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ExxonMobil in the Crosshairs: The Trump Administration Is Cutting Funding for Projects Aimed at Capturing a Potential $4 Trillion Market Opportunity.
The Trump administration is cutting funding to 24 green energy projects totaling $3.7 trillion, 70% of which received approval toward the tail end of the Biden administration. Oil giant ExxonMobil (NYSE: XOM) got caught in the crosshairs of these cuts. It stands to lose $332 million in funding for a carbon capture and sequestration (CCS) project at its refinery complex in Baytown, Texas. Meanwhile, one of its customers will lose funding for a project linked to Exxon. Exxon believes carbon capture and storage could eventually grow into a $4 trillion global market opportunity in the coming decades. Here's a look at the projects getting funding cuts and whether it will impact the oil stock's ability to grow shareholder value in the future. Image source: Getty Images.Continue reading
The Trump administration is cutting funding to 24 green energy projects totaling $3.7 trillion, 70% of which received approval toward the tail end of the Biden administration. Oil giant ExxonMobil (NYSE: XOM) got caught in the crosshairs of these cuts. It stands to lose $332 million in funding for a carbon capture and sequestration (CCS) project at its refinery complex in Baytown, Texas. Meanwhile, one of its customers will lose funding for a project linked to Exxon.
Exxon believes carbon capture and storage could eventually grow into a $4 trillion global market opportunity in the coming decades. Here's a look at the projects getting funding cuts and whether it will impact the oil stock's ability to grow shareholder value in the future.
Image source: Getty Images.
