Exxon Sees First Gulf Coast Carbon Capture Starting Next Year

Exxon Mobil Corp. is on track to start up its first US Gulf Coast carbon-capture project next year if it can gain regulatory approval to drills wells that would store emissions underground.

The oil major plans to take as much as 2 million tons of CO2 emissions from CF Industries Holdings Inc.’s ammonia plant in Donaldsonville, Louisiana, and pump them into permanent storage in rock formations deep below the ground.

But the injection wells still need to be approved by state regulators, Dan Ammann, president of Exxon’s division for low carbon solutions, said in presentation at a Barclays ...