Exxon Mobil Stock Price, News & Analysis

ExxonMobil has announced a significant step in developing the world's largest low-carbon hydrogen production facility, expected to produce 1 billion cubic feet of low-carbon hydrogen daily by 2027-2028.

The project, based at the Baytown integrated complex, aims to capture over 98% of associated CO₂ emissions, equating to approximately 7 million metric tons annually.

ExxonMobil plans to finalize investment decisions by 2024, with ongoing discussions for offtake agreements with third-party customers, and a projection of up to 30% emissions reduction from its Baytown operations.

Imperial has announced a significant investment of $720 million to construct Canada’s largest renewable diesel facility at its Strathcona refinery near Edmonton. Expected to produce over 1 billion litres annually, this project aims to help reduce greenhouse gas emissions by approximately 3 million tonnes per year. The facility will utilize locally sourced feedstocks and low-carbon hydrogen, boosting the local economy by creating around 600 direct construction jobs. The project aligns with British Columbia's emission reduction plans and is anticipated to commence production in 2025.

ExxonMobil Corporation will announce its fourth quarter 2022 financial results on Tuesday, January 31, 2023, at 5:30 a.m. CT. A press release will be available via www.exxonmobil.com. Key executives, including Darren Woods (CEO), Kathy Mikells (CFO), and Jennifer Driscoll (VP of Investor Relations), will discuss the results during a live conference call at 7:30 a.m. CT. The call can be accessed via webcast or at designated phone numbers for listeners in the US and internationally.

Energy Vault Holdings, Inc. (NYSE: NRGV) has appointed Theresa Fariello to its Board of Directors, effective February 1, 2023, succeeding Henry Elkus. Fariello brings vast experience from her roles at United Airlines and ExxonMobil, particularly in government affairs and public policy. The CEO, Robert Piconi, emphasized her expertise will enhance the company's strategy, particularly in leveraging opportunities from recent U.S. legislation, including the Inflation Reduction Act. Fariello expressed her commitment to helping the company address climate change through innovative energy storage solutions.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) will host its Fourth Quarter Earnings Call on January 31, 2022, at 9 a.m. MT. CEO Brad Corson and VP of Investor Relations Dave Hughes will discuss the earnings report released earlier that morning, followed by a Q&A session. Investors can register for the live webcast here. The call's details will also be available on the company's website and through Canada’s SEDAR system if technical issues arise during the earnings filing.

Imperial has announced its corporate guidance outlook for 2023, focusing on maximizing asset performance and growth initiatives while prioritizing shareholder returns. The company plans to spend $1.7 billion on capital projects, including the Strathcona Renewable Diesel project and Cold Lake's solvent technologies. Production is expected between 410,000 and 430,000 gross oil equivalent barrels per day, driven by strong performance in oil sands assets. Refinery throughput is forecasted at 395,000 to 405,000 barrels per day, with utilization rates of 92% to 94%.

ExxonMobil has successfully launched one of North America's largest advanced recycling facilities in Baytown, Texas, capable of processing over 80 million pounds of plastic waste annually. This initiative supports a circular economy by transforming hard-to-recycle plastics into raw materials for new products. The company plans to expand its global capacity to recycle 1 billion pounds of used plastics by 2026. Since pilot operations began, ExxonMobil has already recycled nearly 15 million pounds of plastic waste, demonstrating its commitment to sustainability and addressing plastic waste challenges.

Imperial Oil Limited has completed its buyback of 20,689,655 common shares at $72.50 each for a total of $1.5 billion. This represents 3.4% of Imperial’s outstanding shares as of October 31, 2022. The buyback was oversubscribed, with auction tenders getting approximately 45% of shares accepted. ExxonMobil, as the majority shareholder, maintained its 69.6% ownership by tendering 14,399,985 shares. Immediate payments for shares will be settled by December 20, 2022. Each repurchased share triggers a deemed dividend of $70.75, designated as an eligible dividend under the Canadian Income Tax Act.

Imperial Oil Limited announced the preliminary results of its substantial issuer bid, offering to buy back up to $1.5 billion of its common shares through a modified Dutch auction. The tender price ranged from $72.50 to $87.00 per share, with the Offer expiring on December 9, 2022. Preliminary calculations indicate that approximately 20.7 million shares will be purchased at $72.50 each, representing 3.4% of outstanding shares. Following the Offer, Exxon Mobil Corporation will maintain a 69.6% ownership stake.