SK On’s Post

🇺🇸 CHEVRON MOVES HQ TO HOUSTON Chevron has announced it would be relocating its headquarters from San Ramon, California to Houston, Texas. All corporate functions are expected to migrate to Houston over the next five years, the #energy company said, bar those that support its California operations, which include #oilfields, technical facilities and two #refineries. Chevron chairman and CEO, Mike Wirth, and vice chairman, Mark Nelson, will move to Houston before the end of 2024. The company currently has some 7,000 employees in the Houston area and about 2,000 in San Ramon. Chevron, one of the world’s leading integrated energy companies, produces #crude oil and natural gas and manufactures transportation fuels, #lubricants, #petrochemicals and additives. It also focuses on developing lower carbon businesses such as #renewable fuels, carbon capture and offsets, #hydrogen and other emerging technologies. The company reported second-quarter earnings of US$4.4 billion, down from US$6.0 billion compared with last year amid lower margins on refined product sales, the absence of prior year favorable tax items and negative foreign currency effects. **Chevron is a member of the Breakbulk Global Shipper Network, a worldwide network of companies and executives involved in the engineering, manufacturing and production of project cargo. The next in-person meet-up for BGSN members will be at Breakbulk Americas 2024 on 15-17 October in Houston. Check the link in the comments section below to find out how the BGSN can benefit your company. #bbam2024 #breakbulkamericas

📑 𝐒𝐊 𝐎𝐧 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬 𝐰𝐢𝐭𝐡 𝐄𝐱𝐱𝐨𝐧𝐌𝐨𝐛𝐢𝐥 𝐭𝐨 𝐒𝐞𝐜𝐮𝐫𝐞 𝐔.𝐒. 𝐋𝐢𝐭𝐡𝐢𝐮𝐦 𝐒𝐮𝐩𝐩𝐥𝐲 𝐟𝐨𝐫 𝐄𝐕 𝐁𝐚𝐭𝐭𝐞𝐫𝐢𝐞𝐬 SK On, a global EV battery manufacturer, signed a non-binding MOU with ExxonMobil for a potential lithium offtake agreement in the U.S., aiming to strengthen its battery supply chain. The agreement could secure up to 100,000 metric tons of lithium from ExxonMobil's Arkansas project, with further details to be finalized. This MOU, signed at the Fastmarkets Lithium Supply and Battery Raw Materials Conference, will support SK On's expanding U.S. operations, including battery plants in Georgia, Kentucky, Tennessee, and a joint venture with Hyundai in Georgia. SK On's U.S. production capacity is expected to reach over 180 GWh annually by 2025, enough to power about 1.7 million EVs. #Europe #EV #Lithium #Battery #Manufacturer

Energy News: Exciting Developments in Carbon Capture: ExxonMobil's Vision for Louisiana's Future 🌍 🔹 Innovation and Expansion: Darren Woods, CEO of ExxonMobil, recently shared insights on the company's extensive plans for carbon capture and environmental initiatives in Louisiana. Following significant investments in Baton Rouge - a $500 million polypropylene expansion and a $230.5 million refinery modernization - ExxonMobil is poised for impactful changes. 🔹 Empowering Carbon Capture: With the acquisition of Denbury Inc. and a strategic $59.5 billion purchase of Pioneer Natural Resources, ExxonMobil is enhancing its carbon capture capabilities. This technology, crucial in the fight against climate change, will see ExxonMobil investing around $20 billion through 2027, focusing on reducing emissions and aiding third-party businesses in emission management. 🔹 Addressing Industry Challenges: While environmental advocates raise concerns over the efficacy of carbon capture, ExxonMobil emphasizes its proven track record and safety in underground CO2 storage, drawing parallels with natural geological processes. 🔹 Economic Impact and Debate: Woods addresses the debate around tax incentives and investment, highlighting the necessity of creating an attractive business environment for economic growth and job creation. 🔹 Future of Oil Production: With the Pioneer acquisition, ExxonMobil anticipates increased crude production efficiency and reduced environmental emissions, benefiting the U.S. economy through increased supply and potential price stability. 🔹 Refinery Operations and Shale Interest: ExxonMobil's downstream operations remain robust, with no significant changes expected from the Pioneer acquisition. Additionally, investments in the Haynesville Shale are on the horizon, demonstrating a strategic approach to resource management. 🔗 https://lnkd.in/gii4_Yvn #ExxonMobil #CarbonCapture #EnergyIndustry 

*** SK Group mulls multi year lithium deal with ExxonMobil *** > South Korean electric vehicle (EV) battery manufacturer SK On announced it had signed a non binding memorandum of understanding (MoU) with US energy group ExxonMobil “for a potential lithium offtake agreement in the US” to strengthen its battery supply chain in the region. > SK On said it was seeking to develop a stable supply of key battery minerals in the US where the company is expanding with a number of EV battery joint ventures and standalone plants. > The company currently operates two EV battery plants in Georgia and is building three additional plants in the US – two as part of its BlueOval venture with Ford Motor Company Motor in Kentucky and Tennessee and one with Hyundai Motor Company (현대자동차) in Georgia. > SK On said it aimed to have annual battery production capacity of 180GWh by 2025, enough to power around 1.7m new EVs per year. > The deal with ExxonMobil would help it produce batteries which meet content rules under the US Inflation Reduction Act (#IRS) which provides EV buyers access to tax credits worth up to US$7,500. #Electrification #Batteries #Partnerships #Strategy

South Korean battery giant SK On has partnered with ExxonMobil to secure 100,000 metric tons of lithium from Arkansas. This deal supports SK On's US battery production and strengthens its supply chain, ensuring eligibility for federal tax credits under the Inflation Reduction Act. This collaboration enhances energy security and climate objectives while boosting American manufacturing. ExxonMobil plans to start production by 2027, contributing to the production of one million EV batteries annually. https://lnkd.in/gMxmTUCr #SKOn #ExxonMobil #Lithium #BatteryProduction #ElectricVehicles #EV #CleanEnergy #SustainableTransport #GreenMobility #USManufacturing #InflationReductionAct #EnergySecurity #ClimateAction #BatterySupplyChain #ArkansasLithium #AutomotiveIndustry #EVBatteries #Partnership #Innovation #FutureOfTransport

Just nine years after the first discovery #guyana has seven projects in play with three already #producing A series of #deepwater development #projects being executed by U.S. oil major ExxonMobil is rapidly transforming the #southamerican country, catapulting it from a non-producer less than five years ago, to what will ultimately be the second largest #deepwater #producer in the world, according to Rystad Energy. The country’s first #discovery – Liza 1 – was made just nine years ago. Exxon’s CEO, Darren Woods has said the company’s “design one, build many” concept is a huge factor in the consistent #production ramp-up at its #guyana projects. At present, all the floating production storage and offloading units at Stabroek Block have been built and are being operated by SBM Offshore. Read more: https://lnkd.in/egfR6tJy

Harbour Energy, a UK oil company, agreed to acquire the E&P business of Wintershall Dea, an operator and project partner across the entire E&P value chain, from BASF, a chemical company, and LetterOne, a long-term investment business, for $11.2bn. "Today’s announcement marks Harbour’s fourth major acquisition and the most transformational step yet in our journey to build a uniquely positioned, large-scale, geographically diverse independent oil and gas company. The addition of Wintershall Dea’s assets will increase our production to over 500 kboepd, extend our reserves life, and enhance our margins and cash flow, all supporting enhanced shareholder returns over the longer run. Importantly, the acquisition also advances our energy transition objectives by shifting our portfolio towards natural gas, lowering our GHG emissions intensity and expanding our CCS interests into new European markets," Linda Z Cook, Harbour Energy CEO. Harbour Energy (led by R. Blair Thomas, Linda Cook and Alexander Krane) is advised by Barclays (led by Mike Powell, Ben Plant and Robert Mayhew), J.P. Morgan (led by James Janoskey and Daniele Apa), Jefferies (led by Sam Barnett) and Brunswick Group (led by Patrick Handley and William Medvei). BASF (led by Dirk Elvermann) is advised by Morgan Stanley and Freshfields Bruckhaus Deringer. LetterOne is led by Jon Muir. #MergersAcquisitionsDivestitures #OilandGas #Exploration

Our partner ExxonMobil has been hard at work to ensure that they meet the supply and demand of the industry, all while striving for sustainability. 🤝 ExxonMobil shared that, "The imbalance is largely a result of the dramatic decline of global demand during the pandemic, which led to less industry investment and refinery closures." 🔗 Read ExxonMobil's full article to learn more insightful information about the supply and demand of the industry and how they are actively working toward a better tomorrow. #ExxonMobil #oilcompany #oilindustry #oildistributor #oilandlubricants

The massive energy deals we have seen in recent months including: Chevron's $60 billion acquisition of Hess Exxon's $64.5 billion acquisition of Pioneer Natural Resources Diamondback Energy's $26 billion acquisition of Endeavor Energy Resources Occidental's $12 billion acquisition of CrownRock and the latest deal where Chord Energy is merging with Enerplus $ERF in a $11 billion deal are coming from a position of strength and is very unlike the activity we saw from 2015 to 2020. It is no wonder Harold Hamm wanted to take Continental Resources private by acquiring the minority stake he didn't already own and Warren Buffett keeps buying shares of Occidental Petroleum for Berkshire Hathaway. Unless we see a deep recession or the frackers once again decide to indiscriminately increase production like they did the prior decade, all this activity is positive for the energy sector.

ExxonMobil's £800 million investment in the ExxonMobil Fawley refinery aims to boost Britain's energy security and support future sustainability. The ongoing construction of a low-sulphur diesel facility, coupled with a new hydrogen plant, is set to increase low-sulphur diesel production by 40%, cutting imports by 25%. This move addresses current energy needs and sets the stage for lower-carbon fuels, including sustainable aviation fuel. Beyond addressing energy demands, the initiative is supporting over 400 construction jobs, engaging numerous suppliers, and safeguarding existing skilled positions at Fawley. The first product is expected this year, with full production capacity in 2025. Sir Julian Lewis MP praised the development for its immediate economic benefits and forward-thinking approach to environmental protection, calling it a significant step in an essential industrial journey. Read more: https://bit.ly/3tgchbv #NetZero #Decarbonation #Sustainability