Company Announcements

Plans for 1 Billion Pounds Capacity per Year by 2027  

• $200 million investment adds new units to Beaumont and Baytown sites
• Processed more than 70 million pounds of plastic waste in Baytown so far with proven technology
• Additional advanced recycling units planned for North America, Europe, Asia

SPRING, Texas--(BUSINESS WIRE)--Nov. 21, 2024-- ExxonMobil (NYSE: XOM) plans to invest more than $200 million to expand its advanced recycling operations at its sites in Baytown and Beaumont, Texas. The new operations are expected to start up in 2026 and can help increase advanced recycling rates and divert plastic from landfills. The company plans to build additional units to reach a global recycling capacity of 1 billion pounds per year by 2027.

“We are solutions providers, and this multi-million-dollar investment will enhance our ability to convert hard-to-recycle plastics into raw materials that produce valuable new products,” said Karen McKee, president of ExxonMobil Product Solutions. “At our Baytown site, we’ve proven advanced recycling works at scale, which gives us confidence in our ambition to provide the capacity to process more than 1 billion pounds of plastic per year around the world. We’re proud of this proprietary technology and the role it can play in helping establish a circular economy for plastics and reducing plastic waste.”

The investment will add 350 million pounds per year of advanced recycling capacity at Baytown and Beaumont, bringing ExxonMobil’s total capacity to 500 million pounds per year. The company is continuing to develop additional advanced recycling projects at manufacturing sites in North America, Europe and Asia, with the goal of reaching 1 billion pounds per year of recycling capacity globally by 2027.

ExxonMobil has advanced recycling customers in more than 15 countries across multiple sectors, including food-safe packaging and pet food, and demand is increasing.

Advanced recycling complements traditional, mechanical recycling by transforming plastic waste into raw materials that can be used to make many valuable products – from fuels to lubricants to high-performance chemicals and plastics. Advanced recycling can address a broader range of plastic waste that won’t be mechanically recycled and may otherwise be buried or burned.

Advanced recycling is a vital element of a circular economy. Circularity includes the entire life cycle of plastics, from designing products to be more easily recycled to improving waste management systems.

“The world’s plastic waste challenge will be solved with innovation, collaboration, and supportive government policy to improve waste management and circularity,” said McKee. “ExxonMobil is doing its part by developing scalable technology, investing in recycling infrastructure and helping our customers meet their circularity goals.”

The company’s first Baytown facility started up in 2022 and represents one of the largest advanced recycling facilities in North America, having processed more than 70 million pounds of plastic waste as of October 2024. ExxonMobil helped to form joint venture Cyclyx in 2021 to improve the collection and sortation of plastic waste.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses – Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO₂ pipeline network in the United States.

In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.

With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050. To learn more, visit exxonmobil.com and ExxonMobil’s Advancing Climate Solutions.

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Cautionary Statement

Statements related to outlooks; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions, are forward-looking statements. Forward-looking statements are based on current expectations, estimates, projections and assumptions at the time the statements are made. Actual future results, including project plans, schedules, costs, returns, and capacities and efficiency; ultimate recoveries; operating performance and demand projections could differ materially due to factors such as changes in market conditions affecting the oil, natural gas and petrochemical industry or changes in prices of oil, gas or petrochemicals; political or regulatory developments; the availability of feedstocks; the occurrence and duration of economic recessions; timely completion of development projects; technical or operating factors; the outcome of future commercial negotiations, including final agreed terms and conditions; unforeseen technical or operating difficulties and unplanned maintenance; and other factors discussed under the heading "Factors Affecting Future Results" in the Investor Information section of our website (www.exxonmobil.com) and in Item 1A of our most recent Form 10-K.

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Source: Exxon Mobil Corporation