Rayonier Announces Additional Pore Space Lease Agreements With ExxonMobil

Rayonier, a timberland real estate investment trust with assets in the United States and New Zealand, announced last Thursday that it has entered into additional underground pore space lease agreements with ExxonMobil covering approximately 33,000 acres of timberlands in the United States.

These new leases increase Rayonier’s total acres under pore space lease agreements with ExxonMobil to approximately 59,000 acres. ExxonMobil owns and operates the largest carbon dioxide (CO2) pipeline network in the US, enabling a cost-efficient transportation system that accelerates carbon capture and storage (CCS) development for both ExxonMobil and third-party customers.

In a statement accompanying the announcement, Rayonier CEO David Nunes said:

“We view this as an important milestone as we continue to advance initiatives that accelerate the world’s path to net zero. We are pleased to have this relationship with ExxonMobil, the leader in carbon capture and storage in the US. We believe our timberland portfolio is well-positioned to benefit from the transition to a low-carbon economy, and we are pursuing various opportunities to realize value from the land-based solutions offered by our forests.”