Exxon Mobil CEO Darren Woods On $4.9 Billion Denbury Deal

Following are excerpts from the unofficial transcript of a CNBC unique interview with Exxon Mobil Corp (NYSE:XOM) CEO Darren Woods on CNBC’s “Squawk Field” as we speak. Following is a hyperlink to video of the interview on CNBC.com.

Exxon Mobil CEO Darren Woods on $4.9 Billion Denbury Deal: It Permits Us To Additional Cut back Emissions

Woods On Accelerating Enterprise

We have now three giant scale contracts with third events, firms which might be in hardened decarbonize industrial sectors, fertilizer enterprise, metal enterprise, industrial fuel enterprise, this pipeline permits us to proceed to speed up and develop that enterprise, do it at a a lot decrease value and loads quicker with a really giant alternative to additional cut back emissions.

Woods On Shopping for Denbury

What we’re shopping for with denbury is 20 plus years of expertise in sequestering CO2, storing CO2, but in addition the property that transfer that CO2 and the storage cites strategically situated alongside that hall of excessive emissions sources in order that we will cheaply seize the CO2, transport it and sequester it underground.

Woods On Doubling EV Inhabitants

With the three offers that we’ve already performed we’ve successfully doubled the inhabitants of electrical autos on the highway as we speak with the quantity of CO2 that we’re sequestering so if you consider 100 million tons that’s 20 instances which you could give it some thought in numerous phrases, however that’s loads of emissions being sequestered actually that will be the most important discount step discount of CO2 emissions that we’ve seen wherever on this planet.

Woods On Denbury’s Strong Returns

The deal we’re doing as we speak with denbury has actually strong returns the contracts that we have now as we speak have actually strong returns, they compete in our portfolio as we transfer out to increasingly more co2 much less concentrated streams we bought to guarantee that the economics arise.

Woods On Market Pushed Enterprise

I believe the world goes to attain its targets to cut back emissions, we’ve bought to maneuver to some extent the place the market pays to cut back these emissions. That’s the premise on which we’re planning we’re working to get that up and began to catalyze that to drive down prices after which transition to extra of a market-driven enterprise.