Imperial declares third quarter 2024 dividend

Rhea-AI Summary

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.

Positive

• Maintained quarterly dividend at 60 cents per share
• 29 consecutive years of annual dividend increases
• Over a century of consistent dividend payments

Negative

• None.

Insights

Financial Analyst

Imperial Oil's announcement of a $0.60 per share quarterly dividend for Q3 2024 maintains the company's steady dividend policy. This consistency is noteworthy, especially given the volatile nature of the oil and gas sector. The dividend yield, while modest, reflects Imperial's commitment to shareholder returns amidst industry challenges.

What's particularly impressive is Imperial's track record of 29 consecutive years of dividend increases. This places the company in an elite group of Canadian Dividend Aristocrats, showcasing its financial resilience and strong cash flow generation capabilities. For investors, this consistency provides a reliable income stream, which is especially valuable in uncertain economic times.

However, it's important to note that the lack of a dividend increase this quarter might raise questions about the company's growth prospects or financial constraints. While maintaining the dividend is positive, some investors might have hoped for an increase, given the generally improved conditions in the energy sector compared to recent years.

From a broader perspective, Imperial's ability to maintain its dividend through various market cycles underscores its strong balance sheet and efficient operations. This financial stability positions the company well to navigate future challenges in the evolving energy landscape, including potential shifts towards renewable energy sources.

Energy Sector Analyst

Imperial Oil's dividend announcement, while routine, offers a window into the current state of the Canadian oil and gas sector. The maintained dividend of $0.60 per share suggests a cautious optimism within the industry. Despite improved oil prices compared to the lows of recent years, companies like Imperial are prioritizing financial prudence over aggressive shareholder returns.

This conservative approach likely reflects ongoing uncertainties in the global energy market, including:

• Volatile oil prices due to geopolitical tensions and supply chain disruptions
• Increasing pressure for decarbonization and the transition to cleaner energy sources
• Potential regulatory changes affecting the Canadian oil sands, where Imperial has significant operations

Imperial's position as Canada's largest petroleum refiner provides it with a degree of vertical integration, which can help buffer against some market volatility. However, the company's heavy involvement in oil sands production also presents long-term challenges as the world moves towards lower-carbon energy solutions.

The company's commitment to "applying technology and innovation to responsibly develop Canada's energy resources" will be important in navigating this transition. Investors should watch for Imperial's investments in cleaner technologies and any shifts in its long-term strategy to adapt to changing energy landscapes.

CALGARY, Alberta--(BUSINESS WIRE)-- Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 60 cents per share on the outstanding common shares of the company, payable on October 1, 2024, to shareholders of record at the close of business on September 4, 2024.

This third quarter 2024 dividend compares with the second quarter 2024 dividend of 60 cents per share.

Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 29 consecutive years.

Source: Imperial

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240802467017/en/

Investor relations

(587) 962-4401

Media relations

(587) 476-7010

Source: Imperial

FAQ

What is Imperial Oil's (IMO) dividend for the third quarter of 2024?

Imperial Oil (IMO) declared a quarterly dividend of 60 cents per share for the third quarter of 2024.

When will Imperial Oil (IMO) pay its third quarter 2024 dividend?

Imperial Oil (IMO) will pay its third quarter 2024 dividend on October 1, 2024, to shareholders of record as of September 4, 2024.

Has Imperial Oil (IMO) changed its dividend compared to the previous quarter?

No, Imperial Oil (IMO) has maintained its dividend at 60 cents per share, unchanged from the second quarter of 2024.

How long has Imperial Oil (IMO) been paying dividends?

Imperial Oil (IMO) has been paying dividends for over a century, demonstrating a long history of financial stability.