ge launches new carbon capture technology

#Ge launches new carbon capture technology free

The Corporation declared a second-quarter dividend of $0.91 per share, payable on June 9, 2023, to shareholders of record of Common Stock at the close of business on May 16, 2023.Shareholder distributions of $8.1 billion included $4.3 billion of share repurchases, keeping the company on track to repurchase up to $17.5 billion during the year.The company's debt-to-capital ratio remained at 17% and the net-debt-to-capital ratio declined to about 4%, reflecting a period-end cash balance of $32.7 billion.

#Ge launches new carbon capture technology free

Cash flow from operations totaled $16.3 billion, and free cash flow was $11.4 billion for the quarter.The company remains on track to deliver $9 billion of structural cost savings by the end of 2023 relative to 2019, having achieved cumulative structural cost savings of $7.2 billion to date.Results also benefited from the absence of year-end inventory effects and lower corporate and financing costs. These impacts were partially offset by higher volumes, mix improvements driven by advantaged project growth, strong operating execution, and disciplined cost management. Lower liquids and natural gas realizations coupled with the absence of favorable mark-to-market impacts on unsettled derivatives, fewer days in the quarter, and higher scheduled maintenance negatively impacted results sequentially.Identified items in the fourth quarter included a higher impact from the additional European taxes on the energy sector, asset impairments, and one-time adjustments related to the Sakhalin-1 expropriation. Excluding the identified item associated with additional European taxes on the energy sector, earnings were $11.6 billion compared to $14.0 billion in the prior quarter. First-quarter 2023 earnings were $11.4 billion compared with $12.8 billion in the fourth quarter of 2022.

At the same time, our Low Carbon Solutions team is rapidly growing this new business with an additional carbon capture, transportation and storage agreement that underscores the company's growing momentum in providing industrial customers with large-scale emission reduction solutions.” Financial Highlights “We are growing value by increasing production from our advantaged assets to meet global demand. Most Innovative Companies comes to the Middle East this October! Click here to know more.“Our people's hard work to execute on our strategic priorities delivered a record first quarter following a record year,” said Darren Woods, chairman and chief executive officer. In its recently updated Sustainability Strategy, QatarEnergy outlined numerous programs to cut GHG emissions, including expanding carbon capture and sequestration technology to capture more than 11 million tonnes of CO2 annually in Qatar by 2035.Įarlier this month, the state-owned energy company announced a new blue ammonia energy project aimed at capturing and sequestering 1.5 million tons of carbon dioxide per year, supplying 35 megawatts of renewable electricity via solar panels. Qatar can become a leading player in hydrogen, ammonia, and CCS by helping to pilot and scale up these technologies for the rest of the world,” said Joseph Anis, the President & CEO of GE Gas Power Europe, Middle East and Africa.

“Exploring pre and post-combustion technologies can significantly reduce CO2 emissions from QatarEnergy’s facilities. We are pleased to pursue all available avenues, including the use of clean energy carriers in achieving a substantial reduction in CO2 emissions,” His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said at the signing ceremony. “This MoU affirms QatarEnergy’s Sustainability Strategy and our efforts to implement effective measures to curb emissions and produce cleaner energy using the latest proven emissions reduction technologies. The MoU would explore the feasibility of developing a world-scale carbon hub at Ras Laffan Industrial City, currently housing over 80 GE gas turbines. The two would be teaming up to develop a carbon capture roadmap for Qatar’s energy sector. The latest move in this direction is the Memorandum of Understanding (MoU) signed between QatarEnergy and General Electric (GE). Qatar has been inching closer to its National Vision 2030 goals by seeking new solutions to affirm its commitment to mitigating climate change impact.