Imperial Oil Stock Price, News & Analysis

Imperial has announced a significant investment of $720 million to construct Canada’s largest renewable diesel facility at its Strathcona refinery near Edmonton. Expected to produce over 1 billion litres annually, this project aims to help reduce greenhouse gas emissions by approximately 3 million tonnes per year. The facility will utilize locally sourced feedstocks and low-carbon hydrogen, boosting the local economy by creating around 600 direct construction jobs. The project aligns with British Columbia's emission reduction plans and is anticipated to commence production in 2025.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) will host its Fourth Quarter Earnings Call on January 31, 2022, at 9 a.m. MT. CEO Brad Corson and VP of Investor Relations Dave Hughes will discuss the earnings report released earlier that morning, followed by a Q&A session. Investors can register for the live webcast here. The call's details will also be available on the company's website and through Canada’s SEDAR system if technical issues arise during the earnings filing.

Imperial has announced its corporate guidance outlook for 2023, focusing on maximizing asset performance and growth initiatives while prioritizing shareholder returns. The company plans to spend $1.7 billion on capital projects, including the Strathcona Renewable Diesel project and Cold Lake's solvent technologies. Production is expected between 410,000 and 430,000 gross oil equivalent barrels per day, driven by strong performance in oil sands assets. Refinery throughput is forecasted at 395,000 to 405,000 barrels per day, with utilization rates of 92% to 94%.

Imperial Oil Limited has completed its buyback of 20,689,655 common shares at $72.50 each for a total of $1.5 billion. This represents 3.4% of Imperial’s outstanding shares as of October 31, 2022. The buyback was oversubscribed, with auction tenders getting approximately 45% of shares accepted. ExxonMobil, as the majority shareholder, maintained its 69.6% ownership by tendering 14,399,985 shares. Immediate payments for shares will be settled by December 20, 2022. Each repurchased share triggers a deemed dividend of $70.75, designated as an eligible dividend under the Canadian Income Tax Act.

Imperial Oil Limited announced the preliminary results of its substantial issuer bid, offering to buy back up to $1.5 billion of its common shares through a modified Dutch auction. The tender price ranged from $72.50 to $87.00 per share, with the Offer expiring on December 9, 2022. Preliminary calculations indicate that approximately 20.7 million shares will be purchased at $72.50 each, representing 3.4% of outstanding shares. Following the Offer, Exxon Mobil Corporation will maintain a 69.6% ownership stake.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced a substantial issuer bid to purchase up to $1.5 billion of its common shares via a modified Dutch auction. The tender price range is set between $72.50 and $87.00 per share. The Offer will commence on November 4, 2022 and close on December 9, 2022, with approximately 3.4% of issued shares subject to the bid. ExxonMobil, the majority shareholder, plans to make a proportionate tender to maintain its 69.6% ownership following the Offer.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced a quarterly dividend of 44 cents per share for Q4 2022, scheduled for payment on January 1, 2023, to shareholders recorded by the end of business on December 2, 2022. This is an increase from the 34 cents dividend in Q3 2022. With a history of over a century in dividend payments and a commitment to sustainability, Imperial Oil has raised its annual dividend for 28 consecutive years, reaffirming its financial stability in Canada’s petroleum industry.

Imperial Oil Limited (NYSE:IMO) announced a substantial issuer bid to purchase up to $1.5 billion of its common shares, pending necessary approvals in Canada and the U.S. The Offer is expected to start in two weeks and conclude by the end of December 2022. Shareholders can participate through a modified Dutch auction or proportionate tender, maintaining their ownership levels. ExxonMobil, as the majority shareholder, plans to make a proportionate tender to keep its ownership at approximately 69.6%. The company is a leading oil and gas producer in Canada, involved in all industry phases.

Imperial reported a net income of $2,031 million for Q3 2022, up from $908 million in Q3 2021. Cash flow from operating activities rose to $3,089 million. The upstream production averaged 430,000 gross oil-equivalent barrels per day, driven by Kearl's recovery post-turnaround. The company achieved 100% refinery capacity utilization, marking a 40-year high. Debt was reduced by $1 billion following XTO asset sales, and a 29% increase in quarterly dividends was announced. Plans for a $1.5 billion share buyback were also introduced.