"Oil Executives Warn of Risk to Texas Hydrogen Project Without Tax Credits"

Exxon Mobil CEO Darren Woods stated that the company's proposed low-carbon hydrogen project in Texas may not proceed if the Biden administration withholds tax incentives for natural gas-fed facilities, arguing that the Inflation Reduction Act should provide credits for "blue" hydrogen produced from gas with carbon capture. Woods emphasized the need for a balanced approach to reducing emissions and transitioning to a low-carbon energy system, cautioning against favoring certain technologies over others. He also mentioned Exxon's interest in establishing the value of Hess' Guyana stake and potentially buying it after arbitration.