Exxon Mobil Stock Price, News & Analysis

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.

ExxonMobil announced a substantial five-year corporate plan aimed at doubling earnings and cash flow potential by 2027 based on 2019 figures. The company will increase investments in lower-emission initiatives to approximately $17 billion, a 15% rise, while maintaining annual capital expenditures of $20-$25 billion. A share-repurchase program has been expanded to $50 billion through 2024, with $30 billion expected to be distributed to shareholders in 2022. Strategic investments will focus on the U.S. Permian Basin, Guyana, Brazil, and global LNG projects.

Exxon Mobil Corporation announces the appointment of Larry W. Kellner and John D. Harris II to its board of directors. Kellner, former CEO of Continental Airlines and current chairman of Boeing, brings extensive industry experience, particularly in customer safety and lower-emission fuel options. Harris, previously CEO of Raytheon International, adds valuable insights into technology and government policy. Their appointments aim to enhance ExxonMobil's strategy for a sustainable, lower-emissions future, expanding the board to 13 members, 12 of whom are independent.

ExxonMobil has announced the first cargo of liquefied natural gas (LNG) from its $8 billion Coral South floating LNG project in Mozambique. This project is expected to produce 3.4 million metric tons of LNG annually from the Rovuma Basin. The launch of Coral South adds significant volumes to ExxonMobil's LNG portfolio, with plans to nearly double its LNG offerings by 2030. This development marks Mozambique's entry into the global LNG market and promises long-term economic benefits for the region.

ExxonMobil announced the appointment of Jim Chapman as vice president, Tax and Treasurer, effective November 28, 2022. Chapman, who replaces Jaime Spellings, brings extensive experience from his previous roles, including CFO at Dominion Energy. Spellings, with over 31 years at ExxonMobil, is retiring. Chapman's expertise in capital markets is anticipated to strengthen the company's position during the energy transition. Kathy Mikells, CFO, expressed confidence in Chapman's ability to contribute significantly to ExxonMobil's future.