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☆ Big oil is racing to scale up carbon capture to slash emissions but the challenges are immense
▼ + stars: | 2024-04-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +14 min

Some climate activists accuse the industry of simply investing in carbon capture as way to extend the use of oil and gas. The technology typically uses chemical absorption to capture carbon dioxide emitted from the chimney of an industrial plant. "The economic viability of carbon capture and sequestration is a challenge today because the cost of building most plants in order to capture carbon dioxide are very significant," the executive said. About two-thirds of the industry's carbon dioxide emissions come from chemical reactions that occur when breaking down limestone. SLB this month announced a nearly $400 million investment in Aker Carbon Capture, a pure-play carbon capture company based in Norway, in an effort to accelerate deployment of the technology at commercial scale.

Persons: Chin Lee, Biden, SLB, Fred Majkut, Majkut, Adam Miklos, Miklos, Baker Hughes, Olivier Le Peuch, Alessandro Bresciani, Jeff Gustavson, Gustavson, steelmaker Nucor, Linde, Dan Ammann, Ammann, Fatih Birol, We're, SLB's Majkut Organizations: Chevron, Houston Chronicle, Hearst Newspapers, Department of Energy, RTI International, International Energy Agency, Exxon, Rystad Energy, Clean Investment Monitor, United Nations ., Gulf Coast, CF Industries, Talos Energy, Carbonvert, IEA Locations: Winnie, Mississippi, Vicksburg, Schlumberger, United States, Paris, Chevron, United Kingdom, U.S, Aker, Norway, Houston, Port Arthur , Texas, Gulf, Louisiana, Beaumont , Texas, Mississippi , Louisiana, Texas, Bayou, Port Arthur

☆ Here's how I prepared for my 15-hour long-haul flight to Hong Kong
▼ + stars: | 2024-03-30 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Before I share how I survived my 15-hour flight, I have to let you in on my personal Q2 challenge: I'm determined to eat less ultra-processed foods. Now the city has reimagined itself as a tourist destination, with a waterpark, an artificial beach, and a golf course. According to one estimate, Americans actually have about four to six hours of leisure time every day. AdvertisementSee the full listMore of this week's top reads:The Insider Today team: Joi-Marie McKenzie, editor-in-chief, in New York.

Persons: —, you'll, Let's, Greta Gerwig's, Barbie, Jenny Chang, Rodriguez, Marielle, Marielle Descalsota, Daniel Chaney, Alexa Campbell, Henry Ammann, Alyssa Powell, Beyoncé, Carter, Buckle, Tanner Adell, who's, Javier Zayas, there's, Tyler Le, Ewan McGregor's, Lisa Frankenstein, Zelda Williams, Robin Williams, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Service, Business, Canberra Airport, Getty, Art Basel, BI, Visa, Mastercard —, Mastercard Forest City, Paramount, Netflix Locations: Hong Kong, Australia, Johor, Malaysia's Forest, Forest City, Texas, Moscow, New York

☆ 5 Black Country Artists on Beyoncé's 'Cowboy Carter'
▼ + stars: | 2024-03-28 | by ( Callie Ahlgrim | ) www.businessinsider.com time to read: +16 min

Just one week later, it topped the Hot 100, even though some country radio stations initially refused to play it. Many Black artists creating country music have already seen major boosts in streaming numbers. "There are a lot of Black people who love country music, that have been afraid to say that they love country music, even afraid to make country music." Ice breakers: In the six weeks since Beyoncé dropped the two lead singles from "Cowboy Carter," Shaboozey has felt a palpable uptick in attention surrounding Black country artists. Listen to a roundup of key tracks by Black country artists on Business Insider's Spotify.

Persons: Lil Nas, Beyoncé, Carter, It's, she's, Pablo, Don, gatekeepers, Billboard's Kyle Denis, Cowboy Carter, Tanner Adell, Chase Foster, Tanner, Adell, Josh Turner, Shania Twain, Texas, doesn't, Queen Bey, Buckle, Luke Combs, Daniel Prakopcyk, Shaboozey, Collins Chibueze, Southern, Marty Robbins, Woody Guthrie, I've, Kashus Culpepper, Buffalo Kin, Valerie June, Brittany Howard, Breland, Henry Ammann, Nelly, Tim McGraw, Daniel Gerard Breland, Nashville darlings, Thomas Rhett, Keith Urban, Blanco Brown, Blanco, Brown, Tim McGraw's, he's, He's, Tiera Kennedy, Alexa Campbell, Tiera, Kennedy, Dolly Parton, Johnny Cash, who've Organizations: Chicks, Business, Dallas Cowboys, Buffalo, BI, Nashville, LaFace Records, Buffalo Wild Wings, Spotify Locations: Texas, Houston, Nashville, Kentucky, California, Wyoming, Church, Star Valley , Wyoming, Plano, Beverly, Virginia, America, New Jersey, Atlanta, Butler , Georgia, Alabama

☆ 10 years in, GM CEO Mary Barra has built her legacy on change and crisis. 2024 will be no different
▼ + stars: | 2024-01-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +12 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNTMary Barra, CEO of General Motors, at the New York Stock Exchange, Nov. 17, 2022. GM's EV sales last year totaled 75,883 units, or 2.9% of the company's overall sales. However, a vast majority of GM's EV sales were from its now-discontinued Chevrolet Bolt models. Mary Barra, GM chair and CEO, speaks during the unveiling of the Cadillac Celestiq electric sedan in Los Angeles, Oct. 17, 2022. General Motors CEO Mary Barra testifies during a House Energy and Commerce Committee hearing on Capitol Hill in Washington, April 1, 2014.

Persons: Mary Barra, Mary Barra's, Barra, She's, Tesla, Michelle Krebs, Warren Buffett's Berkshire, EVs hasn't, Frederic J, Brown, there's, Cruise, Cruise's, Jeff Kowalsky, Darryll Harrison Jr, Mary, Barra's, Dan Akerson, Dan Ammann, Mark Reuss, Steve Fecht, Stephanie Brinley, they've, Lyft, David Einhorn's, Einhorn Organizations: General Motors, New York Stock Exchange, NYSE DETROIT, Detroit, GM, Wall, U.S, EV, Cox Automotive, Warren Buffett's Berkshire Hathaway, —, Hyundai, Kia, Bolt, EVs, Cadillac, AFP, Getty, Honda Motor, Automotive Press Association, Bloomberg, Cruise, CNBC, GM Renaissance Center Global Headquarters, P Global Mobility, Apple, Google, Energy, Commerce, Capitol Locations: Los Angeles, North America, Barra, San Francisco, Detroit, Washington

So far, Woods' plans have turned investors demanding an energy transition strategy into believers - at least on climate. At the same time, the company plans to have a leading role in the vehicle electrification business. Reuters GraphicsMORE OIL VS GREEN AMBITIONExxon's ambitious agenda includes starting up the world's largest hydrogen power plant by 2027. RISKY BUSINESSThe $17 billion budget for low carbon technologies as the company's total revenue grows next year "will continue to rise", the CEO said. Spending in low carbon currently is constrained by scarcity of customers willing to sign up for contracts and insufficient regulations, Woods said.

Persons: Darren Woods, Carlos Barria, Woods, ”, Paul Sankey, Sankey, Chris James, Dan Ammann, Goldman Sachs, Neil Mehta, Ammann, Brian Weeks, Chris Bohn, Sabrina Valle, Richard Valdmanis, Gary McWilliams, Anna Driver Organizations: ExxonMobil, Economic Cooperation, REUTERS, Exxon Mobil, Natural Resources, Chevron, Reuters, Exxon, Sankey Research, Carbon Solutions, Thomson Locations: Asia, San Francisco , California, U.S, United States, Sankey, Americas, Brazil, Guyana, Texas, Gulf of Mexico, Houston, Dubai

☆ Exxon to start lithium production for EVs in the U.S. by 2027
▼ + stars: | 2023-11-13 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +3 min

[1/2] Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Ammann did not disclose how much Exxon intends to invest in the lithium business, or when it might become profitable. Exxon plans to begin production with partner Tetra Technologies, Reuters exclusively reported on Saturday. It will produce the metal onsite and sell it under the brand name Mobil Lithium, the company said on Monday. Exxon is focusing on lithium production to be used not only in EVs but also consumer electronics and energy storage systems that can hold electricity generated from intermittent solar and wind power.

Persons: Dado Ruvic, Dan Ammann, Ammann, Sabrina Valle, Sourasis Bose, Maju Samuel, Bernadette Baum Organizations: Exxon Mobil, REUTERS, Companies, Exxon, Tetra Technologies HOUSTON, Exxon's, Imperial, Tetra Technologies, Reuters, Mobil, BP, Shell, Deloitte, Thomson Locations: China, United States, Europe, Arkansas, U.S, Alberta, Canada, Houston, Bengaluru

☆ Watch CNBC's full interview with Exxon Mobil's Dan Ammann
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Exxon Mobil's Dan AmmannDan Ammann, president of Exxon’s low carbon solutions business, joins 'Squawk Box' to discuss their company's plans to produce lithium for electric vehicle batteries and more.

Persons: Exxon Mobil's Dan Ammann Dan Ammann Organizations: Exxon Mobil's

☆ Exxon aims to become a top lithium producer for electric vehicles with Arkansas drill operation
▼ + stars: | 2023-11-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Exxon Mobil aims to become a leading producer of lithium for electric vehicle batteries through a drilling operation the oil giant is launching in Arkansas, the company announced Monday. Discussions with potential customers such as electric vehicle and battery manufacturers are ongoing, Exxon said in a statement. The lithium operation comes as the major oil companies are under pressure to address climate change. Exxon views lithium as a decadeslong investment with high growth potential as the U.S. shifts to electric vehicles, Ammann said. The U.S currently has just one commercial-scale lithium production operation, in Nevada.

Persons: Dan Ammann, Ammann, " Ammann, CNBC's Organizations: Exxon Mobil, Exxon, Shell, BP, CNBC, . Geological Survey, U.S, Li, Department of Energy, Electric, Cox Automotive Locations: Arkansas, U.S, Argentina, Chile, Nevada

☆ Exxon Mobil plans to produce lithium for electric vehicle batteries
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExxon Mobil plans to produce lithium for electric vehicle batteriesDan Ammann, president of Exxon’s low carbon solutions business, joins 'Squawk Box' to discuss their company's plans to produce lithium for electric vehicle batteries and more.

Persons: Dan Ammann Organizations: Exxon Mobil

☆ Exxon Mobil Plans to Produce Lithium in Arkansas
▼ + stars: | 2023-11-13 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com time to read: +1 min

Exxon Mobil said on Monday that it planned to set up a facility in Arkansas to produce lithium, a critical raw material for electric vehicles, which pose one of the biggest challenges to the company’s oil business. It could also open the door for southern Arkansas to emerge as a major source of lithium. Most of the metal today comes from Australia and South America and much of it is processed in China. “Electrification is going to be a major component of the energy transition and we bring highly relevant experience to the production of lithium,” Dan Ammann, president of Exxon Mobil Low Carbon Solutions and a former top executive at General Motors, said in an interview. “We see an opportunity to deploy that will be highly profitable.”

Persons: Dan Ammann, “ Organizations: Exxon Mobil, Exxon, Natural Resources, Carbon Solutions, General Motors Locations: Arkansas, Australia, South America, China, “

NEW YORK (AP) — Tenor Stephen Gould, who announced earlier this month that he had been diagnosed with incurable bile duct cancer, has died. Gould's agent Stephanie Ammann confirmed the singer died Tuesday in Virginia. He debuted in Richard Wagner’s “Ring” cycle in Bayreuth in 2006, earning raves during the challenging four-nights of performances. It’s often discovered by accident — for example, through routine blood tests or imaging done for an unrelated reason. He is survived by his sister.

Persons: Stephen Gould, Stephanie Ammann, “, Tristan, Isolde ”, Siegfried, ” Gould, Gould, Richard Wagner’s, ”, “ Siegfried Organizations: Bayreuth, Associated Press, Mayo Locations: Virginia, Germany, “ Götterdämmerung, Bayreuth

☆ Why Exxon Mobil is spending $4.9 billion on a company that pumps carbon dioxide back into the earth
▼ + stars: | 2023-07-14 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

That's a business Exxon, the biggest oil company in the US, is looking to expand. The largest US oil major said Thursday it would acquire Denbury, which has the largest network of carbon dioxide pipelines in the country, for $4.9 billion. Denbury is also in the business of what's called enhanced oil recovery, which involves using carbon dioxide to collect more oil from wells. Most of the captured carbon dioxide will likely be stored underground, however. Transporting CO2 requires pipelines, and Denbury has 1,300 miles of carbon dioxide pipelines; much of its network spans Louisiana, Texas, and Mississippi.

Persons: Denbury, what's, Joe Biden, Dan Ammann, there's, — Organizations: Exxon Mobil, Exxon, Service, Privacy, International Energy Agency, IEA, Exxon's, Carbon Solutions, Bloomberg, Denbury, United Nations Locations: Wall, Silicon, Louisiana , Texas, Mississippi, Louisiana, CCUS, US, Qatar, Australia

☆ ExxonMobil's low carbon president: Decarbonization is building 'compelling' new business for us
▼ + stars: | 2023-04-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExxonMobil's low carbon president: Decarbonization is building 'compelling' new business for usDan Ammann, ExxonMobil low carbon solutions unit president, joins 'Squawk Box' to discuss what the low carbon solutions unit does, the company's partnerships and more.

☆ Exxon says its decarbonization business could outgrow oil, in multi-trillion market
▼ + stars: | 2023-04-04 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Exxon is tackling what should be a multi-trillion market in 10 years or more, Woods said. The result will be an Exxon less prone to commodity price swings through predictable, long-term contracts with customers striving to reduce their own carbon footprint. "This business is going to look quite a bit different than the base business of Exxon Mobil," vowed Dan Ammann, president of Exxon's two-year-old Low Carbon Business Solutions unit. Exxon is tackling carbon capture, hydrogen, biofuels, which it estimates have a combined potential of $6.5 trillion by 2050, equivalent to the traditional oil and gas business. The business can achieve "robust double-digit returns" off these long-term contracts, Ammann said.

☆ The big new Exxon Mobil climate change deal that got an assist from Joe Biden
▼ + stars: | 2022-11-19 | by ( Tim Mullaney | ) www.cnbc.com time to read: +7 min

The law may help oil companies like ExxonMobil build profitable businesses to replace some of the revenue and profit they'll lose as EVs proliferate. Maybe, if carbon capture and storage is indeed as big a deal as ExxonMobil's first-of-its-kind deal to extract, transport and store carbon from other companies' factories implies. Could it be that Big Oil's next big thing got a big assist from Joe Biden? An industrial facility on the Houston Ship Channel where Exxon Mobil is proposing a carbon capture and sequestration network. And big oil and gas companies are where the expertise is."

☆ Exxon Bets on Ex-Auto Executive for Climate-Friendly Profits
▼ + stars: | 2022-10-16 | by ( Collin Eaton | Photographs Brandon Thibodeaux For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Exxon Mobil Corp. hopes an outsider who most recently headed General Motors Co.’s driverless-car unit can shake up its efforts to build a climate-friendly business unit. The oil giant recently tapped Dan Ammann , a former investment banker and longtime GM executive, to lead its fledgling low-carbon business. Mr. Ammann’s task is daunting: turn a new unit intended to reduce carbon emissions into a profit center.

☆ Exxon Mobil signs first carbon capture deal with CF Industries
▼ + stars: | 2022-10-13 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExxon Mobil signs first carbon capture deal with CF IndustriesExxon Mobil's Dan Ammann joins CNBC's David Faber to discuss the company's first carbon capture deal with CF Industries Holdings.

Exxon says it will transport and store underground 2 million metric tons of CO2 per year produced starting in 2025, when CF Industries opens a $200 million CO2 compression facility in Louisiana to process emissions from its ammonia production. He declined to comment on financial terms of the deal with CF Industries. Exxon signed a parallel agreement to use Enlink Midstream's network to transport the CO2 to the storage site. While critics view carbon sequestration as greenwashing by polluters, Exxon says the business can achieve double-digit percentage returns while limiting planet-warming gases. The Louisiana initiative is part of the company's planned $15 billion investment by 2027 in low carbon operations.

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