In a recent interview conducted by Yahoo Finance, ExxonMobil CEO Darren Woods confirmed that the energy company will continue its oil and gas production in 2050 . Additionally, it anticipates that these fossil fuels will make up a smaller portion of its business portfolio compared to today.
The prominence of Oil and Gas production
In the conversation, Woods explained that the continuity in Oil and gas production will depend on the speed of transition of other participants in the world towards cleaner and more sustainable solutions. According to him, hydrocarbons are likely to occupy a less predominant place within the company’s offering.
The executive also shared that the company plans to innovate in the use of oil and gas, not only as energy sources, but as essential raw materials for the creation of more efficient and ecological products .
Likewise, he pointed out the development of a new resin material , derived from fuel molecules, that could replace some essential materials in construction, offering advantages such as lower weight, greater resistance and durability against corrosion , while meeting low costs.
Among other words, Woods highlighted the recent acquisition of Pioneer Natural Resources by Exxon, which makes the company the largest operator in the Permian Basin, with the aim of expanding its range of services.
ExxonMobil CEO talks about the company’s future. Source: Yahoo Finance.
This move is accompanied by a renewed commitment to efficient production and the goal of achieving net zero emissions by 2035 , bringing forward previous plans for 2050. This effort will not only benefit the environment, but will also strengthen America’s energy and economic security.
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Source: Yahoo Finance
Photo: Shutterstock
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