Imperial Oil Limited - IMO STOCK NEWS

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) has announced its 2021 Third Quarter Earnings Call, scheduled for October 29 at 9 a.m. MT. CEO Brad Corson will provide brief remarks before addressing analyst questions. This call follows the company's earnings release earlier that morning, allowing investors to gauge Imperial's financial performance.

Imperial remains a leader in Canada's energy sector, focusing on innovation and technology in petroleum refining, crude oil production, and petrochemicals.

Imperial plans to construct a renewable diesel facility at its Strathcona refinery in Alberta, capable of producing 20,000 barrels (3 million liters) of renewable diesel daily by 2024. This project aims to cut annual CO₂ emissions by 3 million tonnes, equivalent to removing 650,000 vehicles from the roads. The Government of British Columbia supports this initiative under low-carbon fuel legislation, potentially creating 600 direct jobs. The facility will utilize blue hydrogen in its production process, aligning with Canada's efforts to achieve net-zero emissions by 2050.

ExxonMobil's affiliate, Imperial Oil Ltd., is advancing plans to produce renewable diesel at its Strathcona refinery in Edmonton, Canada. The facility aims to generate 20,000 barrels of renewable diesel daily by 2024, potentially reducing CO₂ emissions by 3 million metric tons annually. The project incorporates carbon capture and storage and low-carbon hydrogen technologies, utilizing plant-based feedstock. Final investment decisions will depend on market conditions and governmental support, with construction set to create approximately 600 jobs.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) has declared a quarterly dividend of 27 cents per share on its outstanding common shares, payable on October 1, 2021. This dividend matches the amount from the second quarter of 2021. The company boasts over a century of consistent dividend payments and has increased its annual dividend for 26 consecutive years. As a leading player in the Canadian petroleum industry, Imperial continues to uphold high standards in innovation and technology.

Imperial Oil Limited (IMO) reported a net income of $366 million for Q2 2021, a significant recovery from a net loss of $526 million in Q2 2020. Cash flow from operating activities reached $852 million, compared to ($816 million) in the same period last year. The company saw the highest second-quarter production in over 25 years, averaging 401,000 gross oil-equivalent barrels per day. Shareholders benefited with over $1.3 billion returned through dividends and share repurchases. The outlook shows increased production guidance for Kearl to 265,000 barrels per day.

Imperial Oil Limited (TSE:IMO, NYSE American: IMO) will host its 2021 Second Quarter Earnings Call on July 30 at 9 a.m. MT. CEO Brad Corson and VP of Investor Relations Dave Hughes will present remarks and take questions following the second quarter earnings release. Investors can register for the live webcast, which will also be available for a year on the company's investor relations website, here. Imperial Oil maintains its position as Canada’s largest petroleum refiner and a leader in energy resource development.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) has received approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB) to repurchase up to 35,583,671 shares, representing 5% of its outstanding shares, over the next year starting June 29, 2021. This initiative reflects the company’s strong cash generation and commitment to return capital to shareholders. ExxonMobil, the majority shareholder, plans to sell shares concurrently to maintain its ownership. The previous program expired on June 28, 2021, under which Imperial repurchased 7,522,148 shares.

The Oil Sands Pathways to Net Zero initiative has been launched by Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy, and Suncor Energy, targeting net zero greenhouse gas emissions from oil sands operations by 2050. This collaboration aims to align with Canada's climate goals, including the Paris Agreement commitments. Key components involve a Carbon Capture, Utilization and Storage (CCUS) trunkline linked to a carbon sequestration hub and investment in new technologies. The initiative is anticipated to contribute over $3 trillion to Canada’s GDP in the next 30 years while also creating jobs.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) held its annual shareholder meeting on May 4, 2021, where all seven proposed nominees for the board of directors were elected. A total of 674,344,229 shares, representing 91.86% of outstanding common shares, were cast during the election. Notable votes included David Cornhill receiving 649,845,433 votes in favor and 24,498,796 withheld. Imperial Oil remains dedicated to innovation and high standards in responsibly developing Canada's energy resources as the country’s largest petroleum refiner.