ExxonMobil Is Racing to Capture This Multitrillion-Dollar Opportunity
Thanks to higher prices, ExxonMobil (NYSE: XOM) made record profits producing oil and gas last year. However, it sees an even bigger potential profit opportunity in lower carbon energy, including carbon capture and storage (CCS).
Exxon believes CCS could become a multitrillion-dollar market opportunity within the next decade. That leads the company to foresee the potential of generating hundreds of billions of dollars in annual revenue from its CCS investments. Furthermore, they could produce steadier profits for the company than its traditional oil and gas businesses. And that means an investment in ExxonMobil stock could deliver lucrative returns in the coming years.
CCS is a process of capturing carbon dioxide emissions from the source or the atmosphere. The captured carbon then moves by pipeline to an underground storage site for permanent sequestration.
Source Fool.com
