Exxon Mobil Stock Price, News & Analysis

Craig Morford, Vice President, General Counsel, and Secretary for Exxon Mobil (NYSE: XOM), has announced his retirement, effective July 1, 2024. The Board of Directors has elected Jeff Taylor as his successor. Morford joined ExxonMobil in 2019, bringing over 20 years of experience from the Department of Justice and the private sector. During his tenure, he provided significant legal expertise to the company's strategic priorities. Taylor, who will assume his new role in May 2024, comes from Fox and has an extensive background in corporate governance and legal affairs.

He has previously served in various governmental roles and key legal positions at General Motors and Raytheon.

Imperial's CEO, Brad Corson, recently spoke to the federal Standing Committee on Environment and Sustainable Development, emphasizing the company's commitments to energy security, economic benefits, and emission reductions.

The company aims for net-zero scope 1 and 2 emissions by 2050 and has already reduced GHG intensity by 10% since 2016. Key initiatives include the use of renewable diesel and carbon capture, with plans to further reduce GHG intensity by 30% by 2030.

Imperial's major projects involve $720 million investments in a renewable diesel facility in Edmonton and exploration of lithium extraction for EV batteries. The company's long-term strategy integrates public policy, technology, and investment, aiming for a lower-emission future while ensuring energy security.

Imperial has commenced oil production using new technology at its Grand Rapids project, located in Cold Lake. This marks the first commercial deployment of the solvent-assisted, steam-assisted gravity drainage (SA-SAGD) technology. The project is expected to reduce greenhouse gas emissions intensity by up to 40% compared to existing methods. Production will ramp up to 15,000 barrels per day. This initiative supports Imperial's goal to cut emissions intensity at its oil sands operations by 30% by 2030. The technology uses a lighter oil mixed with steam for more efficient oil recovery. Imperial aims to transition 40% of its production to this lower-emission technology by 2030.

Mobil 1 has partnered with the new racing franchise Lollipop to bring a unique streaming series combining professional racing with interactive storytelling. Created by Feature and led by David Ayer, Lollipop will feature 10 races in different cities globally, with the first episode launching in late 2024.

This series will give fans multiple ways to engage, from traditional streaming to interactive experiences. Mobil 1's advanced motor oils will be integrated into the storyline, enhancing race car performance for competing teams. The collaboration also includes promotions like the Mobil 1 Lollipop Racing Helmet, offering fans early access to exclusive content.

This initiative coincides with Mobil 1's 50th anniversary, celebrating its legacy in automotive technology and motorsports. The partnership aims to revolutionize the fan experience by blending advanced technology, storytelling, and global automotive culture.

ExxonMobil has appointed Maria Jelescu Dreyfus to its Board of Directors, effective May 3, 2024. Ms. Dreyfus is the CEO and founder of Ardinall Investment Management, specializing in sustainable investing and resilient infrastructure. Her extensive financial background and sustainability expertise will enhance the board's skillset and align with ExxonMobil's strategy for shareholder value growth.

ExxonMobil has completed the acquisition of Pioneer Natural Resources, transforming its upstream portfolio by doubling its Permian footprint. The merger combines Pioneer's acreage and expertise with ExxonMobil's technologies and project development capabilities. The companies aim to achieve double-digit returns, increase production volume, and transition to net-zero emissions by 2035.

Pioneer Natural Resources, listed on NYSE under PXD, responds to FTC settlement complaint in relation to its proposed merger with ExxonMobil. The company disagrees with the FTC's allegations directed at Mr. Sheffield, but is not taking steps to block the merger. Mr. Sheffield's career focus has been on the interests of investors, employees, and the U.S. energy industry. He believes the FTC misunderstands the oil markets and his actions. Pioneer has doubled its daily production from 346,000 to 715,000 barrels of oil equivalent from 2019 to 2023, contributing significantly to U.S. energy supplies.

Imperial Oil (TSE: IMO, NYSE American: IMO) announced the successful election of all seven director nominees at its annual meeting of shareholders. With 488,715,570 shares represented, each director received overwhelming support from shareholders. The company reaffirmed its position as a pioneer in technological innovation within Canada's energy sector.

Imperial announced the appointment of Cheryl Gomez-Smith as Senior Vice President, Upstream, effective May 1, 2024, succeeding Simon Younger. Younger has been appointed Lead Country Manager and General Manager Australia Conventional, ExxonMobil Upstream. Cheryl Gomez-Smith brings extensive global experience and expertise to the role, focusing on operational performance, production growth, and cost reduction.