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Exxon Mobil Corporation (XOM) - free report >>
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Exxon Mobil Corporation (XOM) - free report >>
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ExxonMobil (XOM) Commences Operating Plastic Recycling Unit
Exxon Mobil Corporation (XOM - Free Report) has commenced operations of a large advanced recycling facility in North America.
The energy giant said that for breaking down hard-to-recycle plastics and simultaneously converting them into raw materials for new products, the facility has employed a proprietary technology. The facility, at its integrated manufacturing complex in Baytown, TX, is capable of processing 80 million pounds of plastic waste annually.
ExxonMobil is now considering building recycling facilities at other sites across the globe. This will aid XOM to have the capacity to process up to 1 billion pounds of plastic waste by 2026-end annually. The firm added that the demand for recycled plastics is huge. This is where its advanced recycling technology comes to play since it can break down plastics that are impossible to recycle using traditional mechanical methods.
Currently, ExxonMobil carries a Zacks Rank #3 (Hold). Better-ranked players in the energy space include Phillips 66 (PSX - Free Report) , Precision Drilling Corporation (PDS - Free Report) and NexTier Oilfield Solutions Inc. . All the stocks carry a Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
To make its operations more stable, Phillips 66 is giving more attention to midstream (pipelines), renewables and chemicals businesses. It also has strong refining operations.
Precision Drilling Corporationis a well-known name in the energy space for offering its clients access to an extensive fleet of Super Series drilling rigs. Its services also include offering well service rigs. With high commodity prices, demand for PDS’ drilling rigs is favorable.
NexTier Oilfield Solutionsis also a well-known U.S. land oilfield service player. With higher exploration and production by upstream companies, demand for NexTier Oilfield’s diverse set of well completion and production services is handsome.