Exxon Mobil Corporation - XOM STOCK NEWS

ExxonMobil has commenced production at Guyana's Liza Phase 2, boosting total production capacity to over 340,000 barrels per day within seven years of its first discovery. The Liza Unity vessel aims to reach 220,000 barrels per day later this year. This growth underscores a robust strategy in developing the Stabroek Block, which has an estimated recoverable resource of over 10 billion oil-equivalent barrels. Currently, more than 3,500 Guyanese are engaged in ExxonMobil's operations, with significant investments in local suppliers.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced a quarterly dividend of 34 cents per share, payable on April 1, 2022, to shareholders of record as of March 3, 2022. This marks an increase from the 27 cents per share dividend declared for the fourth quarter of 2021. With over a century of dividend payments, Imperial has raised its annual dividend for 27 consecutive years, reflecting its financial stability and growth in Canada's petroleum industry.

Imperial Oil reported a fourth quarter net income of $813 million and cash flow from operating activities of $1,632 million, despite impacts from extreme cold weather. Full-year net income reached $2,479 million, the highest since 2014. The company achieved its highest annual Upstream production in over 30 years, driven by record Kearl production. Shareholder returns totaled nearly $3 billion in 2021, highlighted by a 26% dividend increase. Imperial also committed to a 30% reduction in GHG emissions intensity by 2030, supporting its goal for net-zero emissions by 2050.

Exxon Mobil Corporation (NYSE:XOM) reported a strong fourth quarter in 2021, with earnings of $8.9 billion ($2.08 per share), contributing to a full-year net income of $23 billion ($5.39 per share). The company generated $48 billion of cash flow from operations, enabling significant debt repayment of $20 billion, returning its balance sheet to pre-pandemic levels. Structural cost reductions reached nearly $5 billion since 2019, while Exxon aims for net zero Scope 1 and 2 emissions by 2050. The board approved a $10 billion share buyback program, initiated in early 2022 to enhance shareholder value.

ExxonMobil is streamlining its operations by combining its chemical and downstream businesses and centralizing technology and engineering services, effective April 1. This restructuring aims to enhance customer service, performance, and shareholder value. The company anticipates over $6 billion in cost savings by 2023, driven by the new model and previous efficiency measures. New divisions will focus on sustainable products, with a significant role in reducing emissions and plastic waste. Corporate headquarters will relocate from Irving, Texas, to Houston to boost collaboration.

ExxonMobil has appointed Jennifer Driscoll as vice president of investor relations, effective February 7, succeeding Stephen Littleton, who is retiring after 30 years. Driscoll brings valuable experience from her previous roles at Caterpillar, DuPont, Campbell Soup, and Best Buy. Kathryn Mikells, senior vice president and CFO, expressed optimism about Driscoll's ability to enhance shareholder communication. Littleton's tenure included significant contributions to the company since joining in 1992.

The Board of Directors of Exxon Mobil Corporation declared a cash dividend of $0.88 per share on its Common Stock, payable on March 10, 2022. Shareholders of record as of February 10, 2022 will receive this dividend. This first-quarter dividend matches the previous quarter's amount and reflects the company's commitment to sharing its success with investors, having increased annual dividends for 39 consecutive years.

Exxon Mobil Corporation will release its fourth quarter 2021 financial results on February 1, 2022, at 6:30 a.m. CT. A press release will be available on their official website. CEO Darren Woods, CFO Kathy Mikells, and VP of Investor Relations Stephen Littleton will hold a conference call at 8:30 a.m. CT to discuss the results, accessible via a webcast or by phone. An archive will be provided on their investor relations page.

Imperial Oil has announced plans to reduce its greenhouse gas emissions intensity from oil sands operations by 30% by 2030, using next-generation technologies and carbon capture solutions. The company reaffirms its goal for net zero emissions by 2050, collaborating with governments and industry partners. This initiative builds on a successful 20% reduction in emissions intensity from 2013 to 2016, supported by $2.1 billion invested in research and technology. Imperial is a founding member of the Oil Sands Pathways to Net Zero alliance, aiming to achieve net zero emissions in oil sands operations by 2050.