Exxon Mobil Corporation - XOM STOCK NEWS

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.

ExxonMobil has updated its business strategy, prioritizing capital spending on high-value assets, notably in Guyana and the U.S. Permian Basin. CEO Darren Woods highlighted improved exploration successes and reduced development costs, which enhance the company's investment portfolio. ExxonMobil plans capital expenditures of $16 billion to $19 billion in 2021 and aims to double earnings by 2027. Notably, a non-cash impairment charge of $17 billion to $20 billion will result from removing less strategic assets from its development plan. The company anticipates improved cash flow conditions despite ongoing COVID-19 challenges.

Exxon Mobil Corporation (NYSE:XOM) reported a third-quarter 2020 loss of $680 million, equating to a loss of $0.15 per share, significantly impacted by COVID-19 related demand declines. Capital expenditures reached $4.1 billion, down from $7.7 billion in the previous year. Oil-equivalent production was 3.7 million barrels per day, up 1% from Q2 2020. The company expects 2021 capital spending to range between $16 billion and $19 billion, optimizing costs and exploring structural efficiencies. ExxonMobil is progressing projects in Guyana, adding to estimated recoverable resources of nearly 9 billion barrels.

Exxon Mobil Corporation (NYSE:XOM) has declared a cash dividend of $0.87 per share, scheduled for payment on December 10, 2020. Shareholders of record as of November 12, 2020 will receive this dividend, which maintains the same level as the third-quarter dividend. Exxon Mobil has a long-standing tradition of returning value to its shareholders, having done so for over 100 years.

Exxon Mobil Corporation (NYSE:XOM) will announce its third quarter 2020 financial results on October 30, 2020. The press release will be available at 6:30 a.m. CT via Business Wire. A conference call led by senior executives Andrew Swiger, Jack Williams, and Stephen Littleton will follow at 8:30 a.m. CT to discuss the results. Investors can access the call via a webcast or by phone. An archived replay and presentation materials will be accessible on the company's investor relations page.

Exxon Mobil Corporation (NYSE:XOM) announced the retirement of Randall Ebner, vice president and general counsel, effective November 1, 2020, after over 40 years with the company. Craig Morford, currently deputy general counsel, has been elected to succeed him. Ebner joined Exxon in 1980 and held various leadership roles, including chief attorney for ExxonMobil Chemical Company. Morford, who joined ExxonMobil in 2019, has extensive experience with the U.S. Department of Justice and served as Chief Legal and Compliance Officer for Cardinal Health.

ExxonMobil (NYSE:XOM) has made a final investment decision to develop the Payara field offshore Guyana, following government approvals. The $9 billion project aims to produce up to 220,000 barrels of oil daily, starting in 2024, and targets an estimated 600 million oil-equivalent barrels. The Stabroek Block has over 8 billion recoverable barrels identified. ExxonMobil's developments are expected to enhance local employment and investment, with over $300 million spent on local businesses since 2015.