Imperial Oil Limited (IMO)

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today the preliminary results of its substantial issuer bid (the “Offer”), pursuant to which Imperial offered to purchase for cancellation up to $1.5 billion of its common shares (the “Shares”). The Offer proceeded by way of a modified Dutch auction, which had a tender price range from $78.50 per Share to $94.00 per Share, and included the option for shareholders to participate via a proportionate tender. The Offer expired at 5:00 p.m. (Calgary time) on December 8, 2023. All amounts are in Canadian dollars.

IMPERIAL OIL LIMITED, TSE: IMO, NYSE American: IMO

ValueTheMarkets News Commentary: The global hydrocarbon market is inherently volatile. Faced with fluctuating oil prices, geopolitical tensions, and shifting consumer demands, hydrocarbon companies are dealing with an array of formidable challenges. Now it’s time to zoom in on unique opportunities as many of the traditional fossil fuel giants find growth opportunities are restricted to diversification into costly renewables. These legacy players like Occidental Petroleum Corporation (NYSE: OXY), Hess Corporation (NYSE: HES), and Imperial Oil Limited (TSX: IMO) (NYSEAMERICAN: IMO) are responding to market volatility with a commitment to sustainability, efficiency, and meeting the evolving energy needs of consumers. This is all well and good, but the upside opportunity is limited.

Imperial (TSE: IMO, NYSE American: IMO) announced today that J.R. (Jon) Wetmore, currently Vice President, Downstream and Chemicals for Imperial will become the Americas Fuels Value Chain Planning & Business Development Manager for Exxon Mobil Corporation, effective May 1, 2023.

Imperial Oil Limited (TSE: IMO, NYSE American: IMO):

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today that it has received final acceptance from the Toronto Stock Exchange (TSX) for a normal course issuer bid (NCIB) to repurchase up to five percent of its 711,673,439 outstanding common shares as of June 15, 2021, or a maximum of 35,583,671 shares during the next 12 months. This maximum will be reduced by the number of shares purchased from Exxon Mobil Corporation (ExxonMobil), Imperial’s majority shareholder, as described below.