Welcome to our dedicated page for ExxonMobil news (Ticker: XOM), a resource for investors and traders seeking the latest updates and insights on ExxonMobil stock.
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.
ExxonMobil has signed an Expression of Interest to enhance its participation in the Acorn carbon capture and storage project in Scotland, capturing CO2 emissions from its Fife Ethylene Plant. This follows a prior agreement for emissions from St Fergus gas terminals. The Acorn project aims to capture and store 10 million metric tons of CO2 annually by 2030, potentially rising to 20 million by the mid-2030s. Recent infrastructure upgrades at Fife improve emissions reductions, aligning with the company's commitment to low-carbon solutions.
ExxonMobil has made significant discoveries in the Stabroek Block offshore Guyana, adding to its recoverable resource estimate of approximately 9 billion oil equivalent barrels. The Pinktail well encountered 220 feet of high-quality hydrocarbon-bearing sandstone, while the Turbot-2 well revealed 43 feet of additional net pay. The Liza Unity FPSO vessel, set to begin production in early 2022, has a capacity of 220,000 barrels per day. ExxonMobil aims to have at least six projects operational by 2027, enhancing its resource base and value for shareholders.
ExxonMobil has initiated the certification process for natural gas at its Poker Lake facility in New Mexico, becoming the company’s first site for such certification. This process will adhere to stringent criteria set by the independent validator MiQ, aimed at validating ExxonMobil's efforts to reduce methane emissions. The certified natural gas could be available to customers by Q4 2021, as ExxonMobil seeks to enhance its operational transparency and support its clients' emissions goals while promoting a lower-carbon future.
ExxonMobil has launched its Renewable Diesel process technology (EMRD) aimed at converting renewable feedstocks like vegetable oils and animal fats into renewable diesel. This two-stage process enhances yield and control compared to traditional methods, meeting advanced cold-flow specifications. The technology also holds potential for jet fuel production. Enhanced efficiency is demonstrated through the use of the BIDW™ dewaxing catalyst, showcasing superior performance in various conditions. ExxonMobil is also exploring advanced solutions for tailoring jet fuel and diesel production, catering to growing market demands.
Imperial plans to construct a renewable diesel facility at its Strathcona refinery in Alberta, capable of producing 20,000 barrels (3 million liters) of renewable diesel daily by 2024. This project aims to cut annual CO2 emissions by 3 million tonnes, equivalent to removing 650,000 vehicles from the roads. The Government of British Columbia supports this initiative under low-carbon fuel legislation, potentially creating 600 direct jobs. The facility will utilize blue hydrogen in its production process, aligning with Canada's efforts to achieve net-zero emissions by 2050.
ExxonMobil's affiliate, Imperial Oil Ltd., is advancing plans to produce renewable diesel at its Strathcona refinery in Edmonton, Canada. The facility aims to generate 20,000 barrels of renewable diesel daily by 2024, potentially reducing CO2 emissions by 3 million metric tons annually. The project incorporates carbon capture and storage and low-carbon hydrogen technologies, utilizing plant-based feedstock. Final investment decisions will depend on market conditions and governmental support, with construction set to create approximately 600 jobs.
Exxon Mobil Corporation (NYSE:XOM) reported second-quarter 2021 earnings of $4.7 billion, or $1.10 per share, a significant recovery from a loss of $1.1 billion in Q2 2020. Capital expenditures for the quarter were $3.8 billion, totaling $6.9 billion for the first half of 2021, in line with a lower activity plan. Oil-equivalent production decreased by 2% to 3.6 million barrels per day, while the Chemical segment achieved record earnings of $2.3 billion. The company aims for higher spending in the second half, targeting major projects in Guyana and Brazil, and is progressing in low-carbon initiatives to align with energy transition goals.
The Board of Directors of Exxon Mobil Corporation declared a cash dividend of $0.87 per share on the Common Stock, payable on September 10, 2021. Shareholders of record will be those holding shares at the close of business on August 13, 2021. This dividend remains consistent with the second quarter of 2021 and marks over 100 years of the company sharing its success with shareholders.
ExxonMobil has announced a significant oil discovery at the Whiptail-1 well in the Stabroek Block offshore Guyana, encountering 246 feet of net pay in high-quality oil-bearing sandstone. Whiptail-2 is also underway, with 167 feet of net pay found so far. The company aims to develop at least six projects by 2027, with the Liza Destiny FPSO currently producing 120,000 barrels per day. Local economic contributions include over $388 million spent with local firms, reflecting positive local engagement and a growing workforce.
Exxon Mobil Corporation (NYSE:XOM) is set to release its second quarter 2021 financial results on July 30, 2021, at 6:30 a.m. CT. The financial data will be disseminated through a press release via Business Wire. A live conference call to review these results will be hosted by CEO Darren Woods and other executives at 8:30 a.m. CT the same day. Participants can join the call through a webcast or by phone, using confirmation code 3168506. An archive of the call and supplemental financial data will be available on the company's investor relations website.