Imperial Oil Limited - IMO STOCK NEWS

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) will host its 2022 Second Quarter Earnings Call on Friday, July 29, at 9 a.m. MT. CEO Brad Corson will lead the call, providing brief remarks before addressing questions from analysts. The call follows the release of the company's second-quarter earnings earlier that day. Interested parties can register for the live webcast here, which will also be available on the company's website for one year.

Imperial has announced the sale of XTO Energy Canada to Whitecap Resources for $1.9 billion, with Imperial's share being $940 million. The transaction is expected to close by the end of Q3 2022, pending regulatory approvals. This sale aligns with Imperial's strategy to concentrate on key oil sands assets, enhancing its focus on upstream resources. The assets sold include significant acreage in Montney and Duvernay shales, producing approximately 140 million cubic feet of natural gas daily and 9,000 barrels of liquids.

Imperial Oil Limited has received approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB) to repurchase up to 31,833,809 shares, representing 5% of its total outstanding shares, over the next 12 months starting June 29, 2022. The NCIB aims to utilize excess cash and mitigate share dilution, with ExxonMobil expected to sell its shares concurrently to maintain its 69.6% ownership stake. This follows a previous repurchase program where Imperial bought 35,583,671 shares for approximately $1.529 billion.

Imperial Oil and E3 Lithium have announced a collaboration to advance a lithium-extraction pilot project at the Clearwater site in Alberta. The project aims to commercialize battery-grade lithium extracted from the historic Leduc oil field, a significant source for Canada's lithium industry. Imperial will provide CAD $6.35 million in funding and technical support for the project, which could produce around 20,000 tonnes of lithium hydroxide annually. This partnership underscores a commitment to economic diversification and sustainability while enhancing E3 Lithium's innovative extraction technology.

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.