Exxon Mobil Corporation - XOM STOCK NEWS

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.

Christian Brothers Investment Services (CBIS) announced that a shareholder proposal urging ExxonMobil (XOM) to assess the impact of climate change on its business has received a majority vote at the annual meeting. The proposal, supported by faith-based and socially responsible investors, seeks a detailed report on how the International Energy Agency's Net Zero 2050 Scenario could affect Exxon's financial statements. CBIS emphasizes the need for transparency in light of global net-zero commitments and highlights a lack of quantifiable disclosures in Exxon's current reports.

ExxonMobil plans to strengthen shareholder value by addressing global energy needs and reducing greenhouse gas emissions. During its annual shareholders meeting, CEO Darren Woods outlined a strategy focused on five operational priorities, including financial performance and innovation. The company has streamlined its operations into three core businesses and aims for $9 billion in annual cost savings by 2023, alongside investing over $15 billion in emissions-reduction initiatives through 2027. In 2021, ExxonMobil reported earnings of $23 billion and cash flow of $48 billion, marking significant improvements.

ExxonMobil has agreed to sell its Barnett Shale gas assets in Texas to BKV Corporation for $750 million, with potential additional payments tied to future natural gas prices. The transaction aligns with ExxonMobil's strategy to focus on high-return investments and was initiated after these assets were excluded from the development plan in 2020. The sale is expected to close in the second quarter of 2022, ensuring full employment offers for affected personnel. This move aims to strengthen ExxonMobil's competitive positioning in the market.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) reported that all seven director nominees were elected at its annual shareholders meeting on May 3, 2022. A total of 606,381,191 shares, representing 90.62% of outstanding shares, were voted. The voting results for each nominee show strong support, with over 540 million votes in favor for each director. Imperial continues to assert its position as Canada's largest petroleum refiner and a major crude oil producer, committed to high standards in the development of energy resources.

ExxonMobil has agreed to sell its Romanian upstream affiliate to Romgaz for over $1 billion, subject to government approvals. This sale aligns with ExxonMobil's strategy to focus on investments in advantaged assets with a low cost of supply, specifically the Neptun Deep project in the Black Sea. The transaction is expected to close in the second quarter of 2022, transferring operatorship of the XIX Neptun Block to OMV Petrom and employees will transition along with the sale.