- In July 2023, Exxon Mobil Corporation announced the acquisition of Denbury Inc., a company renowned for its expertise in carbon capture, utilization, and storage (CCS) solutions, along with enhanced oil recovery technologies. This strategic move enhances Exxon Mobil’s capabilities in emissions reduction and supports its long-term commitment to advancing low-carbon technologies. The acquisition reinforces Exxon Mobil’s position as a leader in the global energy transition
- In May 2023, Chevron Corporation resumed its oil operations in Venezuela with the objective of increasing production and expediting efforts to repatriate outstanding debt, which Natixis anticipates will be fully settled by the end of 2025. This development marks a significant step toward stabilizing energy supplies and restoring operational presence in the region. Chevron’s resumption of activities reflects its focus on unlocking new growth opportunities in Latin America
- In October 2022, LG Chem implemented a temporary seven-week shutdown of its Naphtha crackers in South Korea to carry out essential maintenance operations. While the move temporarily affected petrochemical supplies, it highlights the company’s dedication to ensuring equipment reliability, operational safety, and long-term production efficiency. This proactive approach strengthens LG Chem’s reputation for product quality and sustainable operations
- In May 2022, BP PLC entered into a 10-year offtake agreement with U.K.-based Clean Planet Energy to support the development of facilities capable of converting hard-to-recycle waste plastics into circular petrochemical feedstocks and ultra-low sulfur diesel (ULSD). The initiative aligns with BP’s broader sustainability goals and fosters innovation in waste management and clean fuel production. This agreement showcases BP’s commitment to advancing circular economy solutions within the energy sector
- In November 2021, Exxon Mobil revealed its investment in a multi-billion-dollar chemical complex located in Guangdong province, China, aimed at increasing its production capacity by 1.6 million tonnes per year. The expansion is designed to leverage the rising demand for petrochemicals within China’s rapidly growing industrial sector. This investment underscores Exxon Mobil’s strategic focus on strengthening its footprint in key Asian markets
