Welcome to our dedicated page for Imperial Oil news (Ticker: IMO), a resource for investors and traders seeking the latest updates and insights on Imperial Oil stock.
Imperial Oil Limited (IMO) is an integrated Canadian oil company with operations spanning the exploration and production of crude oil and natural gas, petroleum refining, and petrochemical manufacturing. This news page aggregates Imperial’s own updates and market announcements, giving readers a focused view of how the company’s strategy and operations evolve over time.
Imperial’s news flow frequently covers Upstream performance at assets such as Kearl, Cold Lake and its share of Syncrude, including production levels, reliability improvements, mine progression and solvent-assisted SAGD projects. The company also reports on Downstream refinery throughput and utilization, planned and completed turnarounds at refineries like Strathcona, Sarnia and Nanticoke, and developments in logistics and feedstock flexibility that affect margins and resilience.
Investors following IMO news will also see regular financial and capital allocation updates. Imperial issues quarterly earnings releases detailing net income, cash flows from operating activities, capital and exploration expenditures, and segment results. The company announces dividends, highlights its long history of annual dividend payments and dividend growth, and provides information on normal course issuer bid share repurchase programs, including participation by its majority shareholder, ExxonMobil.
Another recurring theme in Imperial’s news is its focus on lower-emission opportunities and technology. The company reports on projects such as its renewable diesel facility at the Strathcona refinery and describes initiatives in carbon capture and storage, hydrogen and lower-emission fuels. Restructuring announcements and guidance updates also outline how Imperial plans to use digital infrastructure and global business and technology centres to support cost management and growth.
By reviewing this news feed, readers can monitor Imperial’s production trends, refining performance, dividend declarations, share repurchases, restructuring actions and guidance updates, all of which the company presents as key elements of its long-term strategy.
Imperial Oil (NYSE American: IMO) announced plans to market its 50% interest in XTO Energy Canada, a joint venture with ExxonMobil Canada. This includes substantial assets in the Montney and Duvernay shale areas of Alberta, covering 568,000 net acres in Montney and 85,000 net acres in Duvernay. Net production from these assets totals approximately 140 million cubic feet of natural gas and 9,000 barrels of oil per day. The company continues operations as normal during this evaluation, retaining RBC Capital Markets as a financial advisor.
ExxonMobil has acquired a 49.9% stake in Biojet AS, a Norwegian company focused on producing lower-emissions biofuels from wood waste. This agreement allows ExxonMobil to purchase up to 3 million barrels of biofuels annually. Biojet AS plans to build five facilities, with commercial production starting in 2025.
The project is expected to significantly reduce greenhouse gas emissions in the transportation sector, meeting advanced fuel requirements in Norway and the EU. ExxonMobil continues its commitment to invest in lower-emission energy solutions.
Imperial Oil has updated its corporate guidance for 2022, emphasizing a strategy focused on maximizing asset performance and prioritizing shareholder returns. Capital expenditure is projected at $1.4 billion, supporting key projects such as the Kearl in-pit tailings and Sarnia products pipeline. Upstream production is estimated between 425,000 and 440,000 barrels per day, with Kearl aiming for 280,000 barrels daily ahead of schedule. Downstream throughput is expected to be 395,000 to 405,000 barrels per day with utilization rates at 92% to 94%.
Imperial Oil Limited (NYSE: IMO) announced its plan to accelerate share buybacks under its normal course issuer bid (NCIB). The company can repurchase up to 35,583,671 shares by January 2022, having already bought 11,956,028 shares as of October 2021. With an average purchase price of $42.70, the accelerated plan could return over $1 billion to shareholders. The company emphasizes its commitment to shareholder returns through dividends and share repurchases, evaluating further options for cash return.
Imperial Oil Limited (TSE: IMO, NYSE American: IMO) has declared a quarterly dividend of 27 cents per share, payable on January 1, 2022, to shareholders of record on December 3, 2021. This dividend remains unchanged from the third quarter of 2021. With over a century of operation, Imperial has consistently paid dividends and has increased its annual payment for 27 consecutive years. As Canada's largest petroleum refiner, Imperial is committed to responsible energy development and maintaining high standards across its operations.
Imperial Oil Limited reported a net income of $908 million for Q3 2021, significantly up from $3 million in Q3 2020. The company achieved cash flow from operating activities of $1,947 million, driven by increased production and strong commodity prices. With average production of 435,000 barrels per day, this marks the highest third-quarter output in over 30 years. Shareholders benefited from over $500 million returned through dividends and share repurchases. The company also announced plans for a renewable diesel complex, enhancing its commitment to lower-carbon fuels.
Exxon Mobil Corporation reported a Q3 2021 net income of $6.8 billion, a significant increase from a $680 million loss in Q3 2020. The earnings per share stood at $1.57. Cash flow from operations totaled $12.1 billion, supporting capital investments and a dividend increase to $0.88 per share. Anticipated annual capital investments are projected between $20 billion and $25 billion, with a fourfold increase in low-carbon spending. The company aims to execute a $10 billion share repurchase program starting in 2022, signaling strong financial management and a commitment to shareholder returns.
Imperial Oil Limited (TSE: IMO, NYSE American: IMO) has announced its 2021 Third Quarter Earnings Call, scheduled for October 29 at 9 a.m. MT. CEO Brad Corson will provide brief remarks before addressing analyst questions. This call follows the company's earnings release earlier that morning, allowing investors to gauge Imperial's financial performance.
Imperial remains a leader in Canada's energy sector, focusing on innovation and technology in petroleum refining, crude oil production, and petrochemicals.
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.