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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.
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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 (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.
Imperial Oil Limited has announced a substantial issuer bid to purchase for cancellation up to
Imperial Oil Limited (TSE: IMO, NYSE: IMO) has announced a quarterly dividend of 34 cents per share, payable on July 1, 2022, to shareholders of record by June 2, 2022. This dividend remains unchanged from the first quarter of 2022. Imperial boasts over a century of consistent dividend payments, with an impressive track record of increasing its annual dividend for 27 consecutive years. As Canada's largest petroleum refiner and a key player in crude oil production, Imperial maintains high operational standards while focusing on sustainable energy development.
Imperial Oil Limited (TSE: IMO, NYSE: IMO) has authorized a substantial issuer bid to purchase up to $2.5 billion of its common shares. The bid, recommended by a special committee of independent directors, will be launched within two weeks and completed by the end of June 2022. Shareholders can tender their shares via a modified Dutch auction or a proportionate tender. Exxon Mobil Corporation, Imperial's majority shareholder, plans to maintain its stake of approximately 69.6% following the offer. The offer is subject to obtaining necessary regulatory approvals in Canada and the U.S.
Imperial Oil reported a record first quarter net income of $1,173 million, marking the highest in over 30 years, primarily driven by favorable market conditions. Upstream income totaled $782 million, while downstream income reached $389 million. Operating cash flow was $1,914 million, with free cash flow of $1,635 million. Despite upstream production averaging 380,000 barrels per day affected by cold weather, refinery utilization was strong at 93%. The company declared a 34 cents per share dividend and announced plans for a $2.5 billion share buyback.
Exxon Mobil Corporation reported first-quarter 2022 earnings of $5.5 billion, translating to $1.28 per diluted share. Excluding identified items, earnings soared to $8.8 billion, up over $6 billion year-over-year. The company generated $14.8 billion in cash flow from operations, covering capital investments and exceeding shareholder distributions. A $30 billion share repurchase program was announced, alongside major developments in oil production, including five new discoveries in Guyana, raising recoverable resources to nearly 11 billion barrels. ExxonMobil also advanced its lower-emission initiatives, including a significant blue hydrogen project in Texas.
The Board of Directors of Exxon Mobil Corporation has declared a cash dividend of $0.88 per share, payable on June 10, 2022, for shareholders of record as of May 13, 2022. This dividend matches the amount paid in the first quarter of 2022. Exxon Mobil has a long history of returning value to its shareholders, having increased its annual dividend for 39 consecutive years, showcasing the company's commitment to shareholder returns.
ExxonMobil announced three new offshore discoveries in Guyana, increasing recoverable resources in the Stabroek Block to nearly 11 billion oil-equivalent barrels. The Barreleye-1, Patwa-1, and Lukanani-1 wells added to a total of five discoveries in 2022. The company highlights ongoing operations at Barreleye-1 and Lukanani-1, with production projects in Guyana ramping up to significant outputs. The Liza Phase 2 project is currently producing 220,000 barrels per day, while the upcoming Payara project is set to start before year-end 2023, underscoring ExxonMobil's commitment to its exploration strategy.
