Imperial Increases Share Repurchase Program

Source: www.gulfoilandgas.com 4/30/2021, Location: North America

Imperial Oil Limited has received final acceptance from the Toronto Stock Exchange (TSX) to amend its normal course issuer bid (NCIB) to increase the number of common shares that it may repurchase.

Under the amendment, the number of common shares that may be repurchased will increase from 50,000 common shares to up to four percent of its 734,076,755 outstanding common shares as of June 15, 2020, or a maximum of 29,363,070 shares during the 12-month period from June 29, 2020 to June 28, 2021. This amended maximum will be reduced by the number of shares purchased from Exxon Mobil Corporation (ExxonMobil), Imperialís majority shareholder, as described below. No other terms of the NCIB have been amended.

Purchases under the amended NCIB are eligible to begin on May 5, 2021. The NCIB will end should the company purchase the maximum allowable number of shares, or on June 28, 2021.

Consistent with the companyís balance sheet strength, low capital requirements and strong cash generation, this amendment reflects the companyís priority and capacity to return cash to shareholders. The normal course issuer bid represents a flexible and tax-efficient way of distributing surplus liquidity to shareholders who choose to participate by selling their shares.

ExxonMobil will be permitted to sell its shares to Imperial outside of, but concurrent with, the NCIB in order to maintain its proportionate share ownership at approximately 69.6 percent. ExxonMobil advised Imperial that it intends to participate, as it has in prior years.

All share purchases will be made through the TSX and through other designated exchanges and published markets in Canada. Shares purchased under the NCIB are restored to the status of authorized but unissued shares.

Under its current NCIB, as of April 29, 2021, Imperial has purchased 6,975 shares on the open market and no shares from ExxonMobil to maintain its proportionate share ownership at 69.6 percent. These purchases were made to eliminate dilution from shares issued in conjunction with Imperialís restricted stock unit plan, representing a total cost of about $170,000 and an average cost of $24.34 per share.


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