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 a leading integrated Canadian energy company with operations spanning upstream exploration, petroleum refining, and fuels marketing. This news hub provides investors and industry professionals with timely updates on material developments across all business segments.
Access authoritative coverage of earnings announcements, strategic partnerships, operational milestones, and sustainability initiatives. Our curated news collection enables efficient tracking of IMO's market position and management decisions within the evolving energy sector.
Key focus areas include refinery optimization projects, production capacity updates, technological innovations in resource extraction, and regulatory developments affecting Canadian petroleum markets. Content is verified for accuracy and relevance to investor decision-making processes.
Bookmark this page for consolidated access to essential IMO updates, including analysis of quarterly financial performance and competitive positioning within North America's integrated energy landscape.
Imperial Oil has received approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB) to repurchase up to five percent of its outstanding common shares, equaling a maximum of 26,791,840 shares, from June 29, 2024, to June 28, 2025. This program aims to return surplus liquidity to shareholders and manage share dilution from stock units. The NCIB will also include purchases from ExxonMobil to maintain its 69.6% ownership. Share purchases will occur through the TSX and alternative trading systems in Canada.
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.
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.
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