ExxonMobil receives approval for $5B Texas carbon capture project

ExxonMobil has received approval from the Texas Railroad Commission for a $5 billion carbon capture and storage (CCS) project located in East Texas. In a 2-1 vote, commissioners authorized a carbon sequestration permit that will allow the company to expand its operations along the Gulf Coast.

The Rose CCS project, which previously received approval from the U.S. Environmental Protection Agency, aims to inject approximately 53 metric tons of industrial customers’ carbon emissions into three underground wells in the Beaumont-Port Arthur area. Over a 13-year period, ExxonMobil plans to inject roughly 4 million metric tons of CO2 annually into the Fleming and Upper Frio rock formations.

This development follows ExxonMobil’s $4.9 billion acquisition of Denbury in 2023, which significantly expanded the company’s CO2 pipeline network. ExxonMobil executives described the commission’s decision as a “major milestone” in meeting the demand for lower-carbon products and supporting economic growth.