Exxon Mobil Corporation - XOM STOCK NEWS

ExxonMobil announced the sale of XTO Energy Canada to Whitecap Resources Inc. for approximately $1.47 billion. The deal, involving assets in the Montney and Duvernay shales, is expected to close by the end of Q3, pending regulatory approvals. This divestment aligns with ExxonMobil's strategy to streamline its focus on key upstream assets, enhancing long-term shareholder value. The assets comprise 567,000 net acres in Montney and 72,000 net acres in Duvernay, contributing about 140 million cubic feet of natural gas and 9,000 barrels of crude per day.

Imperial has announced the sale of XTO Energy Canada to Whitecap Resources for $1.9 billion, with Imperial's share being $940 million. The transaction is expected to close by the end of Q3 2022, pending regulatory approvals. This sale aligns with Imperial's strategy to concentrate on key oil sands assets, enhancing its focus on upstream resources. The assets sold include significant acreage in Montney and Duvernay shales, producing approximately 140 million cubic feet of natural gas daily and 9,000 barrels of liquids.

Imperial Oil Limited has received approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB) to repurchase up to 31,833,809 shares, representing 5% of its total outstanding shares, over the next 12 months starting June 29, 2022. The NCIB aims to utilize excess cash and mitigate share dilution, with ExxonMobil expected to sell its shares concurrently to maintain its 69.6% ownership stake. This follows a previous repurchase program where Imperial bought 35,583,671 shares for approximately $1.529 billion.

Imperial Oil and E3 Lithium have announced a collaboration to advance a lithium-extraction pilot project at the Clearwater site in Alberta. The project aims to commercialize battery-grade lithium extracted from the historic Leduc oil field, a significant source for Canada's lithium industry. Imperial will provide CAD $6.35 million in funding and technical support for the project, which could produce around 20,000 tonnes of lithium hydroxide annually. This partnership underscores a commitment to economic diversification and sustainability while enhancing E3 Lithium's innovative extraction technology.

ExxonMobil has secured a 25% interest in the North Field East LNG joint venture with QatarEnergy, increasing LNG production capacity from 77 million tons to 110 million tons annually by 2026. This collaboration aims to enhance the global supply of clean energy. The joint venture will consist of four LNG trains, contributing significantly to Qatar's energy objectives. With a presence in Qatar since 1955, ExxonMobil continues to support the nation's energy development, demonstrating its commitment to cleaner energy solutions.

ExxonMobil has partnered with QatarEnergy to enhance the North Field East project, increasing Qatar's LNG production capacity from 77 million tons to 110 million tons annually by 2027. ExxonMobil will hold a 25% stake in a new joint venture, allowing it to boost its LNG volumes to between 52 to 60 million tons per year. The agreement emphasizes the companies' commitment to providing cleaner energy on a global scale. The first LNG from this expansion is expected in 2025.

ExxonMobil has responded to a letter from President Biden, emphasizing its substantial investments in U.S. oil and gas. Over the last five years, the company has invested more than $50 billion, resulting in a nearly 50% increase in U.S. oil production. ExxonMobil has globally invested $118 billion for new oil and gas supplies, despite earning only $55 billion in net income. The company aims to enhance U.S. refining capacity by 250,000 barrels per day. It also urges the government to adopt clear policies to support resource development.

Imperial Oil Limited (NYSE American: IMO) has completed its share buyback, purchasing 32,467,532 shares at $77.00 each, totaling $2.5 billion. This acquisition represents 4.9% of the company's outstanding shares as of May 2, 2022. The buyback was oversubscribed, with 96% of tendered shares accepted, including a proportionate tender from majority shareholder ExxonMobil, maintaining its 69.6% ownership. Shareholders will receive a deemed dividend of $75.25 per share. Payment will occur by June 21, 2022.

Imperial Oil Limited (NYSE: IMO) announced the preliminary results of its substantial issuer bid, offering to purchase up to $2.5 billion of its common shares. The offer utilized a modified Dutch auction with a price range of $62.00 to $78.00 per share and expired on June 10, 2022. The company expects to buy approximately 32.5 million shares at $77.00 each, representing 4.9% of its outstanding shares. Shareholders tendering at or below the purchase price will experience a prorated buyback, while ExxonMobil maintains a 69.6% ownership post-offer.