Exxon's Next Boom Isn't Fossil—It's Digital

Forget dark pumps and crude rigs—Exxon Mobil Corp's XOM new currency could be data and carbon storage. Between now and 2030, the oil titan is earmarking up to $30 billion for lower-emission investments—approximately 65% of which will be directed toward helping other industries reduce their carbon footprints. That includes clean energy initiatives, low-carbon fuels, and carbon capture and storage (CCS) solutions.

• Track XOM stock here.

Carbon Capture As A Platform Play

While still ramping up oil production—planning to grow from roughly 4.6 to 5.4 million barrels of oil equivalent per day (an 18% boost) by the end of the decade—Exxon is also flexing its green-tech muscles.

It already operates the largest integrated CO₂ pipeline and storage network in the U.S., extending more than 1,000 miles along the Gulf Coast. In Indonesia, it's evaluating investment of up to $15 billion into a CCS and petrochemical hub capable of storing up to 3 gigatonnes of CO₂.

Read Also: OPEC Turns The Output Tap On: What It Means For Oil ETFs

Building A Digital Backbone

Meanwhile, digital innovation is playing its part. Exxon recently inked a long-term deal with Cerebre to enhance its "Foundational Digital Backbone"—a live plant intelligence platform that fuses operational data, AI, and real-world context to boost safety and efficiency.

Targeting Data-Center Power Demand

And here's the kicker: Exxon is targeting corporate energy demand, especially from the AI boom. In late 2024, it announced plans for a 1.5 GW natural gas–fired power plant dedicated solely to data centers, with CCS capable of capturing more than 90% of emissions. CEO Darren Woods has since emphasized that natural gas, paired with CCS, can power data hubs faster than anything heavy like nuclear.

Why it matters: ESG investors are often fixated on nimble, "pure" climate-tech startups. But Exxon is staging a quieter reinvention—blending legacy scale with CCS pipelines, hydrogen and digital infrastructure, and data-center-level power. If barrels built its legacy, now bytes and buried CO₂ might build its future.

Read Next:

• Exxon Mobil Guyana Kicks Off Yellowtail Production, Lifting Block Capacity Above 900,000 Barrels Per Day

Photo: Shutterstock