Exxon says its decarbonisation business could outgrow oil, in multi-trillion market

and outperform the company’s traditional oil and gas as soon as a decade from now, CEO Darren Woods said.

“This business is going to look quite a bit different than the base business of Exxon Mobil,” vowed Dan Ammann, president of Exxon’s two-year-old Low Carbon Business Solutions unit. “It is going to have a much more stable, or less cyclical, profile.” Unlike its peers, Exxon has stayed away from renewable energy like solar and wind. Its energy transition plans lean heavily on reducing carbon emissions from its own operations, which Exxon is spending US$10 billion by 2027 to implement.

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