Exxon Mobil Corporation - XOM STOCK NEWS

ExxonMobil has reached an agreement to sell most of its non-operated upstream assets in the UK central and northern North Sea to HitecVision's NEO Energy for over $1 billion. The deal includes potential additional payments of approximately $300 million tied to commodity price increases. The transaction covers ownership interests in 14 producing fields, with production of about 38,000 oil-equivalent barrels daily in 2019. ExxonMobil aims to focus on strategic investments in Guyana, the U.S. Permian Basin, Brazil, and LNG to enhance earnings and cash flow while closing the deal is expected by mid-2021.

Exxon Mobil Corporation (NYSE:XOM) has appointed Tan Sri Wan Zulkiflee Wan Ariffin to its board of directors. He previously served as president and CEO of Petronas, where he drove strategic growth and efficiency initiatives. His appointment brings the ExxonMobil board to 11 directors, with 10 being independent. The company continues to seek additional directors with diverse skill sets, emphasizing expertise in climate science and asset management. This leadership change aligns with ExxonMobil’s strategy to enhance its governance and adapt to the evolving energy landscape.

Exxon Mobil Corporation reported a significant loss of $20.1 billion for Q4 2020, equating to $4.70 per share. This loss, driven by the pandemic's impact, resulted in annual earnings dropping substantially from $14.3 billion in 2019 to a loss of approximately $23.3 billion for the year. The company reduced capital expenditures to $21.4 billion, a decrease of $9.8 billion from 2019. Despite challenges, ExxonMobil aims for structural cost savings of $6 billion annually by 2023 while focusing on high-return investments and maintaining dividends.

ExxonMobil has launched a new business, ExxonMobil Low Carbon Solutions, to commercialize its low-carbon technology portfolio, initially focusing on carbon capture and storage (CCS). The company plans to invest $3 billion in lower emission energy solutions by 2025. With over 30 years of experience in CCS, ExxonMobil aims to reduce emissions significantly and is evaluating more than 20 CCS projects globally. The business will also market emission-reduction credits and explore partnerships in innovative energy technologies.

Exxon Mobil Corporation (NYSE:XOM) has elected Len M. Fox as vice president and controller, effective March 1, 2021, succeeding David Rosenthal who will retire around July 1, 2021. Fox, with ExxonMobil since 1988, has held various senior roles, including treasurer for ExxonMobil Chemical Company. Rosenthal has been with the company since 1979, serving as vice president and controller since 2014. ExxonMobil continues to focus on innovation and technology to meet global energy demands, positioning itself as a leading player in the international energy sector.

The Board of Directors of Exxon Mobil Corporation (NYSE:XOM) has declared a cash dividend of $0.87 per share on Common Stock. This dividend is scheduled for payment on March 10, 2021, to shareholders on record as of February 10, 2021. This amount matches the previous quarter's dividend, reflecting the company's consistent commitment to shareholder returns, having shared its success through dividends for over 100 years.

Exxon Mobil Corporation (NYSE:XOM) addressed the nominations by Engine No. 1 for its board at the 2021 annual meeting. The company has been in discussions with Engine No. 1 since mid-December and will evaluate the nominations per its by-laws. ExxonMobil emphasizes its commitment to enhancing long-term shareholder value and addressing climate change with technology initiatives. The company aims to lower costs and improve operational efficiency to boost shareholder returns and maintain a strong dividend.

Exxon Mobil Corporation (NYSE:XOM) will release its fourth quarter 2020 financial results on February 2, 2021. The press release will be available at 6:30 a.m. CT on the company's website. Following this, CEO Darren Woods and VP of Investor Relations Stephen Littleton will host a conference call at 8:30 a.m. CT to review the results. Investors can access the call via webcast or phone. An archive of the call and supplemental financial information will also be provided on the website.

ExxonMobil has announced plans to significantly reduce greenhouse gas emissions by 2025, aiming for a 15-20% decrease in upstream emissions intensity relative to 2016 levels. The strategy includes a 40-50% reduction in methane intensity and a 35-45% decrease in flaring intensity. The company emphasizes support for the Paris Agreement and intends to align with the World Bank's initiative to eliminate routine flaring by 2030. ExxonMobil has invested over $10 billion in lower-emission technologies since 2000 and will provide annual reports on Scope 3 emissions, advocating for comprehensive policies to tackle climate change.