Investments

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments

12. Investments

Momentum Sustainable Ventures LLC. During the fourth quarter of 2022, the Company entered into an agreement with Momentum Sustainable Ventures LLC to build a new natural gas gathering pipeline and carbon capture project, which will gather and treat natural gas produced in the Haynesville Shale for delivery to Gulf Coast markets, including LNG export, the New Generation Gas Gathering pipeline (the “NG3 pipeline”). The NG3 pipeline is expected to have an initial capacity of 1.7 Bcf/d expandable to 2.2 Bcf/d. The carbon capture portion of the project anticipates capturing approximately 1.0 million tons per annum of CO2 and delivering the CO2 to ExxonMobil Low Carbon Solutions Onshore Storage, LLC for additional transportation and storage. We have a 35% interest in the joint venture entity. We have accounted for this investment as an equity method investment, and its carrying value, which is reflected within other long-term assets on the condensed consolidated balance sheets, was $317 million and $307 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, the carrying value of our investment included approximately $29 million of capitalized interest related to the project. On October 1, 2025, the NG3 pipeline was placed in service and began gathering operations.