitigation of methane emissions.
- Increasing Low Carbon Solutions business by focusing on carbon capture and storage opportunities, hydrogen, and biofuels.
- Tripling organization size and signing agreements to capture and store CO?.
- Reduction of Scope 1 and 2 emissions intensity by 9%.