Welcome to our dedicated page for Exxon Mobil news (Ticker: XOM), a resource for investors and traders seeking the latest updates and insights on Exxon Mobil stock.
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.
Track ExxonMobil's latest press releases including quarterly earnings disclosures, operational updates, and strategic initiatives. Our curated collection features verified announcements on production milestones, partnership agreements, and sustainability efforts without editorial commentary.
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.
ExxonMobil has acquired a 49.9% stake in Biojet AS, a Norwegian company focused on producing lower-emissions biofuels from wood waste. This agreement allows ExxonMobil to purchase up to 3 million barrels of biofuels annually. Biojet AS plans to build five facilities, with commercial production starting in 2025.
The project is expected to significantly reduce greenhouse gas emissions in the transportation sector, meeting advanced fuel requirements in Norway and the EU. ExxonMobil continues its commitment to invest in lower-emission energy solutions.
ExxonMobil announced two significant oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana. The Fangtooth-1 well revealed approximately 164 feet of high-quality oil-bearing sandstone, while Lau Lau-1 showed about 315 feet. These findings contribute to the estimated 10 billion oil-equivalent barrels in recoverable resources. The company's strategy of exploring deeper targets supports growth, employing over 3,200 locals and investing more than $540 million with over 800 local companies since 2015.
Imperial Oil has updated its corporate guidance for 2022, emphasizing a strategy focused on maximizing asset performance and prioritizing shareholder returns. Capital expenditure is projected at $1.4 billion, supporting key projects such as the Kearl in-pit tailings and Sarnia products pipeline. Upstream production is estimated between 425,000 and 440,000 barrels per day, with Kearl aiming for 280,000 barrels daily ahead of schedule. Downstream throughput is expected to be 395,000 to 405,000 barrels per day with utilization rates at 92% to 94%.
ExxonMobil has partnered with Scepter, Inc. to implement advanced satellite technology for real-time methane emissions monitoring on a global scale. This collaboration aims to identify methane sources across multiple industries, supporting the Global Methane Pledge to reduce emissions by 30% by 2030. Initial efforts will focus on the Permian Basin, with plans to deploy over 24 satellites to enhance monitoring capabilities. The initiative highlights ExxonMobil's commitment to environmental standards and innovative technology to mitigate greenhouse gas emissions.
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, ProximaTM, 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
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.
