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 announced an oil discovery at the Uaru-2 well in the Stabroek Block, offshore Guyana, enhancing its previously estimated recoverable resources of approximately 9 billion oil-equivalent barrels. The Uaru-2 well encountered 120 feet of high-quality oil-bearing reservoirs at a water depth of 5,659 feet. With plans for at least six projects by 2027, ExxonMobil continues to invest in Guyana's economy, having spent approximately US$388 million with over 800 local companies since 2015. The anticipated start-up of the Liza Phase 2 project is on target for 2022.
ExxonMobil has released an investor presentation outlining its strategy focused on increasing earnings, maintaining dividends, reducing debt, and investing in lower-emission technologies. The company is committed to enhancing its Low Carbon Solutions business, which includes carbon capture and storage, hydrogen, and biofuels, aiming to tap into multi-trillion dollar markets by 2040. ExxonMobil reported a 52% total shareholder return over the past year, outperforming peers in terms of capital returns and dividend growth.
Exxon Mobil Corporation (NYSE:XOM) will announce its first quarter 2021 financial results on April 30, 2021, at 6:30 a.m. CT. The results will be available via a press release on www.exxonmobil.com. Following the release, a conference call hosted by Darren Woods, CEO, and Stephen Littleton, VP of Investor Relations, will take place at 8:30 a.m. CT. Investors can access the call through a webcast or by phone. An archive will be accessible post-event.
ExxonMobil and Porsche are collaborating to test advanced biofuels and renewable eFuels, aiming for consumer adoption of lower-carbon alternatives. The initial Esso Renewable Racing Fuel blend, primarily composed of advanced biofuels, is set to be tested during the 2021 Porsche Mobil 1 Supercup race series. Future iterations will include eFuels, expected to reduce greenhouse gas emissions by up to 85%. This partnership reflects both companies' commitment to sustainable energy, with ExxonMobil investing $3 billion in lower-emission solutions and Porsche investing $17.9 billion in electromobility by 2025.
ExxonMobil has filed its definitive proxy statement and a letter to shareholders, requesting support for its 12 director nominees during the 2021 annual meeting on May 26. CEO Darren Woods emphasizes the board's diverse expertise in areas crucial to ExxonMobil's future, including climate change and capital allocation. The company's strategic plans aim to increase earnings and cash flow through 2025, while also focusing on low-carbon technologies. Since 2016, seven independent directors have been added to the board, reinforcing its independence and competence.
ExxonMobil plans to enhance earnings, cash flow, and dividend sustainability while reducing debt through 2025. The CEO highlighted an investment portfolio primed for growth, targeting $16-$19 billion in capital spending for 2021 and $20-$25 billion annually until 2025. Aiming for over 30% returns on investments, ExxonMobil also focuses on carbon capture and low-carbon hydrogen technologies to support emissions reduction goals. Meeting its 2020 emission reduction targets, the company plans a 15-20% reduction in upstream greenhouse gas intensity by 2025, aligning with broader climate goals.
Exxon Mobil Corporation (NYSE:XOM) has announced the appointment of Michael Angelakis and Jeffrey Ubben to its board of directors, expanding the board to 13 members, with 12 being independent. Angelakis brings experience from Comcast, where he oversaw strategic planning and capital allocation. Ubben, co-founder of Inclusive Capital Partners, focuses on shareholder value and ESG practices. CEO Darren Woods noted that their expertise will support ExxonMobil's strategy to enhance shareholder value and lead in the energy transition.
ExxonMobil has completed an initial plant trial of its advanced recycling process aimed at converting plastic waste into high-value polymers at its Baytown, Texas facility. This marks a significant step in ExxonMobil's commitment to address plastic waste while maximizing resource recovery. Plans are in place to scale this technology globally based on trial results. The company has secured ISCC+ certification for its recycled products and intends to market certified circular plastics later this year. Additionally, it has formed a joint venture with Agilyx Corporation focused on enhancing plastic waste processing.
ExxonMobil has reached an agreement to sell most of its non-operated upstream assets in the UK central and northern North Sea to HitecVision's NEO Energy for over $1 billion. The deal includes potential additional payments of approximately $300 million tied to commodity price increases. The transaction covers ownership interests in 14 producing fields, with production of about 38,000 oil-equivalent barrels daily in 2019. ExxonMobil aims to focus on strategic investments in Guyana, the U.S. Permian Basin, Brazil, and LNG to enhance earnings and cash flow while closing the deal is expected by mid-2021.
Exxon Mobil Corporation (NYSE:XOM) has appointed Tan Sri Wan Zulkiflee Wan Ariffin to its board of directors. He previously served as president and CEO of Petronas, where he drove strategic growth and efficiency initiatives. His appointment brings the ExxonMobil board to 11 directors, with 10 being independent. The company continues to seek additional directors with diverse skill sets, emphasizing expertise in climate science and asset management. This leadership change aligns with ExxonMobil’s strategy to enhance its governance and adapt to the evolving energy landscape.