Big oil and gas companies like Exxon Mobil Corp. and Shell Plc have been working with social media influencers and PR firms that help them target millennials and younger generations
the kind of sustainable businesses that Big Oil is desperately trying to be identified with by younger generationson its 14-year-long algae biofuels project, becoming the last oil company to abandon what was once considered the fuel of the future.The whole idea was not without merit, though.
Unfortunately, Exxon and its Big Oil cohorts discovered that it's too tough to make the economics of algae biofuels competitive with those of much cheaper crude, with algae-based bioproducts firm But Exxon is not about to give up on its non-oil ventures. In April, Exxon CEO Darren Woods told investors that the company’s Low Carbon business has the potential to outperform its legacy oil and gas business within a decade and .
Exxon believes that this will result in a"much more stable, or less cyclical" that is less prone to commodity price swings through predictable, long-term contracts with customers aiming to lower their own carbon footprint. For instance, Exxon recently signed a long-term contract associated with Linde’s planned clean hydrogen project in Beaumont, Texas. Exxon will transport and permanently store as much as 2.2M metric tons/year of carbon dioxide each year from Linde’s plant.
Exxon is not the only Big Oil company pursuing carbon capture on a grand scale. Back in February, oilfield services company . According to Gavin Rennick, president of SLB New Energy is all about impact and scale, with a new mantra to ‘Target Billion-Dollar Opportunities Only’.
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