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ExxonMobil (XOM) to Conduct Testing of Lower-Carbon Fuel

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Exxon Mobil Corporation (XOM - Free Report) announced that together with Porsche it will conduct testing of advanced biofuels, and renewable and lower-carbon eFuels. As part of this new accord, both companies are advancing the development of cleaner fuels so that there will be more adoptions of green energy sources by the customers in the future that will potentially reduce the emissions of greenhouse gas.

The companies added that in the high-performance motorsports engines of Porsche, testing of Esso Renewable Racing Fuel will be conducted at the Porsche Mobil 1 Supercup 2021. The companies will also strongly focus on eFuels that are made from captured carbon dioxide and hydrogen. Both companies are planning by 2022 to conduct the test of the second iteration of Esso Renewable Racing Fuel that will comprise the components of eFuel.

The development on this front suggests ExxonMobil’s sole concentration on lower-emission energy solutions. Notably, in January 2021, management announced that through its new business ExxonMobil Low Carbon Solutions, the company intends to commercialize its extensive low-carbon technology portfolio. This leading integrated energy giant is also planning a hefty investment of $3 billion in lower-emission energy solutions through 2025.

Currently, ExxonMobil sports a Zacks Rank #1 (Strong Buy). Other prospective players in the energy sector include Diamondback Energy, Inc. (FANG - Free Report) , Matador Resources Company (MTDR - Free Report) and Magnolia Oil & Gas Corporation (MGY - Free Report) , all stocks presently flaunting a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Diamondback is likely to see earnings growth of 112.5% in 2021.

Matador is likely to see earnings growth of 300% in 2021.

Magnolia Oil & Gas has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

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