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☆ Exxon is working on tech to remove CO2 from atmosphere but a breakthrough is needed to slash costs
▼ + stars: | 2024-04-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Exxon Mobil is working on technology to directly remove carbon dioxide from the atmosphere with the goal of slashing sky-high costs by half, CEO Darren Woods said Friday. Woods said direct air capture technology holds huge long-term potential as a tool to address climate change. But it is currently unaffordable at scale, with the removal of atmospheric emissions costing between $600 to $1,000 per ton. He added that atmospheric emissions are extremely dilute and require a massive amount of air to be processed to remove a single ton of carbon dioxide. "This is a tough challenge to break and I'm not pretending like we're going to be the ones to solve it," Woods said.

Persons: Darren Woods, Woods, We're, I'm Organizations: Exxon Mobil, Exxon Locations: Baytown , Texas

☆ Emails show how a right-wing group steers GOP leaders on major policy issues
▼ + stars: | 2024-03-17 | by ( Bob Ortega | Daniel Medina | ) edition.cnn.com time to read: +18 min

Missouri Secretary of State Jay Ashcroft speaks with reporters on Jan. 23 in Jefferson City, Missouri. In Wyoming, a GOP state senator forwarded an FGA draft bill to Secretary of State Chuck Gray that would prohibit sending out unsolicited absentee ballot request forms. Emails show the group strategized with the secretary of state’s office for weeks leading up to Ashcroft proposing his own such rule last January. FGA notches wins with weakened child labor lawsFGA’s lobbying group, The Opportunity Solutions Project, spearheads its efforts at the state level. Chip Somodevilla/Getty ImagesFGA also continues its push at the state level across the country to enact its policy priorities.

Persons: State Jay Ashcroft, “, Ashcroft, Kacen Bayless, FGA, –, Chuck Gray, ” Gray, Gray, ”, Joe Biden’s, Jay, Daniel Garrett, Garrett, “ It’s, Missouri’s, Scott Fitzpatrick, BlackRock, ” Fitzpatrick, Mark Felix, Fitzpatrick, ALEC, Andy Puzder, Carls Jr, ” Puzder, Kristina Shelton, Puzder, ” Kristina Shelton, they’ve, Tarren Bragdon, Rebecca Burkes, It’s, Tyson, ’, Bragdon, Sarah Bryner, Florida Governor Ron DeSantis, Paul Renner, Donald Trump, Chip Somodevilla, Shelton, ” Shelton Organizations: CNN, State, Republican, Foundation, Government, Missouri, Kansas City Star, Tribune, Service, GOP, Ashcroft, Conservative, Missouri Chamber of Commerce, National, University of Pennsylvania, Brookings Institution, Exxon, BlackRock, ” BlackRock, Energy, ExxonMobil, Washington Post, American Legislative Exchange Council, Heritage Foundation, Heritage, Boston, Wisconsin Democratic, FGA, Solutions, Tyson Foods Inc, George’s Inc, US Department of Labor, Solutions Project, Daily, The Heritage Foundation, Alliance, Trump, Florida Governor, Bragdon, Florida House, House, FBI, Justice Department, Department of Education, Center, Pleaides Locations: Missouri, Texas, Jefferson City , Missouri, Wyoming, Kansas , Indiana, BlackRock, Florida, ExxonMobil Baytown, Baytown , Texas, Washington, ” Wisconsin, Wisconsin, Arkansas, Iowa, Park City , Utah, DeSantis, Rome , Georgia

Kenya's President William Ruto called the treaty “the first domino” in a shift away from plastic pollution. The U.N. Intergovernmental Negotiating Committee on Plastic Pollution is charged with developing the first international, legally binding treaty on plastic pollution on land and at sea. Kenya is a global leader in fighting plastic pollution, and in 2017, the country banned the manufacture, sale and use of single-use plastic bags. Nonetheless, he said, it is evident that negotiations have moved beyond plastic waste and into addressing plastic production and toxic chemicals used to make plastic. “The focus is on ending plastic pollution, not plastic production," he said.

Persons: Gustavo Adolfo Meza, Cuadra Velasquez, William Ruto, ” Graham Forbes, ” Eirik Lindebjerg, Björn Beeler, haven't, IPEN, Chris Jahn, Karen McKee, Jahn, ___ McDermott Organizations: United Nations Environment, Global, reconvening, Intergovernmental, UNEP, Greenpeace, World Wildlife Fund, Plastics, Industry, International Council of Chemical Associations, ExxonMobil, Solutions Company, AP Locations: NAIROBI, Kenya, Kenya's, Nairobi, Paris, Punta del Este, Uruguay, Norway, Rwanda, Saudi Arabia, Iran, China, Russia, United States, Baytown , Texas, Baytown, Providence , Rhode Island

☆ Top Wall Street analysts expect these dividend stocks to boost portfolio returns
▼ + stars: | 2023-10-08 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

The company's dividend hike of 3.4% last year marked the 40th consecutive year of annual dividend growth. Mizuho analyst Nitin Kumar reiterated a buy rating on Exxon with a price target of $139 after attending the company's Product Solutions Spotlight event. Calling CTRA his top pick, Kumar reiterated a buy rating on the stock with a price target of $42. (See BIP Stock Chart on TipRanks)American Electric PowerAnother RBC Capital analyst, Shelby Tucker, is bullish on utility stock American Electric Power (AEP). Recently, Tucker lowered the price target for AEP to $90 from $103 to reflect a high interest environment but reiterated a buy rating.

Persons: Sergio Moraes, Wall, Mizuho, Nitin Kumar, Kumar, TipRanks, Marcellus Shale, Robert Kwan, Kwan, Shelby Tucker, Charles E, Tucker Organizations: AEP BIP, Exxon Mobil Corp, Oil, Gas Expo, Exxon Mobil First, Exxon Mobil, Exxon, Coterra Energy, CTRA, Brookfield Infrastructure Partners, Brookfield Infrastructure, RBC Capital, Power, American Electric Power, AEP, 453rd, Darden Locations: Rio de Janeiro, Brazil, Baytown, Singapore, Anadarko, TipRanks, Brookfield

☆ Exxon sees $16 billion in earnings for fuels, chemicals by 2027
▼ + stars: | 2023-09-20 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsCompanies Exxon Mobil Corp FollowHOUSTON, Sept 20 (Reuters) - Exxon Mobil Corp (XOM.N) expects its motor fuels and chemicals earnings to reach $16 billion by 2027, up about $4 billion from current levels as demand continues to rise, executives said on Wednesday. Exxon combined its once separate chemicals and oil refining businesses and redesigned operations to quickly shift between fuels and chemicals based on which delivers the highest profit. Its fuels outlook differs from oil-consuming nations group International Energy Agency, which expects the use of oil for transportation fuels to decline after 2026. "We have the hypothesis this could be a game changer for Exxon Mobil," McKee said. The company's 564,440 barrel-per-day (bpd) Baytown, Texas refinery, which is co-located with a chemical unit, will allow it to evolve from primarily making fuels to chemicals, Williams said.

Persons: Ernest Scheyder, Jack Williams, Karen McKee, McKee, Exxon's, Beaumont, Williams, Refining's, Erwin Seba, Deepa Babington Organizations: Exxon, REUTERS, Companies Exxon Mobil Corp, Exxon Mobil Corp, International Energy Agency, Product Solutions, Exxon Mobil, Thomson Locations: Spring , Texas, U.S, , Texas, Beaumont , Texas, West Texas, Baytown , Texas

☆ A teacher said she was fired from a Texas school after 20 years and 'treated like a criminal' for attending a drag show
▼ + stars: | 2023-07-27 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

A Texas teacher said the Christian school where she worked fired her after she went to a drag show. Maris told ABC 13 that the school treated her and the other teacher "like criminals." "They're entertainers," Maris told the outlet. Drag shows and trans people have been targeted through legislation across the country in states like Tennessee, which banned gender-affirming care for minors and put strict limits on drag shows that a federal judge later found "unconstitutionally vague." Critics say that the law is intended to target drag shows and members of the LGBTQ+ community.

Persons: Kristi Maris, Maris, Hamburger, Hamburger Mary's, Kristi, Nanci, Houston, Greg Abbott Organizations: Service, Mary's, First Baptist Academy, ABC, Facebook, Baptist Christian Academy, Gov, The Texas Tribune Locations: Texas, Wall, Silicon, Houston, Baytown , Texas, Tennessee

☆ Reformer fire quickly put out at Exxon Baytown, Texas, refinery -sources
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: 1 min

HOUSTON, June 21 (Reuters) - A fire on a reformer at Exxon Mobil Corp's (XOM.N) 564,440 barrel-per-day (bpd) Baytown, Texas, refinery was quickly extinguished on Wednesday, said people familiar with plant operations. The fire was put out a few minutes after it began on Wednesday afternoon on the 65,000-bpd Hydroformer 4, the sources said. Exxon spokesperson Lauren Kight said the company does not comment on the status of specific refinery units. "We're continuing to meet our contractual commitments," Kight said. Reporting by Erwin Seba; Editing by Jacqueline Wong and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Lauren Kight, We're, Kight, Erwin Seba, Jacqueline Wong, Tom Hogue Organizations: Exxon Mobil Corp's, Exxon, Thomson Locations: Baytown , Texas

☆ Reported tornado causes damage east of Houston
▼ + stars: | 2023-01-25 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

Strong winds damaged commercial buildings, homes and power lines in nearby Pasadena, a city southeast of Houston. Utility poles and power lines were downed, and several vehicles, including a trailer, were damaged or flipped over in a parking lot. A home is damaged in Pasadena, Texas, where a tornado was reported to have passed Tuesday. In Baytown, there were downed power lines and damage to homes and businesses, but no reports of serious injuries, said Baytown spokesperson Jason Calder. People cross under downed power lines where a tornado was reported on Jan. 24, 2023, in Pasadena, Texas.

☆ U.S. oil refining margins hit 3-month high as plant outages rise
▼ + stars: | 2023-01-25 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Jan 24 (Reuters) - U.S. oil refining margins on Tuesday hit a three-month high and are likely headed higher, analysts said, as unplanned refinery outages weigh on already-tight fuel supplies. The outages have pushed up gasoline prices in Texas and Oklahoma this year ahead of what is expected to be a heavier than usual turnaround season for refineries. The rising prices and margins are unusual for this time of year, when travel falls. Average gasoline prices in Texas hit about $3.07 a gallon on Tuesday, up almost 44 cents from a month ago, according to the AAA motor group. A diesel producing unit at PBF Energy's (PBF.N) Chalmette, Louisiana, refinery was shut following a fire on Saturday.

Jan 24 (Reuters) - At least one chemical plant and an oil refinery were scrambling to recover from operational upsets on Tuesday after severe weather tore through an oil and gas refining hub outside Houston. Shell (SHEL.L) said it was experiencing an incident at its Deer Park chemicals facility following severe weather, according to a company tweet. Petroleos Mexicanos also reported operational upsets due to weather at its neighboring oil refinery, according to a company alert. The National Weather Service issued a tornado warning for the Houston area on Tuesday afternoon. Exxon Mobil (XOM.N) said operations at its Baytown, Texas, plant were stable following the severe weather, with no injuries reported.

☆ Exxon selling Montana oil refinery to Par Pacific for $310 million
▼ + stars: | 2022-10-20 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

HOUSTON, Oct 20 (Reuters) - Exxon Mobil Corp (XOM.N) on Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc (PARR.N) for $310 million. Register now for FREE unlimited access to Reuters.com RegisterThe deal for the 63,000-barrel-per-day refinery is expected to close in the second quarter of 2023, Exxon said in a statement. Included in the sale are the Silvertip Pipeline, Exxon's interest in the Yellowstone Pipeline and Yellowstone Energy LP and its interests in products terminals in Montana and Washington. Under the deal, Par Pacific will continue supplying fuel to Exxon and Mobil-branded stations in the region. Register now for FREE unlimited access to Reuters.com RegisterReporting by Erwin Seba; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

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