Babcock & Wilcox Awarded Contract to Support Phillips 66 Carbon Capture Project in U.K.

Rhea-AI Summary

Babcock & Wilcox (NYSE: BW) has secured a contract from Phillips 66 Limited to develop flue gas pre-treatment technology for a carbon capture system at the Humber Refinery in the UK. This initiative is part of the Humber Zero project, aiming to capture up to 8 million tonnes of CO₂ by 2030. The partnership highlights B&W's extensive experience in enhancing oil and gas processes and their commitment to environmental sustainability through innovative technologies.

Positive

• Awarded a contract by Phillips 66 Limited, enhancing B&W's market position.
• Partnership aligns with B&W's experience in carbon capture technology.
• The project contributes to the Humber Zero initiative, targeting significant CO₂ capture.

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• None.

AKRON, Ohio--(BUSINESS WIRE)-- Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Environmental segment has been awarded a contract by Phillips 66 Limited to design a flue gas pre-treatment technology upstream from a planned carbon dioxide (CO₂) capture system on the Phillips 66 Limited Humber Refinery’s Fluid Catalytic Cracker (FCC) in North Lincolnshire, United Kingdom.

“B&W has many decades of experience working with customers in the oil, gas and refining industries, providing technologies to make processes cleaner and more efficient,” said Joe Buckler, B&W Senior Vice President, Clean Energy. “As the global leader in pre-treatment technologies for post-combustion carbon capture, the opportunity to work with Phillips 66 Limited aligns well with our experience and expertise.”

“B&W has a complete suite of proven environmental technologies in our portfolio, including the addition of the engineering expertise of our Hamon Research-Cottrell technology, which complements our decarbonization and carbon capture solutions,” Buckler said. “We thank Phillips 66 Limited for selecting us for this important clean energy project.”

Adam Young, Project Lead at the Phillips 66 Limited Humber Refinery, said, “We are pleased to be working with B&W, leveraging their expertise and knowledge. The pre-treatment is vital to the process to enable the planned carbon capture technology to work optimally.”

Young continued, “Our proposed project would be a first of a kind for an FCC. The knowledge learnt could help to support over 300 FCCs across the world to reduce carbon emissions and support industry to decarbonize.”

Phillips 66 Limited’s Humber Refinery carbon capture facility plans are part of the Humber Zero project, a world-scale carbon reduction project to support the decarbonization of critical UK industry. The project aims to capture up to 8 million tonnes of CO₂ by 2030.

B&W Environmental is committed to environmental sustainability, designing, engineering and deploying technologies proven to help preserve the earth’s natural resources. B&W Environmental’s technologies can be utilized to remove many pollutants from flue gas, including nitrogen oxides, sulfur oxides, particulates, dioxins, metals and more.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the signing of a contract to design and supply flue gas pre-treatment technology. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230111005696/en/

Investor Contact:

Investor Relations

Babcock & Wilcox

704.625.4944

investors@babcock.com

Media Contact:

Ryan Cornell

Public Relations

Babcock & Wilcox

330.860.1345

rscornell@babcock.com

Source: Babcock & Wilcox Enterprises, Inc.

FAQ

What contract has Babcock & Wilcox secured recently?

Babcock & Wilcox has secured a contract with Phillips 66 Limited to design flue gas pre-treatment technology for a carbon capture system.

Where is the Phillips 66 Limited Humber Refinery located?

The Phillips 66 Limited Humber Refinery is located in North Lincolnshire, United Kingdom.

What are the goals of the Humber Zero project?

The Humber Zero project aims to capture up to 8 million tonnes of CO₂ by 2030.

How does Babcock & Wilcox contribute to environmental sustainability?

Babcock & Wilcox develops technologies to reduce pollutants from flue gas and supports environmental sustainability efforts.

What is the significance of the contract for Babcock & Wilcox's stock (BW)?

The contract enhances Babcock & Wilcox's competitive position in carbon capture technology, potentially impacting its stock performance positively.