Exxon looks to profit off carbon feedstock

By Shelby Webb | 04/29/2024 06:54 AM EDT

The oil major, which reported a drop in first-quarter earnings, aims to capitalize on new markets for products made from captured carbon.

Exxon Mobil CEO Darren Woods.

Exxon Mobil CEO Darren Woods is pictured. Eric Risberg/AP

Exxon Mobil CEO Darren Woods said Friday that the oil major is exploring more uses for carbon dioxide amid global decarbonization efforts.

During Exxon’s first quarter earnings call, Woods said the company is looking into using carbon as a feedstock for carbon fibers, polymer additives, battery materials and as part of electrodes used in steel production.

“It’s clear to us that carbon over time will become a more and more advantaged feedstock,” Woods said. “So the challenge we’ve given our organization is: What can we do with carbon molecules?”


Woods’ remarks came as Exxon announced $8.2 billion in first quarter earnings, down from $11.4 billion in the first quarter of 2023. Chevron also announced Friday first-quarter earnings of $5.5 billion, about $1.1 billion less than the company earned in the first quarter of 2023.