Exxon Mobil Corporation - XOM STOCK NEWS

ExxonMobil has successfully completed the expansion of its Beaumont refinery, marking the largest U.S. refinery expansion since 2012. The $2 billion project boosts production capacity by 250,000 barrels per day, bringing total refinery capacity to over 630,000 barrels per day. This expansion, timed to meet increasing post-pandemic energy demands, was executed on schedule and within budget, employing more than 1,700 contractors. ExxonMobil's integrated operations in Beaumont notably enhance their strategic edge in processing Permian Basin crude oil, ensuring a robust supply of essential fuels.

Exxon Mobil Corporation will host a virtual Low Carbon Solutions spotlight on April 4, 2023, at 9:00 a.m. CT. Key executives, including Darren Woods and Kathy Mikells, will discuss the growth of the Low Carbon Solutions business aimed at creating a lower-emission future. The event will feature a Q&A session and will be accessible via a webcast. Presentation materials and a replay will be available on the ExxonMobil Investor Relations website.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) has announced a quarterly dividend of 44 cents per share for Q1 2023, payable on April 1, 2023, to shareholders of record on March 3, 2023. This dividend remains unchanged from Q4 2022. With over a century in operation, Imperial has consistently paid dividends and has increased its annual payment for 28 consecutive years. The company is a leading player in Canada's petroleum industry, focusing on responsible energy resource development and maintaining high operational standards.

Imperial reported a robust fourth-quarter 2022 net income of $1,727 million, significantly up from $813 million in Q4 2021, representing a 114% increase. Cash flow from operating activities reached $2,797 million. The company achieved record upstream production of 441,000 gross oil-equivalent barrels per day, bolstered by strong performance at Kearl, Cold Lake, and Syncrude. Imperial returned over $2.1 billion to shareholders this quarter, including a first-quarter dividend of 44 cents per share. A major $720 million renewable diesel project was also approved, furthering Imperial's commitment to achieving net zero emissions by 2050.

Exxon Mobil Corporation (NYSE:XOM) reported a record-breaking $55.7 billion in earnings for 2022, alongside a cash flow from operations of $76.8 billion. The company achieved over 30% year-over-year production growth in Guyana and the Permian region and set its highest annual refining throughput globally since 2012. However, the fourth quarter of 2022 saw earnings drop to $12.8 billion due to additional European taxes and asset impairments. ExxonMobil plans to invest $22.7 billion in capital projects while extending its share-repurchase program up to $35 billion in 2023-2024. The net-debt-to-capital ratio improved to approximately 5%, enhancing financial flexibility.

ExxonMobil has announced a significant step in developing the world's largest low-carbon hydrogen production facility, expected to produce 1 billion cubic feet of low-carbon hydrogen daily by 2027-2028.

The project, based at the Baytown integrated complex, aims to capture over 98% of associated CO₂ emissions, equating to approximately 7 million metric tons annually.

ExxonMobil plans to finalize investment decisions by 2024, with ongoing discussions for offtake agreements with third-party customers, and a projection of up to 30% emissions reduction from its Baytown operations.

Imperial has announced a significant investment of $720 million to construct Canada’s largest renewable diesel facility at its Strathcona refinery near Edmonton. Expected to produce over 1 billion litres annually, this project aims to help reduce greenhouse gas emissions by approximately 3 million tonnes per year. The facility will utilize locally sourced feedstocks and low-carbon hydrogen, boosting the local economy by creating around 600 direct construction jobs. The project aligns with British Columbia's emission reduction plans and is anticipated to commence production in 2025.

ExxonMobil Corporation will announce its fourth quarter 2022 financial results on Tuesday, January 31, 2023, at 5:30 a.m. CT. A press release will be available via www.exxonmobil.com. Key executives, including Darren Woods (CEO), Kathy Mikells (CFO), and Jennifer Driscoll (VP of Investor Relations), will discuss the results during a live conference call at 7:30 a.m. CT. The call can be accessed via webcast or at designated phone numbers for listeners in the US and internationally.

Energy Vault Holdings, Inc. (NYSE: NRGV) has appointed Theresa Fariello to its Board of Directors, effective February 1, 2023, succeeding Henry Elkus. Fariello brings vast experience from her roles at United Airlines and ExxonMobil, particularly in government affairs and public policy. The CEO, Robert Piconi, emphasized her expertise will enhance the company's strategy, particularly in leveraging opportunities from recent U.S. legislation, including the Inflation Reduction Act. Fariello expressed her commitment to helping the company address climate change through innovative energy storage solutions.