ExxonMobil is expanding its carbon capture and storage (CCS) business with a new offshore lease and a major CCS deal. On October 10, the company announced it signed the largest offshore CO2 storage lease in the U.S., covering over 271,000 acres from the Texas General Land Office. The site complements ExxonMobil's growing onshore CO2 storage portfolio and is adjacent to a CO2 pipeline acquired through its $4.9 billion purchase of Denbury Resources.

The first customer for the site will be CF Industries, which struck a deal to remove up to 500,000 metric tons of CO2 annually from its Mississippi plant. ExxonMobil also recently agreed to store 1.2 million metric tons of CO2 from Momentum Midstream's NG3 pipeline project in Louisiana, marking its first CCS deal with a natural gas processor.