Exxon Mobil Corporation - XOM STOCK NEWS

Exxon Mobil Corporation (NYSE:XOM) reported strong financial results for Q2 2022, with earnings of $17.9 billion, up from $5.5 billion in Q1 and benefiting from increased production and higher commodity prices. The company generated $20 billion in cash flow from operations and maintained robust capital investments totaling $9.5 billion. Exxon is advancing its lower-emission initiatives, including significant carbon capture projects, while refining throughput increased by 180,000 barrels per day. Cash flow led to $16.9 billion in free cash flow, improving the net-debt-to-capital ratio to 13%.

The Board of Directors of Exxon Mobil Corporation has declared a cash dividend of $0.88 per share on its Common Stock. This dividend, payable on September 9, 2022, is for shareholders of record at the close of business on August 12, 2022. The dividend remains consistent with the prior quarter's payment and highlights the company's commitment to returning value to shareholders, reflecting an impressive streak of increasing annual dividends for 39 consecutive years.

ExxonMobil has announced two new offshore discoveries in Guyana—Seabob and Kiru-Kiru—in the Stabroek block, marking the sixth and seventh discoveries of 2022. The Seabob-1 well found 131 feet of hydrocarbon-bearing sandstone, while the Kiru-Kiru-1 well yielded 98 feet. Both wells contribute to over 25 discoveries in the region. Notably, production from two FPSO vessels has surpassed the target of 340,000 barrels per day, with expectations of 220,000 barrels from the upcoming Payara project and 250,000 barrels from Yellowtail by 2025.

Exxon Mobil Corporation will announce its second quarter 2022 financial results on July 29, 2022, with a release via Business Wire at 5:30 a.m. CT. 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 8:30 a.m. CT. Investors can access the call through a webcast or by phone. The presentation and supplemental financial data will be available on the company’s investor relations website.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) will host its 2022 Second Quarter Earnings Call on Friday, July 29, at 9 a.m. MT. CEO Brad Corson will lead the call, providing brief remarks before addressing questions from analysts. The call follows the release of the company's second-quarter earnings earlier that day. Interested parties can register for the live webcast here, which will also be available on the company's website for one year.

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.