ExxonMobil's CEO, Darren Woods, expressed optimism during the company's first-quarter earnings call about the future of low-carbon hydrogen production incentives following a White House review. Woods emphasized the importance of federal incentives, specifically highlighting the critical role of the 45V hydrogen production tax credit in creating a competitive market for zero-emissions fuel. The company is currently working on developing what is described as the largest low-carbon hydrogen plant globally in Baytown, Texas. This project aims to produce 1 billion cubic feet per day of hydrogen from natural gas while incorporating carbon capture technology. While federal incentives like the 45Q tax credit are available for projects utilizing carbon capture and sequestration, ExxonMobil is focusing on the more lucrative 45V tax credit for its massive hydrogen and ammonia production venture in Texas. To make a final investment decision, Woods mentioned the need for more sales commitments and certainty about federal incentives, particularly emphasizing the importance of securing offtake agreements. These agreements play a crucial role in ensuring the project can generate the necessary returns to justify investments. The project's main goal is to decarbonize operations at Exxon's Baytown refinery, with plans to export ammonia, with agreements already in place with companies like Trammo in Europe and potentially with Japanese power producer Jera. ExxonMobil aims to move forward with the project once it secures the needed commitments and is confident about the returns it can achieve, with a potential timeline for progress later in the year.