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Exxon Mobil Corporation reports developments across an integrated energy and petrochemical business organized around Upstream, Product Solutions and Low Carbon Solutions. Company updates commonly address earnings, cash flow, production, refining and product sales, chemical and lubricant markets, LNG activity, supply-chain optimization and portfolio performance across global operations.
Recurring announcements also include dividends, share repurchases, investor conference appearances, emissions-reduction plans for operated assets, CO2 pipeline and lower-emissions technology initiatives, and governance matters submitted to shareholders. The company describes itself as a large publicly traded international energy and petrochemical company serving customers in more than 180 countries.
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.
Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced a substantial issuer bid to purchase up to $1.5 billion of its common shares via a modified Dutch auction. The tender price range is set between $72.50 and $87.00 per share. The Offer will commence on November 4, 2022 and close on December 9, 2022, with approximately 3.4% of issued shares subject to the bid. ExxonMobil, the majority shareholder, plans to make a proportionate tender to maintain its 69.6% ownership following the Offer.
Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced a quarterly dividend of 44 cents per share for Q4 2022, scheduled for payment on January 1, 2023, to shareholders recorded by the end of business on December 2, 2022. This is an increase from the 34 cents dividend in Q3 2022. With a history of over a century in dividend payments and a commitment to sustainability, Imperial Oil has raised its annual dividend for 28 consecutive years, reaffirming its financial stability in Canada’s petroleum industry.
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.