Imperial Oil Limited - IMO STOCK NEWS

Imperial reported Q3 2024 net income of $1,237 million, down from $1,601 million in Q3 2023. The company achieved record upstream production of 447,000 gross oil-equivalent barrels per day, the highest third quarter in over 30 years. Kearl production matched its highest-ever Q3 at 295,000 barrels per day. Cold Lake production reached 147,000 barrels per day, boosted by Grand Rapids project. Refinery utilization was 90% amid planned turnarounds. The company returned $1,528 million to shareholders through $322 million in dividends and $1,206 million in share repurchases.

Imperial Oil (TSE: IMO, NYSE American: IMO) has announced its upcoming 2024 Third Quarter Earnings Call, scheduled for Friday, November 1. The call will be hosted by Brad Corson, chairman, president and CEO, and Peter Shaw, vice-president of investor relations, following the company's third quarter earnings release that morning.

The event will begin at 9 a.m. MT and will be accessible via webcast. Mr. Corson will provide brief remarks before taking questions from Imperial's covering analysts. The webcast will be available for one year on the company's website. In case of technical difficulties with the EDGAR system, investors are advised to check Imperial's website or Canada's SEDAR+ system for the earnings information.

Imperial Oil (TSE: IMO, NYSE American: IMO) has declared a quarterly dividend of 60 cents per share for the third quarter of 2024. This dividend, payable on October 1, 2024, to shareholders of record as of September 4, 2024, remains unchanged from the second quarter 2024 dividend. Imperial has maintained a consistent dividend payment record for over a century and has increased its annual dividend for 29 consecutive years. As Canada's largest petroleum refiner and a major crude oil producer, Imperial continues to demonstrate financial stability and growth in the Canadian petroleum industry.

Imperial announced its Q2 2024 financial results, highlighting a net income of CAD $1,133 million, up from CAD $675 million in Q2 2023. The company reported a cash flow from operating activities of CAD $1,629 million, a significant increase compared to CAD $885 million in the same period last year. Upstream production averaged 404,000 barrels per day, the highest in over 30 years. Key production sites, Kearl and Cold Lake, achieved notable outputs.

Downstream operations saw a refinery capacity utilization of 89%, with successful turnarounds at Strathcona and Sarnia refineries. The company returned CAD $321 million to shareholders through dividends and renewed its share repurchase program, aiming to buy back up to 5% of outstanding shares. Imperial declared a quarterly dividend of 60 cents per share.

Capital and exploration expenditures totaled CAD $462 million, slightly down from CAD $493 million in Q2 2023.

Imperial Oil (TSE: IMO, NYSE American: IMO) has announced its 2024 Second Quarter Earnings Call, scheduled for Friday, August 2, following the company's second quarter earnings release. The call will be hosted by Brad Corson, chairman, president and CEO, and Peter Shaw, vice-president of investor relations. The event starts at 9 a.m. MT and will be accessible via webcast.

Investors can register for the live webcast, which will remain available for one year on Imperial's website. In case of technical difficulties with the EDGAR system, the earnings information will be available on Imperial's website or Canada's SEDAR+ system. Imperial, Canada's largest petroleum refiner and a major crude oil producer, continues to lead in applying technology and innovation to responsibly develop Canada's energy resources.

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.