Exxon Mobil Corporation - XOM STOCK NEWS

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.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) will host its 2022 Investor Day on March 10 at 8 a.m. MT, featuring updates on operations and business strategy. CEO Brad Corson and VP of Investor Relations Dave Hughes will lead the session, which includes a Q&A segment. Interested parties can register for a live webcast, which will be accessible for one year on the company’s website. Imperial is Canada’s largest petroleum refiner and a significant crude oil producer, committed to high operational standards and innovation.

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.