Exxon Mobil Corporation - XOM STOCK NEWS

Exxon Mobil Corporation announces the appointment of Larry W. Kellner and John D. Harris II to its board of directors. Kellner, former CEO of Continental Airlines and current chairman of Boeing, brings extensive industry experience, particularly in customer safety and lower-emission fuel options. Harris, previously CEO of Raytheon International, adds valuable insights into technology and government policy. Their appointments aim to enhance ExxonMobil's strategy for a sustainable, lower-emissions future, expanding the board to 13 members, 12 of whom are independent.

ExxonMobil has announced the first cargo of liquefied natural gas (LNG) from its $8 billion Coral South floating LNG project in Mozambique. This project is expected to produce 3.4 million metric tons of LNG annually from the Rovuma Basin. The launch of Coral South adds significant volumes to ExxonMobil's LNG portfolio, with plans to nearly double its LNG offerings by 2030. This development marks Mozambique's entry into the global LNG market and promises long-term economic benefits for the region.

ExxonMobil announced the appointment of Jim Chapman as vice president, Tax and Treasurer, effective November 28, 2022. Chapman, who replaces Jaime Spellings, brings extensive experience from his previous roles, including CFO at Dominion Energy. Spellings, with over 31 years at ExxonMobil, is retiring. Chapman's expertise in capital markets is anticipated to strengthen the company's position during the energy transition. Kathy Mikells, CFO, expressed confidence in Chapman's ability to contribute significantly to ExxonMobil's future.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced a substantial issuer bid to purchase up to $1.5 billion of its common shares via a modified Dutch auction. The tender price range is set between $72.50 and $87.00 per share. The Offer will commence on November 4, 2022 and close on December 9, 2022, with approximately 3.4% of issued shares subject to the bid. ExxonMobil, the majority shareholder, plans to make a proportionate tender to maintain its 69.6% ownership following the Offer.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced a quarterly dividend of 44 cents per share for Q4 2022, scheduled for payment on January 1, 2023, to shareholders recorded by the end of business on December 2, 2022. This is an increase from the 34 cents dividend in Q3 2022. With a history of over a century in dividend payments and a commitment to sustainability, Imperial Oil has raised its annual dividend for 28 consecutive years, reaffirming its financial stability in Canada’s petroleum industry.

Imperial Oil Limited (NYSE:IMO) announced a substantial issuer bid to purchase up to $1.5 billion of its common shares, pending necessary approvals in Canada and the U.S. The Offer is expected to start in two weeks and conclude by the end of December 2022. Shareholders can participate through a modified Dutch auction or proportionate tender, maintaining their ownership levels. ExxonMobil, as the majority shareholder, plans to make a proportionate tender to keep its ownership at approximately 69.6%. The company is a leading oil and gas producer in Canada, involved in all industry phases.

Imperial reported a net income of $2,031 million for Q3 2022, up from $908 million in Q3 2021. Cash flow from operating activities rose to $3,089 million. The upstream production averaged 430,000 gross oil-equivalent barrels per day, driven by Kearl's recovery post-turnaround. The company achieved 100% refinery capacity utilization, marking a 40-year high. Debt was reduced by $1 billion following XTO asset sales, and a 29% increase in quarterly dividends was announced. Plans for a $1.5 billion share buyback were also introduced.

Exxon Mobil Corporation (NYSE:XOM) reported third-quarter 2022 earnings of $19.7 billion, or $4.68 per share, aided by rigorous cost control and increased production, particularly with record levels in the Permian. Cash flow reached $24.4 billion with free cash flow hitting $22 billion. The company declared a dividend of $0.91 per share, marking 40 consecutive years of growth. It also signed a landmark agreement for carbon capture aiming to store up to 2 million metric tons of CO2 annually.

Exxon Mobil Corporation will announce its third quarter 2022 financial results on October 28, 2022, at 5:30 a.m. CT. Following the release, a live conference call will be held at 7:30 a.m. CT, featuring CEO Darren Woods, CFO Kathy Mikells, and VP of Investor Relations Jennifer Driscoll. Investors can join the call by phone or via a webcast. Archive details will be available on ExxonMobil's IR page.