Exxon Mobil Corporation - XOM STOCK NEWS

ExxonMobil has appointed Dan Ammann, former president and CEO of Cruise, as president of ExxonMobil Low Carbon Solutions, effective May 1. He replaces Joe Blommaert, who is retiring after 35 years at the company. Ammann brings significant experience from General Motors, where he led the company through its IPO and served as CFO. The Low Carbon Solutions unit aims to commercialize low-emission technologies including carbon capture, storage, and hydrogen production, contributing to global emission reductions and long-term shareholder value.

ExxonMobil has appointed Matt Furman as vice president of public and government affairs, effective April 1, succeeding Suzanne McCarron, who is retiring after 24 years. Furman brings extensive experience from Best Buy, where he led communications since 2012, and has held senior roles at Mars Chocolate, Google, and CNN. McCarron joined Mobil in 1998 and served in various leadership roles. The company continues to be a major player in the energy sector, leveraging technology to meet global energy demands.

At its Annual Investor Day, ExxonMobil (XOM) outlined strategic initiatives aimed at enhancing shareholder returns and competitive positioning in a lower-emissions energy landscape. Key plans include achieving structural cost reductions of $9 billion annually by 2023 and doubling earnings and cash flow potential by 2027 compared to 2019. The company reported $23 billion in earnings for 2021 and aims for capital investments between $21 billion and $24 billion in 2022, directed towards low-cost supply projects and emission reductions.

ExxonMobil announced plans for a hydrogen production plant and a large carbon capture project at its Baytown, Texas site, aiming to reduce emissions significantly. The facility would produce up to 1 billion cubic feet per day of blue hydrogen and enhance carbon capture capacity by over 10 million metric tons of CO2 annually. The project is crucial for lowering emissions in key sectors and supports ExxonMobil's commitment to achieve net-zero emissions from its operations by 2050. The final investment decision is anticipated in two to three years, subject to market conditions and regulatory approval.

ExxonMobil expresses support for Ukraine amid the ongoing military conflict with Russia. The company condemns Russia's actions that violate Ukraine's sovereignty and emphasizes compliance with international sanctions. ExxonMobil plans to discontinue operations in the Sakhalin-1 project and will not invest in new developments in Russia. The company underscores its commitment to safety, environmental protection, and operational integrity throughout this transition.

ExxonMobil has announced a $400 million investment to expand carbon capture and storage at its LaBarge facility in Wyoming. This project aims to capture an additional 1.2 million metric tons of CO₂ annually, enhancing the facility's total capture capacity to 7-8 million metric tons per year. The expansion aligns with ExxonMobil's 2030 emission-reduction goals and net zero ambitions by 2050, contributing to a 3% reduction in upstream operated emissions. Completion of engineering design is done, with potential startup in 2025, pending approvals.

ExxonMobil has agreed to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy as part of its disciplined investment strategy. This transaction aims to support Nigeria's efforts to enhance local industry participation. ExxonMobil will retain its significant deepwater assets in Nigeria, ensuring continued operations in the region.

The sale includes a stake in four oil mining licenses and over 90 shallow-water platforms, but is expected to close later this year pending regulatory approvals. The company assures that there will be no job losses associated with this transaction.

ExxonMobil has successfully completed its first commercial sale of certified circular polymers using its Exxtend™ advanced recycling technology. The initial sale involves Berry Global, who will use these polymers for food-grade packaging. ExxonMobil's facility in Baytown, Texas, has processed over 4 million pounds of plastic waste and aims to expand its certified circular polymer capacity to 1 billion pounds annually by 2026. This expansion is part of ExxonMobil's strategy to enhance sustainability efforts in the packaging sector.

ExxonMobil has signed a gas agreement for the P’nyang LNG project with Ampolex Limited and the Papua New Guinea government. This partnership aims to develop new upstream facilities in Western Province, linked to existing infrastructure, with an estimated gas reserve of 4.36 trillion cubic feet. The agreement provides a fiscal framework for the project, enhancing economic growth opportunities in Papua New Guinea. The project could create local jobs and improve electrification efforts, while ExxonMobil explores additional equity interests.