Exxon Mobil Corporation - XOM STOCK NEWS

Imperial plans to construct a renewable diesel facility at its Strathcona refinery in Alberta, capable of producing 20,000 barrels (3 million liters) of renewable diesel daily by 2024. This project aims to cut annual CO₂ emissions by 3 million tonnes, equivalent to removing 650,000 vehicles from the roads. The Government of British Columbia supports this initiative under low-carbon fuel legislation, potentially creating 600 direct jobs. The facility will utilize blue hydrogen in its production process, aligning with Canada's efforts to achieve net-zero emissions by 2050.

ExxonMobil's affiliate, Imperial Oil Ltd., is advancing plans to produce renewable diesel at its Strathcona refinery in Edmonton, Canada. The facility aims to generate 20,000 barrels of renewable diesel daily by 2024, potentially reducing CO₂ emissions by 3 million metric tons annually. The project incorporates carbon capture and storage and low-carbon hydrogen technologies, utilizing plant-based feedstock. Final investment decisions will depend on market conditions and governmental support, with construction set to create approximately 600 jobs.

Exxon Mobil Corporation (NYSE:XOM) reported second-quarter 2021 earnings of $4.7 billion, or $1.10 per share, a significant recovery from a loss of $1.1 billion in Q2 2020. Capital expenditures for the quarter were $3.8 billion, totaling $6.9 billion for the first half of 2021, in line with a lower activity plan. Oil-equivalent production decreased by 2% to 3.6 million barrels per day, while the Chemical segment achieved record earnings of $2.3 billion. The company aims for higher spending in the second half, targeting major projects in Guyana and Brazil, and is progressing in low-carbon initiatives to align with energy transition goals.

The Board of Directors of Exxon Mobil Corporation declared a cash dividend of $0.87 per share on the Common Stock, payable on September 10, 2021. Shareholders of record will be those holding shares at the close of business on August 13, 2021. This dividend remains consistent with the second quarter of 2021 and marks over 100 years of the company sharing its success with shareholders.

ExxonMobil has announced a significant oil discovery at the Whiptail-1 well in the Stabroek Block offshore Guyana, encountering 246 feet of net pay in high-quality oil-bearing sandstone. Whiptail-2 is also underway, with 167 feet of net pay found so far. The company aims to develop at least six projects by 2027, with the Liza Destiny FPSO currently producing 120,000 barrels per day. Local economic contributions include over $388 million spent with local firms, reflecting positive local engagement and a growing workforce.

Exxon Mobil Corporation (NYSE:XOM) is set to release its second quarter 2021 financial results on July 30, 2021, at 6:30 a.m. CT. The financial data will be disseminated through a press release via Business Wire. A live conference call to review these results will be hosted by CEO Darren Woods and other executives at 8:30 a.m. CT the same day. Participants can join the call through a webcast or by phone, using confirmation code 3168506. An archive of the call and supplemental financial data will be available on the company's investor relations website.

ExxonMobil and SABIC's joint venture, Gulf Coast Growth Ventures, has achieved mechanical completion of its monoethylene glycol and polyethylene units in Corpus Christi, Texas, ahead of schedule, with startup anticipated in Q4 2021. The project has generated over 600 permanent jobs with an average salary of $90,000, alongside 6,000 construction jobs. With a projected economic output of $50 billion in six years, GCGV's operations will include a 1.8 million metric ton ethane steam cracker, producing 1,100 kilotons of monoethylene glycol and 1,300 kilotons of polyethylene annually.

Andrew Swiger, senior vice president of Exxon Mobil Corporation (NYSE:XOM), will retire on Sept. 1 after 43 years with the company. Kathryn Mikells, former CFO at Diageo, will succeed him as senior vice president and chief financial officer starting Aug. 9. Swiger's tenure included key leadership roles across various operations, enhancing ExxonMobil's production capabilities globally. Mikells brings extensive financial expertise from her previous positions at Diageo, United Airlines, and Xerox, aiming to strengthen ExxonMobil's strategies and shareholder value.

ExxonMobil has signed a Memorandum of Understanding to join the Acorn carbon capture and storage (CCS) project in Scotland. The initiative aims to capture and store 5-6 million tons of CO₂ annually by 2030, contributing significantly to the UK’s goal of 10 million tons per year. The project could later expand to over 20 million tons by the mid-2030s. ExxonMobil, a leader in CCS technology, also joined NECCUS, an alliance focusing on reducing industrial carbon emissions in Scotland. The company emphasizes its commitment to addressing energy needs while reducing operational emissions.