Exxon Mobil Corporation - XOM STOCK NEWS

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.

ExxonMobil Chemical Company has finalized a $1.15 billion agreement to sell its global Santoprene™ business to Celanese. This transaction includes two major manufacturing sites located in Pensacola, Florida, and Newport, Wales, alongside associated operations and intellectual property. The sale aligns with ExxonMobil's strategy to concentrate on primary olefin derivatives. The deal is expected to close in Q4 2021, subject to regulatory approvals. Employees affected by the sale will transition to Celanese roles.

ExxonMobil announced the results of its 2021 Annual Meeting of Shareholders, confirming the composition of its board of directors. New members include Michael Angelakis, Susan Avery, and others, while Douglas Oberhelman, Sam Palmisano, and Wan Zulkiflee will depart. CEO Darren Woods expressed gratitude to departing members and emphasized the board's commitment to enhancing shareholder value and navigating the energy transition. For more details, a Form 8-K/A will be filed with the SEC and can be accessed via ExxonMobil's investor relations website.

ExxonMobil announced a significant discovery at Longtail-3 in the Stabroek Block, offshore Guyana, which encountered 230 feet (70 meters) of high-quality hydrocarbon-bearing reservoirs. This discovery, located approximately two miles south of Longtail-1, expands the resource potential in the area. The company aims to leverage its competitive advantages in ongoing exploration with two additional drillships deployed for further evaluation. Longtail-3 complements recent discoveries at Uaru-2, potentially enhancing resource estimates in Guyana.

ExxonMobil announced preliminary results from its annual meeting held on May 26, 2021, where shareholders are expected to elect nine of its nominees and three from Engine No. 1. CEO Darren Woods emphasized the commitment to enhance long-term shareholder value and navigate towards a lower-carbon future. The nine re-elected directors include Woods and eight others, while Engine No. 1 nominees include Gregory Goff, Kaisa Hietala, and Alexander Karsner. The preliminary results await certification by the independent inspector of elections and will be detailed in a Form 8-K filing with the SEC.