Exxon Mobil Stock Price, News & Analysis

ExxonMobil (XOM) reported third-quarter 2024 earnings of $8.6 billion, or $1.92 per share. The company achieved its highest liquids production in over 40 years at 3.2 million barrels per day and delivered record high-value product sales volumes, up 10% year-to-date. Cash flow from operating activities was $17.6 billion with free cash flow of $11.3 billion. The company returned $9.8 billion to shareholders and increased its fourth-quarter dividend by 4% to $0.99 per share. Year-to-date earnings were $26.1 billion, down from $28.4 billion in 2023, mainly due to lower refining margins and natural gas prices.

ExxonMobil (NYSE: XOM) has announced the release date for its third quarter 2024 financial results. The company will issue a press release on Friday, November 1, 2024, at 5:30 a.m. CT, available at investor.exxonmobil.com. A live conference call will be held at 8:30 a.m. CT, featuring:

• Darren Woods, Chairman and CEO
• Kathy Mikells, Senior VP and CFO
• Jim Chapman, VP, Treasurer and Investor Relations

Investors can access the call via webcast or by calling (877) 400-0505 (Toll-free) or (786) 789-4835 (Local), using passcode 3923895. An archive replay and presentation materials will be available on the investor website after the call.

Imperial Oil (TSE: IMO, NYSE American: IMO) has announced its upcoming 2024 Third Quarter Earnings Call, scheduled for Friday, November 1. The call will be hosted by Brad Corson, chairman, president and CEO, and Peter Shaw, vice-president of investor relations, following the company's third quarter earnings release that morning.

The event will begin at 9 a.m. MT and will be accessible via webcast. Mr. Corson will provide brief remarks before taking questions from Imperial's covering analysts. The webcast will be available for one year on the company's website. In case of technical difficulties with the EDGAR system, investors are advised to check Imperial's website or Canada's SEDAR+ system for the earnings information.

ExxonMobil has secured the largest offshore carbon dioxide (CO2) storage lease in the U.S., covering over 271,000 acres in Texas state waters. This agreement with the Texas General Land Office (GLO) complements ExxonMobil's onshore CO2 storage portfolio and strengthens the U.S. Gulf Coast's position as a carbon capture and storage (CCS) leader.

The lease will directly benefit the Texas Permanent School Fund, enhancing education for Texas children while reducing emissions and promoting community development. ExxonMobil, which operates the largest CO2 pipeline network in the U.S., is well-positioned to leverage its infrastructure and storage space to deliver an end-to-end CCS solution.

This move aligns with ExxonMobil's commitment to CCS and its growing roster of customers ready to deploy the technology, driving substantial emissions reductions along the Gulf Coast.

Texas Pacific Land (NYSE: TPL) has announced the acquisition of Permian oil and gas mineral and royalty interests for $286 million in cash. The acquisition spans approximately 7,490 net royalty acres (NRA), primarily in the Midland Basin, with over 80% adjacent to or overlapping existing TPL surface and royalty acreage. The assets have a current production of about 1,300 barrels of oil equivalent per day (78% liquids).

Key points:

• Exxon Mobil and Diamondback Energy operate approximately 66% of the acreage
• Twelve rigs currently running on the footprint
• Expected to generate a double-digit cash flow yield in the next twelve months
• Over half of the Drilling and Spacing Units have development, offering growth potential
• Acquisition aims to enhance TPL's free cash flow per share and increase shareholder return of capital

ADNOC has agreed to acquire a 35% equity stake in ExxonMobil's (NYSE: XOM) proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas. The facility, expected to be the world's largest of its kind, aims to produce up to 1 billion cubic feet of low-carbon hydrogen daily and over 1 million tons of low-carbon ammonia annually, with 98% of CO2 removed. This strategic partnership supports both companies' net-zero ambitions and aims to accelerate decarbonization in hard-to-abate sectors. The project, contingent on regulatory approvals, anticipates a final investment decision in 2025 and startup in 2029. It promises substantial economic benefits for Baytown, the Houston area, and Texas, creating U.S. jobs and supporting community development initiatives.

ExxonMobil (NYSE: XOM) has announced that Dan Ammann, President of Low Carbon Solutions, will participate in a fireside chat at Barclay's 38th Annual CEO Energy-Power Conference. The event is scheduled for September 5, 2024, at 8:00 a.m. ET in New York.

Interested parties can access the live webcast through a provided link. For those unable to attend, an archived audio recording of the webcast will be made available on the ExxonMobil website approximately 24 hours after the event concludes.

This presentation at a major energy conference suggests ExxonMobil's continued focus on low carbon solutions and their commitment to engaging with investors and industry leaders on this topic.

Imperial Oil (TSE: IMO, NYSE American: IMO) has declared a quarterly dividend of 60 cents per share for the third quarter of 2024. This dividend, payable on October 1, 2024, to shareholders of record as of September 4, 2024, remains unchanged from the second quarter 2024 dividend. Imperial has maintained a consistent dividend payment record for over a century and has increased its annual dividend for 29 consecutive years. As Canada's largest petroleum refiner and a major crude oil producer, Imperial continues to demonstrate financial stability and growth in the Canadian petroleum industry.

Imperial announced its Q2 2024 financial results, highlighting a net income of CAD $1,133 million, up from CAD $675 million in Q2 2023. The company reported a cash flow from operating activities of CAD $1,629 million, a significant increase compared to CAD $885 million in the same period last year. Upstream production averaged 404,000 barrels per day, the highest in over 30 years. Key production sites, Kearl and Cold Lake, achieved notable outputs.

Downstream operations saw a refinery capacity utilization of 89%, with successful turnarounds at Strathcona and Sarnia refineries. The company returned CAD $321 million to shareholders through dividends and renewed its share repurchase program, aiming to buy back up to 5% of outstanding shares. Imperial declared a quarterly dividend of 60 cents per share.

Capital and exploration expenditures totaled CAD $462 million, slightly down from CAD $493 million in Q2 2023.