Biden’s natural gas export project freeze is a ‘mistake,’ Exxon CFO says

The Biden administration’s decision to halt new natural gas-export licenses is a “mistake” that will slow efforts to reduce climate-damaging emissions, according to Exxon Mobil Corp. 

“Reducing production of LNG actually harms the world achieving net zero sooner rather than later,” Chief Financial Officer Kathy Mikells said during an interview. “It’s a mistake.”

Although natural gas that is liquefied for export produces carbon emissions, it’s 50% cleaner than coal when burned for power generation. 

Exxon is currently building an LNG export terminal with Qatar along the US Gulf Coast. The Golden Pass project probably will start up next year and already has all the government approvals it needs, Mikells said.