ExxonMobil Doesn't Plan to Invest in EV Charging (It Wants to Capture This Potentially Massive Opportunity Instead)
ExxonMobil (NYSE: XOM) is taking a diversified approach to the energy transition by investing in an array of lower-carbon opportunities. However, even though it has a large branded retail fuels operation, the energy giant has no plans to invest in building electric vehicle (EV) charging stations.
One factor driving that decision is that Exxon sees greater potential in leveraging its scale advantages in carbon capture. It represents a potentially massive commercial opportunity for the energy giant.
ExxonMobil updated its long-term capital spending plans late last year. It aims to invest $17 billion through 2027 on lower-emissions investments. That's a 15% increase from its prior plan. Exxon expects to allocate 40% of this money to build several lower-emissions businesses to help customers reduce their greenhouse gas emissions. It will spend the rest of that money on reducing greenhouse gas emissions from its operations.
Source Fool.com
