Welcome to our dedicated page for Exxon Mobil news (Ticker: XOM), a resource for investors and traders seeking the latest updates and insights on Exxon Mobil stock.
Exxon Mobil Corporation (XOM) provides comprehensive energy solutions through global exploration, refining, and chemical manufacturing operations. This news hub offers investors and industry professionals direct access to the company's official communications and market-moving developments.
Track ExxonMobil's latest press releases including quarterly earnings disclosures, operational updates, and strategic initiatives. Our curated collection features verified announcements on production milestones, partnership agreements, and sustainability efforts without editorial commentary.
Key updates cover exploration activities, refinery capacity changes, petrochemical innovations, and energy transition projects. Bookmark this page for real-time access to XOM's regulatory filings, leadership statements, and industry position updates essential for market analysis.
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.
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.
