Imperial Oil Stock Price, News & Analysis

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.

Exxon Mobil Corporation (NYSE:XOM) reported third-quarter 2022 earnings of $19.7 billion, or $4.68 per share, aided by rigorous cost control and increased production, particularly with record levels in the Permian. Cash flow reached $24.4 billion with free cash flow hitting $22 billion. The company declared a dividend of $0.91 per share, marking 40 consecutive years of growth. It also signed a landmark agreement for carbon capture aiming to store up to 2 million metric tons of CO2 annually.

FLO and Imperial have announced a collaboration to expand the electric vehicle (EV) charging network in Canada, supporting the country's net-zero greenhouse gas emissions goals. The partnership will allow Esso- and Mobil-branded gas stations to offer FLO charging services. This initiative aims to enhance the deployment of EV charging stations, generating financial benefits for FLO and improving charging access nationwide. Both companies emphasize the importance of lower-emission technologies in achieving Canada's climate objectives.

Imperial Oil will host its Q3 2022 Earnings Call on October 28 at 9 a.m. MT, following the earnings release that morning. Chairman and CEO Brad Corson will make opening remarks before a Q&A session with analysts. Interested parties can register for the webcast via the link provided. The call will be accessible for one year on Imperial's website. If technical issues arise, updates will be available on the company's site or on SEDAR. Imperial Oil emphasizes its role as Canada's largest petroleum refiner and commitment to high standards across its operations.