Exxon Mobil Corporation (NYSE: XOM) announced today that the securities commissions for the provinces of Alberta and Ontario have issued a decision document (the Decision), which has the effect of granting ExxonMobil exemptive relief from the disclosure requirements contained in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101).
As a result of the Decision, and provided that certain conditions set out in the Decision are met on an on-going basis, ExxonMobil will not be required to comply with the requirements of NI 51-101 and, accordingly, will not be required to file Form 51-101F1 – Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 – Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor and Form 51-101F3 – Report of Management and Directors on Oil and Gas Disclosure. In lieu of such filings, ExxonMobil is permitted, pursuant to the Decision, to provide disclosure in respect of its oil and gas activities in the form permitted by, and in accordance with, the legal requirements of the United States Securities and Exchange Commission, the United States Securities Act 1933, as amended, the United States Securities Exchange Act of 1934, as amended, the United States Sarbanes-Oxley Act of 2002 and the rules of the New York Stock Exchange (collectively, the U.S. Rules). ExxonMobil is required to file such disclosure with the securities regulatory authority or regulator in each of the provinces of Canada as soon as practicable after such disclosure is filed pursuant to the U.S. Rules.
Readers should be aware that ExxonMobil’s future disclosure relating to its oil and gas activities will comply with the U.S. Rules rather than NI 51-101 and the Canadian Oil and Gas Evaluation Handbook. The U.S. Rules differ in a number of respects from the disclosure otherwise required under NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and readers are urged to consider these differences when considering all future disclosures made by ExxonMobil relating to its oil and gas activities.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.
ExxonMobil’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.
With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050. To learn more, visit exxonmobil.com and ExxonMobil’s Advancing Climate Solutions.
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