Exxon Mobil Corporation - XOM STOCK NEWS

Imperial Oil (TSE: IMO, NYSE American: IMO) has declared a quarterly dividend of 60 cents per share for the third quarter of 2024. This dividend, payable on October 1, 2024, to shareholders of record as of September 4, 2024, remains unchanged from the second quarter 2024 dividend. Imperial has maintained a consistent dividend payment record for over a century and has increased its annual dividend for 29 consecutive years. As Canada's largest petroleum refiner and a major crude oil producer, Imperial continues to demonstrate financial stability and growth in the Canadian petroleum industry.

Imperial announced its Q2 2024 financial results, highlighting a net income of CAD $1,133 million, up from CAD $675 million in Q2 2023. The company reported a cash flow from operating activities of CAD $1,629 million, a significant increase compared to CAD $885 million in the same period last year. Upstream production averaged 404,000 barrels per day, the highest in over 30 years. Key production sites, Kearl and Cold Lake, achieved notable outputs.

Downstream operations saw a refinery capacity utilization of 89%, with successful turnarounds at Strathcona and Sarnia refineries. The company returned CAD $321 million to shareholders through dividends and renewed its share repurchase program, aiming to buy back up to 5% of outstanding shares. Imperial declared a quarterly dividend of 60 cents per share.

Capital and exploration expenditures totaled CAD $462 million, slightly down from CAD $493 million in Q2 2023.

ExxonMobil announced its Q2 2024 earnings, delivering $9.2 billion in earnings, up from $8.2 billion in Q1.

The Pioneer merger contributed $0.5 billion to earnings, boosting production by 15% (574,000 barrels/day). Year-to-date earnings were $17.5 billion, down from $19.3 billion in 2023. The company declared a third-quarter dividend of $0.95 per share.

ExxonMobil advanced in new businesses, signing a CCS agreement for 5.5 million metric tons of CO2 and an MOU with SK On for 100,000 metric tons of lithium. The company also announced the world's largest planned virtually carbon-free hydrogen project, capturing 98% of CO2 emissions.

Capital and exploration expenditures were $7 billion this quarter, totaling $12.9 billion year-to-date. Shareholder distributions reached $16.3 billion, with a $20 billion share repurchase plan through 2025.

ExxonMobil (NYSE: XOM) has announced the release date for its second quarter 2024 financial results. The company will publish a press release on Friday, August 2, 2024, at 5:30 a.m. CT, available on their investor relations website. A live conference call will follow at 7:30 a.m. CT, featuring Darren Woods (Chairman and CEO), Kathy Mikells (Senior VP and CFO), and Jim Chapman (VP, Treasurer and Investor Relations).

Investors can access the call via webcast or by phone using the provided toll-free and local numbers. An archive replay and presentation materials will be made available on ExxonMobil's investor website after the call.

Imperial Oil (TSE: IMO, NYSE American: IMO) has announced its 2024 Second Quarter Earnings Call, scheduled for Friday, August 2, following the company's second quarter earnings release. The call will be hosted by Brad Corson, chairman, president and CEO, and Peter Shaw, vice-president of investor relations. The event starts at 9 a.m. MT and will be accessible via webcast.

Investors can register for the live webcast, which will remain available for one year on Imperial's website. In case of technical difficulties with the EDGAR system, the earnings information will be available on Imperial's website or Canada's SEDAR+ system. Imperial, Canada's largest petroleum refiner and a major crude oil producer, continues to lead in applying technology and innovation to responsibly develop Canada's energy resources.

ExxonMobil (NYSE: XOM) has signed a non-binding memorandum of understanding (MOU) with SK On to potentially supply up to 100,000 metric tons of Mobil™ Lithium for U.S.-based EV battery manufacturing. This agreement aims to boost domestic lithium production and supports energy security, U.S. manufacturing jobs, and reduced carbon emissions. The lithium will come from ExxonMobil's project in Arkansas, which uses Direct Lithium Extraction (DLE) technology. This partnership aligns with ExxonMobil's goal to supply lithium for about one million EV batteries annually by 2030. SK On's U.S. plants, including two in Georgia and four upcoming facilities, are expected to reach an annual production capacity of over 180 GWh post-2025, enough to power approximately 1.7 million EVs.

ExxonMobil (NYSE: XOM) and Air Liquide have announced an agreement to produce low-carbon hydrogen and ammonia at ExxonMobil's Baytown, Texas facility. This collaboration aims to advance the low-carbon hydrogen market, utilizing Air Liquide's pipeline network for transportation. Air Liquide will also build and operate four Large Modular Air separation units, supplying significant amounts of oxygen and nitrogen, primarily using low-carbon electricity. The project, pending supportive government policies and regulatory permits, is set to produce 1 billion cubic feet of hydrogen daily and 1 million tons of ammonia annually, capturing over 98% of associated CO2 emissions. This initiative aligns with the goal of decarbonizing industrial operations along the U.S. Gulf Coast.

Imperial Oil has received approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB) to repurchase up to five percent of its outstanding common shares, equaling a maximum of 26,791,840 shares, from June 29, 2024, to June 28, 2025. This program aims to return surplus liquidity to shareholders and manage share dilution from stock units. The NCIB will also include purchases from ExxonMobil to maintain its 69.6% ownership. Share purchases will occur through the TSX and alternative trading systems in Canada.

Craig Morford, Vice President, General Counsel, and Secretary for Exxon Mobil (NYSE: XOM), has announced his retirement, effective July 1, 2024. The Board of Directors has elected Jeff Taylor as his successor. Morford joined ExxonMobil in 2019, bringing over 20 years of experience from the Department of Justice and the private sector. During his tenure, he provided significant legal expertise to the company's strategic priorities. Taylor, who will assume his new role in May 2024, comes from Fox and has an extensive background in corporate governance and legal affairs.

He has previously served in various governmental roles and key legal positions at General Motors and Raytheon.