Coal to remain key part of global energy mix through 2050, ExxonMobil says

ExxonMobil is in talks to return to Venezuela's Orinoco Belt, focusing on the Petromonagas and Carabobo projects, according to Reuters. No deal is finalized, and Exxon's CEO previously called Venezuela 'uninvestable' without proper protections. Chevron and Eni have already signed agreements, while ConocoPhillips awaits compensation. Venezuela's oil production is about 1.25 million barrels per day, down from 3 million in the late 1990s.

A federal judge struck down New York's 'Climate Superfund' law, ruling it was pre-empted by federal law. The law aimed to make large energy companies, including ExxonMobil and Chevron, pay $75 billion over 25 years for climate-related infrastructure. The decision follows similar rejections in other states. The U.S. Supreme Court will hear a related case in October.

ExxonMobil received approval for its Rose carbon-capture project in Texas, allowing storage of up to 53 million tons of CO2 over 13 years. The Railroad Commission of Texas voted 2-1 in favor, with dissent from one commissioner. The project aims to reduce emissions and is among the largest of its kind.

On September 17, Brent crude oil was around $103/barrel, WTI near $100. Chevron (CVX) reported Q2 earnings of $12.1B, with 20% year-over-year production growth. Chevron, Exxon (XOM), and ConocoPhillips (COP) are highlighted as strong energy sector investments due to their financial strength and production capabilities.

ExxonMobil has started a carbon capture project at Nucor's Louisiana facility, aiming to store 800,000 metric tons of CO2 annually. This is the company's third CCS project for a third party and part of its expanding Gulf Coast network, which could reduce emissions by over 100 million metric tons yearly. The project supports Nucor's carbon-reduction goals and follows regulatory approval for ExxonMobil's Rose carbon storage project.

Wood Group won a $200 million, five-year contract with ExxonMobil PNG for construction services on the PNG LNG project. The work involves maintaining and upgrading existing infrastructure, including plants and pipelines, to ensure reliable LNG supply to Asia. Over 200 Wood personnel will perform various technical services, building on a decade-long relationship with ExxonMobil PNG.