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ExxonMobil (XOM), Shell Partner With Singapore for CCS Project
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Exxon Mobil Corporation (XOM - Free Report) and Shell plc (SHEL - Free Report) have announced a partnership with the Singapore government to develop a cross-border carbon capture and storage (CCS) project.
The collaboration aims to significantly reduce Singapore's carbon dioxide (CO2) emissions, marking a pivotal step in the country's decarbonization journey.
The Singapore-based units of these energy giants — ExxonMobil Asia Pacific Pte. Ltd. and Shell Singapore Pte. Ltd. — have established the S-Hub consortium to lead the development of this CCS initiative. The project underscores a proactive approach to addressing the environmental challenges posed by greenhouse gas emissions.
In December 2023, the S-Hub consortium and the Singapore Economic Development Board solidified their commitment by signing a memorandum of understanding. The agreement outlines their collaboration in planning and developing a CCS project that promises to capture and permanently store at least 2.5 million tons of CO2 annually by 2030.
The project, set to commence in 2030, targets capturing and storing CO2 emissions from various sectors within Singapore, either underground or beneath the seabed. The selection of storage sites will be based on rigorous analysis to ensure their suitability and effectiveness in long-term carbon storage.
This CCS initiative is particularly significant for Singapore, a nation seeking decarbonization solutions for sectors with hard-to-abate emissions like energy and chemicals, power, and waste management. Carbon capture and storage technology is seen as a crucial pathway to achieve substantial emission reductions in these areas.
The collaboration between ExxonMobil, Shell and the Singapore government is part of a broader strategy to develop a portfolio of decarbonization measures. These efforts are aimed at meeting the nation's climate change targets and contributing to global sustainability goals.
Zacks Ranks & Stocks to Consider
ExxonMobil currently carries a Zacks Rank #3 (Hold).
RPC Inc. (RES - Free Report) derives strong and stable revenues from diverse oilfield services that include pressure pumping, coiled tubing and rental tools. In 2023, the company paid out $34.6 million in dividends, whereas share repurchases totaled $21.1 million.
The Zacks Consensus Estimate for RPC’s 2024 and 2025 earnings per share (EPS) is pegged at 88 cents and $1.13, respectively. The company has a Zacks Style Score of A for Growth and Value.
Valaris (VAL - Free Report) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, the company has experience operating in nearly every major offshore basin.
The Zacks Consensus Estimate for VAL’s 2024 EPS is pegged at $4.75. Valaris has witnessed upward earnings estimate revisions for 2024 in the past 60 days. VAL’s 2024 earnings are expected to soar 118.5% year over year.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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ExxonMobil (XOM), Shell Partner With Singapore for CCS Project
Exxon Mobil Corporation (XOM - Free Report) and Shell plc (SHEL - Free Report) have announced a partnership with the Singapore government to develop a cross-border carbon capture and storage (CCS) project.
The collaboration aims to significantly reduce Singapore's carbon dioxide (CO2) emissions, marking a pivotal step in the country's decarbonization journey.
The Singapore-based units of these energy giants — ExxonMobil Asia Pacific Pte. Ltd. and Shell Singapore Pte. Ltd. — have established the S-Hub consortium to lead the development of this CCS initiative. The project underscores a proactive approach to addressing the environmental challenges posed by greenhouse gas emissions.
In December 2023, the S-Hub consortium and the Singapore Economic Development Board solidified their commitment by signing a memorandum of understanding. The agreement outlines their collaboration in planning and developing a CCS project that promises to capture and permanently store at least 2.5 million tons of CO2 annually by 2030.
The project, set to commence in 2030, targets capturing and storing CO2 emissions from various sectors within Singapore, either underground or beneath the seabed. The selection of storage sites will be based on rigorous analysis to ensure their suitability and effectiveness in long-term carbon storage.
This CCS initiative is particularly significant for Singapore, a nation seeking decarbonization solutions for sectors with hard-to-abate emissions like energy and chemicals, power, and waste management. Carbon capture and storage technology is seen as a crucial pathway to achieve substantial emission reductions in these areas.
The collaboration between ExxonMobil, Shell and the Singapore government is part of a broader strategy to develop a portfolio of decarbonization measures. These efforts are aimed at meeting the nation's climate change targets and contributing to global sustainability goals.
Zacks Ranks & Stocks to Consider
ExxonMobil currently carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked companies mentioned below. These two companies presently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
RPC Inc. (RES - Free Report) derives strong and stable revenues from diverse oilfield services that include pressure pumping, coiled tubing and rental tools. In 2023, the company paid out $34.6 million in dividends, whereas share repurchases totaled $21.1 million.
The Zacks Consensus Estimate for RPC’s 2024 and 2025 earnings per share (EPS) is pegged at 88 cents and $1.13, respectively. The company has a Zacks Style Score of A for Growth and Value.
Valaris (VAL - Free Report) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, the company has experience operating in nearly every major offshore basin.
The Zacks Consensus Estimate for VAL’s 2024 EPS is pegged at $4.75. Valaris has witnessed upward earnings estimate revisions for 2024 in the past 60 days. VAL’s 2024 earnings are expected to soar 118.5% year over year.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.