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Yahoo
08-05-2025
- Business
- Yahoo
Exxon Mobil Says Deal With Japan's Marubeni To Boost Global Energy Supply
Exxon Mobil Corporation (NYSE:XOM) on Wednesday inked a long-term offtake deal with Marubeni Corporation. As per the deal, Marubeni will purchase around 250,000 tonnes of low-carbon ammonia annually from ExxonMobil's Baytown, Texas facility. This facility is projected to produce near carbon-free hydrogen, capturing approximately 98% of CO2, which will then be used to create low-carbon planned facility in Baytown, Texas, is projected to become the world's largest of its kind upon its startup. It will have the capacity to produce up to 1 billion cubic feet of near carbon-free hydrogen daily (with approximately 98% of CO2 captured) and over 1 million tons of low-carbon ammonia annually. The final investment decision for this landmark project is anticipated in 2025, contingent upon favorable government policies and the necessary regulatory approvals. Additionally, Marubeni has agreed to acquire an ownership stake in ExxonMobil's low-carbon hydrogen and ammonia production facility. Barry Engle, president of ExxonMobil Low Carbon Solutions said, "By using American-produced natural gas we can boost global energy supply, support Japan's decarbonization goals and create jobs at home. Our strong relationship with Marubeni sets the stage for delivering low-carbon ammonia from the U.S. to Japan for years to come.' Last week, the company reported first quarter total revenues and other income of $83.1 billion, which missed the consensus of $86.1 billion and adjusted EPS of $1.76, beating the consensus of $1.70. Investors can gain exposure to XOM via EA Series Trust Strive U.S. Energy ETF (NYSE:DRLL) and Fidelity MSCI Energy Index ETF (NYSE:FENY). Price Action: XOM shares are up 0.62% to $105.26 premarket at the last check on Thursday. Read Next:Photo by Ken Wolter via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? EXXON MOBIL (XOM): Free Stock Analysis Report This article Exxon Mobil Says Deal With Japan's Marubeni To Boost Global Energy Supply originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Time of India
08-05-2025
- Business
- Time of India
Exxon agrees to supply Japan's Marubeni with low-carbon ammonia
Houston: Exxon Mobil has signed a long-term agreement to supply 250,000 metric tons of low-carbon ammonia annually to Japanese trading house Marubeni , the U.S. oil producer said on Wednesday, representing Exxon's first signed customer agreement for its planned hydrogen facility in Baytown, Texas. The agreement is a step forward in Exxon's effort to build the world's largest low-carbon hydrogen facility at its Baytown refining and chemical complex, which has experienced delays. Hydrogen, which can be produced from natural gas, is a clean fuel that produces water when it is burned, while ammonia can be used as a carrier for hydrogen, allowing it to be shipped in liquid form. Carbon dioxide from the production of hydrogen will be captured and stored underground, the company said. "This is another positive step forward for our landmark project," said Barry Engle, president of low carbon solutions at Exxon, in a statement. The customer agreement with Marubeni is contingent on whether Exxon makes its final investment decision to move forward with the Baytown hydrogen facility. Exxon said it expects to make that decision this year, which depends on favorable government policy and regulatory permits. Marubeni will also take an equity stake in Exxon's Baytown hydrogen facility, the companies said. An Exxon spokesperson declined to specify the percentage of the stake.
Yahoo
07-05-2025
- Business
- Yahoo
Exxon agrees to supply Japan's Marubeni with low-carbon ammonia
By Sheila Dang HOUSTON (Reuters) -Exxon Mobil has signed a long-term agreement to supply 250,000 metric tons of low-carbon ammonia annually to Japanese trading house Marubeni, the U.S. oil producer said on Wednesday, representing Exxon's first signed customer agreement for its planned hydrogen facility in Baytown, Texas. The agreement is a step forward in Exxon's effort to build the world's largest low-carbon hydrogen facility at its Baytown refining and chemical complex, which has experienced delays. Hydrogen, which can be produced from natural gas, is a clean fuel that produces water when it is burned, while ammonia can be used as a carrier for hydrogen, allowing it to be shipped in liquid form. Carbon dioxide from the production of hydrogen will be captured and stored underground, the company said. "This is another positive step forward for our landmark project,' said Barry Engle, president of low carbon solutions at Exxon, in a statement. The customer agreement with Marubeni is contingent on whether Exxon makes its final investment decision to move forward with the Baytown hydrogen facility. Exxon said it expects to make that decision this year, which depends on favorable government policy and regulatory permits. Marubeni will also take an equity stake in Exxon's Baytown hydrogen facility, the companies said. An Exxon spokesperson declined to specify the percentage of the stake. (Reporting by Sheila Dang in Houston; Editing by Sonali Paul)
Reuters
07-05-2025
- Business
- Reuters
Exxon agrees to supply Japan's Marubeni with low-carbon ammonia
HOUSTON, May 7 (Reuters) - Exxon Mobil (XOM.N), opens new tab has signed a long-term agreement to supply 250,000 metric tons of low-carbon ammonia annually to Japanese trading house Marubeni (8002.T), opens new tab, the U.S. oil producer said on Wednesday, representing Exxon's first signed customer agreement for its planned hydrogen facility in Baytown, Texas. The agreement is a step forward in Exxon's effort to build the world's largest low-carbon hydrogen facility at its Baytown refining and chemical complex, which has experienced delays. here. Hydrogen, which can be produced from natural gas, is a clean fuel that produces water when it is burned, while ammonia can be used as a carrier for hydrogen, allowing it to be shipped in liquid form. Carbon dioxide from the production of hydrogen will be captured and stored underground, the company said. "This is another positive step forward for our landmark project,' said Barry Engle, president of low carbon solutions at Exxon, in a statement. The customer agreement with Marubeni is contingent on whether Exxon makes its final investment decision to move forward with the Baytown hydrogen facility. Exxon said it expects to make that decision this year, which depends on favorable government policy and regulatory permits. Marubeni will also take an equity stake in Exxon's Baytown hydrogen facility, the companies said. An Exxon spokesperson declined to specify the percentage of the stake.
Business Wire
07-05-2025
- Business
- Business Wire
Marubeni and ExxonMobil's Low-Carbon Ammonia Deal Marks Major Step in Unleashing New Energy Supply
SPRING, Texas & TOKYO--(BUSINESS WIRE)--Marubeni Corporation (Marubeni) and Exxon Mobil Corporation (ExxonMobil) (NYSE: XOM) have signed a long-term offtake agreement for approximately 250,000 tonnes of low-carbon ammonia per year from ExxonMobil's facility in Baytown, Texas, which is expected to produce virtually carbon-free hydrogen with approximately 98% of CO 2 removed and low-carbon ammonia. Marubeni will supply the ammonia mainly to Kobe Power Plant, a fully owned subsidiary of Kobe Steel, Ltd. (Kobe Steel). Marubeni has also agreed to acquire an equity stake in ExxonMobil's low-carbon hydrogen and ammonia facility. ExxonMobil's facility is expected to be the world's largest of its kind upon startup, capable of producing up to 1 billion cubic feet (bcf) daily of low-carbon hydrogen, which is virtually carbon-free 1, and more than 1 million tons of low-carbon ammonia per year. Contingent on ongoing supportive government policy and necessary regulatory permits, a final investment decision is expected in 2025. 'This is another positive step forward for our landmark project,' said Barry Engle, president of ExxonMobil Low Carbon Solutions. 'By using American-produced natural gas we can boost global energy supply, support Japan's decarbonization goals and create jobs at home. Our strong relationship with Marubeni sets the stage for delivering low-carbon ammonia from the U.S. to Japan for years to come." 'Marubeni will take this first step together with ExxonMobil in the aim of establishing a global low-carbon ammonia supply chain for Japan through the supply of low-carbon ammonia to the Kobe Power Plant,' said Yoshiaki Yokota, Senior Managing Executive Officer, Member of Corporate Management Committee, Supervisor of Energy & Chemicals Div. and Power & Infrastructure Services Div., Marubeni Corporation. 'Additionally, we aim to collaborate beyond this supply chain and strive towards the launch of a global market for low-carbon ammonia. We hope to continue to actively cooperate with ExxonMobil, with a view of utilizing this experience and relationship we have built to strategically decarbonize our power projects in Japan and Southeast Asia in the near future.' By Japan's fiscal year 2030, Kobe Power Plant aims to co-fire low-carbon ammonia with existing fuel, reducing CO 2 emissions. Through this supply chain, Marubeni aims to assist the decarbonization of not only Japan's power sector but also its hard-to-abate sectors, such as the steel manufacturing industry, chemical industry, transportation industry and others. About Marubeni: Company Name: Marubeni Corporation Head Office: 4-2, Ohtemachi 1-chome, Chiyoda-ku, Tokyo Establishment: December 1949 Representative: Masayuki Omoto (President and CEO) Main Business: Marubeni Corporation and its consolidated subsidiaries use their broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business activities across wide-ranging fields including lifestyle, food & agri business, metals & mineral resources, energy & chemicals, power & infrastructure services, finance, leasing & real estate business, aerospace & mobility, next generation business development and next generation corporate development. Additionally, the Marubeni Group offers a variety of services, makes internal and external investments, and is involved in resource development throughout all of the above industries. Website: Follow us on LinkedIn About ExxonMobil: ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society's evolving needs. The corporation's primary businesses - Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity. With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050. To learn more, visit and ExxonMobil's Advancing Climate Solutions. Follow us on LinkedIn or contact +1(737) 272-1452 Cautionary Statement Statements of future events, investments, contractual obligations, or partnerships in this release are forward-looking statements. Actual future results, including final investment decisions, project plans, partner participation, timing, capacities, and costs could differ materially depending on a number of factors including the ability to execute operational objectives on a timely and successful basis; implementation of U.S. and Japanese government frameworks for capture and storage, hydrogen, ammonia and other lower-emission technologies; U.S. permitting policies, processes and timing; timely completion of construction projects; commercial and consumer interest in lower-emissions opportunities; changes in plans or objectives prior to final funding decisions or project startups; unforeseen technical or operational difficulties; and other factors discussed under the heading Factors Affecting Future Results in the Investors section of our website at Any forward-looking statement speaks only as of the date of this press release and the companies named herein disclaim any obligation to update any forward-looking statement. 1 References to virtually carbon-free hydrogen pertain to hydrogen expected to be produced at ExxonMobil's Baytown, TX facility, where approximately 98% of CO 2 is removed and permanently stored.
