Exxon Mobil Stock Price, News & Analysis

Imperial Oil Limited (NYSE:IMO) announced a substantial issuer bid to purchase up to $1.5 billion of its common shares, pending necessary approvals in Canada and the U.S. The Offer is expected to start in two weeks and conclude by the end of December 2022. Shareholders can participate through a modified Dutch auction or proportionate tender, maintaining their ownership levels. ExxonMobil, as the majority shareholder, plans to make a proportionate tender to keep its ownership at approximately 69.6%. The company is a leading oil and gas producer in Canada, involved in all industry phases.

Imperial reported a net income of $2,031 million for Q3 2022, up from $908 million in Q3 2021. Cash flow from operating activities rose to $3,089 million. The upstream production averaged 430,000 gross oil-equivalent barrels per day, driven by Kearl's recovery post-turnaround. The company achieved 100% refinery capacity utilization, marking a 40-year high. Debt was reduced by $1 billion following XTO asset sales, and a 29% increase in quarterly dividends was announced. Plans for a $1.5 billion share buyback were also introduced.

Exxon Mobil Corporation (NYSE:XOM) reported third-quarter 2022 earnings of $19.7 billion, or $4.68 per share, aided by rigorous cost control and increased production, particularly with record levels in the Permian. Cash flow reached $24.4 billion with free cash flow hitting $22 billion. The company declared a dividend of $0.91 per share, marking 40 consecutive years of growth. It also signed a landmark agreement for carbon capture aiming to store up to 2 million metric tons of CO2 annually.

Exxon Mobil Corporation will announce its third quarter 2022 financial results on October 28, 2022, at 5:30 a.m. CT. Following the release, a live conference call will be held at 7:30 a.m. CT, featuring CEO Darren Woods, CFO Kathy Mikells, and VP of Investor Relations Jennifer Driscoll. Investors can join the call by phone or via a webcast. Archive details will be available on ExxonMobil's IR page.

ExxonMobil announced significant advancements in its offshore activities in Guyana, with approximately 360,000 barrels per day production in Q3 and a target of over one million barrels per day by 2030. The company reported two new discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block, contributing to a total of over 30 discoveries since 2015. The first two sanctioned projects have exceeded production expectations, while a third, Payara, is set for startup by the end of 2023. ExxonMobil's commitment to responsible development is evident as it aims to meet global energy demands.

ExxonMobil has announced the sale of the Billings refinery and select midstream assets to Par Pacific Holdings. This transaction includes the Silvertip pipeline and interests in the Yellowstone pipeline and product terminals in Montana and Washington. The deal will allow ExxonMobil to focus on higher-value manufacturing, while employees will be offered positions at Par Pacific. The sale is expected to close in Q2 2023, subject to regulatory approvals. Par Pacific will maintain the Exxon and Mobil-branded service stations in the region.

FLO and Imperial have announced a collaboration to expand the electric vehicle (EV) charging network in Canada, supporting the country's net-zero greenhouse gas emissions goals. The partnership will allow Esso- and Mobil-branded gas stations to offer FLO charging services. This initiative aims to enhance the deployment of EV charging stations, generating financial benefits for FLO and improving charging access nationwide. Both companies emphasize the importance of lower-emission technologies in achieving Canada's climate objectives.

Imperial Oil will host its Q3 2022 Earnings Call on October 28 at 9 a.m. MT, following the earnings release that morning. Chairman and CEO Brad Corson will make opening remarks before a Q&A session with analysts. Interested parties can register for the webcast via the link provided. The call will be accessible for one year on Imperial's website. If technical issues arise, updates will be available on the company's site or on SEDAR. Imperial Oil emphasizes its role as Canada's largest petroleum refiner and commitment to high standards across its operations.

EnLink Midstream has signed a transportation service agreement (TSA) with ExxonMobil to utilize its pipeline network for carbon dioxide delivery in Louisiana. The agreement allows for an ultimate capacity of 10 million metric tonnes per year, starting with 3.2 million metric tonnes in early 2025. This project aims to support decarbonization efforts in a region emitting approximately 80 million metric tonnes of CO₂ annually. Both companies see this as a vital step toward reducing emissions and meeting environmental goals.