Imperial Oil Limited - IMO STOCK NEWS

Imperial Oil Limited (NYSE American: IMO) has completed its share buyback, purchasing 32,467,532 shares at $77.00 each, totaling $2.5 billion. This acquisition represents 4.9% of the company's outstanding shares as of May 2, 2022. The buyback was oversubscribed, with 96% of tendered shares accepted, including a proportionate tender from majority shareholder ExxonMobil, maintaining its 69.6% ownership. Shareholders will receive a deemed dividend of $75.25 per share. Payment will occur by June 21, 2022.

Imperial Oil Limited (NYSE: IMO) announced the preliminary results of its substantial issuer bid, offering to purchase up to $2.5 billion of its common shares. The offer utilized a modified Dutch auction with a price range of $62.00 to $78.00 per share and expired on June 10, 2022. The company expects to buy approximately 32.5 million shares at $77.00 each, representing 4.9% of its outstanding shares. Shareholders tendering at or below the purchase price will experience a prorated buyback, while ExxonMobil maintains a 69.6% ownership post-offer.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) reported that all seven director nominees were elected at its annual shareholders meeting on May 3, 2022. A total of 606,381,191 shares, representing 90.62% of outstanding shares, were voted. The voting results for each nominee show strong support, with over 540 million votes in favor for each director. Imperial continues to assert its position as Canada's largest petroleum refiner and a major crude oil producer, committed to high standards in the development of energy resources.

Imperial Oil Limited has announced a substantial issuer bid to purchase for cancellation up to $2.5 billion of its common shares. The offer, which will use a modified Dutch auction format, is expected to commence on May 6, 2022 and remain open until June 10, 2022. The purchase price per share will range from $62.00 to $78.00. ExxonMobil, holding approximately 69.6% of shares, plans to participate proportionately to maintain its ownership stake.

Imperial Oil Limited (TSE: IMO, NYSE: IMO) has announced a quarterly dividend of 34 cents per share, payable on July 1, 2022, to shareholders of record by June 2, 2022. This dividend remains unchanged from the first quarter of 2022. Imperial boasts over a century of consistent dividend payments, with an impressive track record of increasing its annual dividend for 27 consecutive years. As Canada's largest petroleum refiner and a key player in crude oil production, Imperial maintains high operational standards while focusing on sustainable energy development.

Imperial Oil Limited (TSE: IMO, NYSE: IMO) has authorized a substantial issuer bid to purchase up to $2.5 billion of its common shares. The bid, recommended by a special committee of independent directors, will be launched within two weeks and completed by the end of June 2022. Shareholders can tender their shares via a modified Dutch auction or a proportionate tender. Exxon Mobil Corporation, Imperial's majority shareholder, plans to maintain its stake of approximately 69.6% following the offer. The offer is subject to obtaining necessary regulatory approvals in Canada and the U.S.

Imperial Oil reported a record first quarter net income of $1,173 million, marking the highest in over 30 years, primarily driven by favorable market conditions. Upstream income totaled $782 million, while downstream income reached $389 million. Operating cash flow was $1,914 million, with free cash flow of $1,635 million. Despite upstream production averaging 380,000 barrels per day affected by cold weather, refinery utilization was strong at 93%. The company declared a 34 cents per share dividend and announced plans for a $2.5 billion share buyback.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) will host a 2022 First Quarter Earnings Call on April 29 at 9 a.m. MT. CEO Brad Corson and VP of Investor Relations Dave Hughes will discuss the company's earnings released that morning. The event will be accessible via webcast and will remain available for a year following the call.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) will host its 2022 Investor Day on March 10 at 8 a.m. MT, featuring updates on operations and business strategy. CEO Brad Corson and VP of Investor Relations Dave Hughes will lead the session, which includes a Q&A segment. Interested parties can register for a live webcast, which will be accessible for one year on the company’s website. Imperial is Canada’s largest petroleum refiner and a significant crude oil producer, committed to high operational standards and innovation.