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ExxonMobil (XOM), JERA Partner on Low-Carbon Hydrogen Project
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Exxon Mobil Corporation (XOM - Free Report) and Japanese powerhouse JERA have inked a project framework agreement in a significant stride toward sustainable energy solutions. The partnership aims to explore and develop sustainable energy solutions to combat climate change.
ExxonMobil's Baytown Complex in Texas is expected to become the world's largest low-carbon hydrogen production plant. With an annual capacity of approximately 900,000 tons of low-carbon hydrogen and more than one million tons of low-carbon ammonia, the facility is poised to revolutionize the energy landscape.
Scheduled to commence operations in 2028, the Baytown project boasts an ambitious carbon capture and storage (CCS) initiative, aiming to capture more than 98% of the associated CO2 emissions, amounting to around seven million metric tons annually.
Under the agreement, JERA will explore potential ownership participation in the Baytown project, underscoring its commitment to advancing the hydrogen economy. Additionally, JERA plans to procure approximately 500,000 tons of low-carbon ammonia annually from the project to meet Japan's growing demand for sustainable energy sources.
Steven Winn, JERA's senior managing executive officer and chief global strategist, underscored the imperative of collaboration in establishing robust supply chains for zero-emission thermal power. He emphasized JERA's belief that partnering with ExxonMobil, a proponent of CCS and hydrogen investment, will catalyze the transition toward a global decarbonized society.
Dan Ammann, president of ExxonMobil Low Carbon Solutions, hailed the agreement as a significant catalyst in the evolution of the hydrogen economy. He stressed the importance of synchronized efforts in bringing forth large-scale projects to new markets, citing JERA's pivotal role in advancing sustainable energy initiatives.
The final investment decision is anticipated later this year, subject to stakeholder support, regulatory permitting and market conditions.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 earnings per share (EPS) is pegged at $4.96. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $26.32. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
Energy Transfer is a publicly traded limited partnership, focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.
The Zacks Consensus Estimate for ET’s 2024 earnings per unit is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 32.1% year over year.
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ExxonMobil (XOM), JERA Partner on Low-Carbon Hydrogen Project
Exxon Mobil Corporation (XOM - Free Report) and Japanese powerhouse JERA have inked a project framework agreement in a significant stride toward sustainable energy solutions. The partnership aims to explore and develop sustainable energy solutions to combat climate change.
ExxonMobil's Baytown Complex in Texas is expected to become the world's largest low-carbon hydrogen production plant. With an annual capacity of approximately 900,000 tons of low-carbon hydrogen and more than one million tons of low-carbon ammonia, the facility is poised to revolutionize the energy landscape.
Scheduled to commence operations in 2028, the Baytown project boasts an ambitious carbon capture and storage (CCS) initiative, aiming to capture more than 98% of the associated CO2 emissions, amounting to around seven million metric tons annually.
Under the agreement, JERA will explore potential ownership participation in the Baytown project, underscoring its commitment to advancing the hydrogen economy. Additionally, JERA plans to procure approximately 500,000 tons of low-carbon ammonia annually from the project to meet Japan's growing demand for sustainable energy sources.
Steven Winn, JERA's senior managing executive officer and chief global strategist, underscored the imperative of collaboration in establishing robust supply chains for zero-emission thermal power. He emphasized JERA's belief that partnering with ExxonMobil, a proponent of CCS and hydrogen investment, will catalyze the transition toward a global decarbonized society.
Dan Ammann, president of ExxonMobil Low Carbon Solutions, hailed the agreement as a significant catalyst in the evolution of the hydrogen economy. He stressed the importance of synchronized efforts in bringing forth large-scale projects to new markets, citing JERA's pivotal role in advancing sustainable energy initiatives.
The final investment decision is anticipated later this year, subject to stakeholder support, regulatory permitting and market conditions.
Zacks Rank & Key Picks
XOM currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Sunoco LP (SUN - Free Report) , Murphy USA Inc. (MUSA - Free Report) and Energy Transfer LP (ET - Free Report) . While Sunoco and Murphy USA sport a Zacks Rank #1 (Strong Buy) each, Energy Transfer carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 earnings per share (EPS) is pegged at $4.96. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $26.32. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
Energy Transfer is a publicly traded limited partnership, focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.
The Zacks Consensus Estimate for ET’s 2024 earnings per unit is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 32.1% year over year.