Rayonier Announces Additional Pore Space Lease Agreements With ExxonMobil
Portfolio Pulse from Benzinga Newsdesk
Rayonier (NYSE:RYN) has expanded its underground pore space lease agreements with ExxonMobil (NYSE:XOM) to cover an additional 33,000 acres, bringing the total to approximately 59,000 acres. This expansion supports carbon capture and storage (CCS) initiatives, leveraging ExxonMobil's extensive CO2 pipeline network in the United States. Rayonier's CEO, David Nunes, highlighted the significance of this partnership in advancing towards a low-carbon economy and maximizing the value of their timberland portfolio through land-based solutions.
February 21, 2024 | 10:11 pm
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Rayonier has expanded its pore space lease agreements with ExxonMobil, covering an additional 33,000 acres for carbon capture and storage, totaling 59,000 acres.
The expansion of the lease agreements with ExxonMobil positions Rayonier as a key player in the carbon capture and storage sector, potentially increasing investor interest in RYN due to its proactive approach towards sustainability and leveraging its timberland portfolio for environmental solutions.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
ExxonMobil's partnership with Rayonier expands its access to underground pore space for carbon capture and storage, leveraging its CO2 pipeline network.
ExxonMobil's expansion of pore space lease agreements with Rayonier enhances its capacity for carbon capture and storage, aligning with its strategic focus on sustainability and leveraging its position as the owner of the largest CO2 pipeline network in the US. This could positively impact investor perception and the company's environmental, social, and governance (ESG) profile.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80