Exxon Mobil Corporation - XOM STOCK NEWS

ExxonMobil (NYSE: XOM) and Air Liquide have announced an agreement to produce low-carbon hydrogen and ammonia at ExxonMobil's Baytown, Texas facility. This collaboration aims to advance the low-carbon hydrogen market, utilizing Air Liquide's pipeline network for transportation. Air Liquide will also build and operate four Large Modular Air separation units, supplying significant amounts of oxygen and nitrogen, primarily using low-carbon electricity. The project, pending supportive government policies and regulatory permits, is set to produce 1 billion cubic feet of hydrogen daily and 1 million tons of ammonia annually, capturing over 98% of associated CO2 emissions. This initiative aligns with the goal of decarbonizing industrial operations along the U.S. Gulf Coast.

Imperial Oil has received approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB) to repurchase up to five percent of its outstanding common shares, equaling a maximum of 26,791,840 shares, from June 29, 2024, to June 28, 2025. This program aims to return surplus liquidity to shareholders and manage share dilution from stock units. The NCIB will also include purchases from ExxonMobil to maintain its 69.6% ownership. Share purchases will occur through the TSX and alternative trading systems in Canada.

Craig Morford, Vice President, General Counsel, and Secretary for Exxon Mobil (NYSE: XOM), has announced his retirement, effective July 1, 2024. The Board of Directors has elected Jeff Taylor as his successor. Morford joined ExxonMobil in 2019, bringing over 20 years of experience from the Department of Justice and the private sector. During his tenure, he provided significant legal expertise to the company's strategic priorities. Taylor, who will assume his new role in May 2024, comes from Fox and has an extensive background in corporate governance and legal affairs.

He has previously served in various governmental roles and key legal positions at General Motors and Raytheon.

Imperial's CEO, Brad Corson, recently spoke to the federal Standing Committee on Environment and Sustainable Development, emphasizing the company's commitments to energy security, economic benefits, and emission reductions.

The company aims for net-zero scope 1 and 2 emissions by 2050 and has already reduced GHG intensity by 10% since 2016. Key initiatives include the use of renewable diesel and carbon capture, with plans to further reduce GHG intensity by 30% by 2030.

Imperial's major projects involve $720 million investments in a renewable diesel facility in Edmonton and exploration of lithium extraction for EV batteries. The company's long-term strategy integrates public policy, technology, and investment, aiming for a lower-emission future while ensuring energy security.

Imperial has commenced oil production using new technology at its Grand Rapids project, located in Cold Lake. This marks the first commercial deployment of the solvent-assisted, steam-assisted gravity drainage (SA-SAGD) technology. The project is expected to reduce greenhouse gas emissions intensity by up to 40% compared to existing methods. Production will ramp up to 15,000 barrels per day. This initiative supports Imperial's goal to cut emissions intensity at its oil sands operations by 30% by 2030. The technology uses a lighter oil mixed with steam for more efficient oil recovery. Imperial aims to transition 40% of its production to this lower-emission technology by 2030.

Mobil 1 has partnered with the new racing franchise Lollipop to bring a unique streaming series combining professional racing with interactive storytelling. Created by Feature and led by David Ayer, Lollipop will feature 10 races in different cities globally, with the first episode launching in late 2024.

This series will give fans multiple ways to engage, from traditional streaming to interactive experiences. Mobil 1's advanced motor oils will be integrated into the storyline, enhancing race car performance for competing teams. The collaboration also includes promotions like the Mobil 1 Lollipop Racing Helmet, offering fans early access to exclusive content.

This initiative coincides with Mobil 1's 50th anniversary, celebrating its legacy in automotive technology and motorsports. The partnership aims to revolutionize the fan experience by blending advanced technology, storytelling, and global automotive culture.

ExxonMobil has appointed Maria Jelescu Dreyfus to its Board of Directors, effective May 3, 2024. Ms. Dreyfus is the CEO and founder of Ardinall Investment Management, specializing in sustainable investing and resilient infrastructure. Her extensive financial background and sustainability expertise will enhance the board's skillset and align with ExxonMobil's strategy for shareholder value growth.

ExxonMobil has completed the acquisition of Pioneer Natural Resources, transforming its upstream portfolio by doubling its Permian footprint. The merger combines Pioneer's acreage and expertise with ExxonMobil's technologies and project development capabilities. The companies aim to achieve double-digit returns, increase production volume, and transition to net-zero emissions by 2035.

Pioneer Natural Resources, listed on NYSE under PXD, responds to FTC settlement complaint in relation to its proposed merger with ExxonMobil. The company disagrees with the FTC's allegations directed at Mr. Sheffield, but is not taking steps to block the merger. Mr. Sheffield's career focus has been on the interests of investors, employees, and the U.S. energy industry. He believes the FTC misunderstands the oil markets and his actions. Pioneer has doubled its daily production from 346,000 to 715,000 barrels of oil equivalent from 2019 to 2023, contributing significantly to U.S. energy supplies.