Can ExxonMobil make attractive returns from its US CCUS portfolio?

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ExxonMobil has built a position of unrivalled leadership in the US CCUS sector. The company has more than five times the potential capacity of all the other Majors combined in what is arguably the world’s most advantaged CCUS market. Analysis using our new asset level modelling capability in Lens Carbon indicates ExxonMobil’s CCUS assets are almost competitive with upstream for capital. We take a look at the NPV, returns and cash flow outlook for the company's CCUS assets in the US. We also analyse how ExxonMobil is leaning on several areas to manage the uncertainty and downside risks. Successful execution of the strategy could position the Supermajor as the partner of choice in offering CCUS-as-a-service.

Table of contents

  • Executive Summary
  • The US underpins ExxonMobil’s leadership in the CCUS sector
  • Capturing value while managing risk and uncertainty
  • The impact on cash flow and value

Tables and charts

This report includes 9 images and tables including:

  • US net CCUS capacity: top players with capacity broken down by development type
  • ExxonMobil’s US CCUS portfolio
  • ExxonMobil’s US CCUS projects modelled by Wood Mackenzie: NPV,10 by project
  • Denbury’s CCUS portfolio by project: IRR versus capex
  • Weighted average IRR for ExxonMobil’s conventional upstream resource themes, Denbury’s CCUS portfolio and renewable power
  • Fee toll sensitivity on the post-tax IRR of Denbury’s CCUS portfolio
  • Operating cash flow: TotalEnergies’ wind and solar assets versus ExxonMobil’s US CCUS portfolio*
  • NPV10 breakdown of ExxonMobil’s upstream and CCUS assets
  • The evolution of global CCUS capture capacity for end-use sectors by region (Wood Mackenzie base case)*

What's included

This report contains:

  • Document

    Can ExxonMobil make attractive returns from its US CCUS portfolio?

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