Exxon Mobil Corporation - XOM STOCK NEWS

ExxonMobil Corporation (NYSE: XOM) has acquired Materia, Inc., a leader in high-performance structural materials known for its Nobel Prize-winning polymer technology. This acquisition aims to combine Materia's innovative polymers with ExxonMobil's manufacturing capabilities to scale sustainable structural polymers commercially. Materia's flagship product, Proxima^TM, offers significant performance advantages, especially for industrial applications. The acquisition secures Materia's patents and facilities, with plans to explore expansions into electric vehicle parts and renewable energy applications.

ExxonMobil Chemical Company has acquired California-based Materia, Inc., which developed a Nobel Prize-winning technology to manufacture advanced hydrocarbon-based materials. These materials promise enhanced performance and sustainability, potentially revolutionizing applications in wind turbine blades, electric vehicles, and sustainable construction. Since 2017, ExxonMobil and Materia have collaborated on developing stronger, lighter materials, which could significantly improve renewable energy production and other sectors. ExxonMobil aims to scale these innovations under the Materia brand.

ExxonMobil aims to achieve net-zero greenhouse gas emissions for operated assets in the U.S. Permian Basin by 2030, part of a broader initiative to reduce upstream emissions intensity by 40-50% from 2016 levels. Key strategies include eliminating routine flaring by the end of 2022 and electrifying operations using low-carbon power sources. The company anticipates a 75% reduction in flaring volumes by year-end 2021 compared to 2019. This aligns with global methane reduction goals, supported by investments in technology and independent validation for cleaner natural gas production.

ExxonMobil (NYSE: XOM) has announced plans to invest $15 billion in greenhouse gas emission-reduction projects over six years, supporting its target to double earnings and cash flow by 2027 compared to 2019. The company will maintain capital investments of $20-$25 billion annually through 2027, focusing on low-cost supply and emission-reduction initiatives. ExxonMobil is on track to meet its 2025 greenhouse gas reduction goals ahead of schedule, with new targets for 2030 aiming for significant reductions in emissions intensity.

TechnipFMC (NYSE: FTI) has secured a significant contract from Exxon Mobil Corporation (NYSE: XOM) for the Yellowtail development project. The contract entails supplying a subsea production system, with a project value classified as large (between $500 million and $1 billion). The project includes delivering 51 enhanced vertical deepwater trees, 12 manifolds, and associated tooling and equipment. TechnipFMC plans to enhance local hiring in Guyana, reaffirming its commitment to the region's workforce and capabilities.

Imperial Oil Limited (NYSE: IMO) announced its plan to accelerate share buybacks under its normal course issuer bid (NCIB). The company can repurchase up to 35,583,671 shares by January 2022, having already bought 11,956,028 shares as of October 2021. With an average purchase price of $42.70, the accelerated plan could return over $1 billion to shareholders. The company emphasizes its commitment to shareholder returns through dividends and share repurchases, evaluating further options for cash return.

ExxonMobil has signed a Memorandum of Understanding with Pertamina to explore low-carbon technologies in Indonesia. This collaboration focuses on large-scale carbon capture, utilization, and storage (CCUS), as well as low-carbon hydrogen. The MoU aims to identify suitable CO₂ storage locations and enhance Indonesia's net-zero goals. This partnership comes amid discussions on climate policies at COP 26, highlighting ExxonMobil's commitment to reducing emissions through innovative solutions.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) has declared a quarterly dividend of 27 cents per share, payable on January 1, 2022, to shareholders of record on December 3, 2021. This dividend remains unchanged from the third quarter of 2021. With over a century of operation, Imperial has consistently paid dividends and has increased its annual payment for 27 consecutive years. As Canada's largest petroleum refiner, Imperial is committed to responsible energy development and maintaining high standards across its operations.

Imperial Oil Limited reported a net income of $908 million for Q3 2021, significantly up from $3 million in Q3 2020. The company achieved cash flow from operating activities of $1,947 million, driven by increased production and strong commodity prices. With average production of 435,000 barrels per day, this marks the highest third-quarter output in over 30 years. Shareholders benefited from over $500 million returned through dividends and share repurchases. The company also announced plans for a renewable diesel complex, enhancing its commitment to lower-carbon fuels.