Imperial Oil Plans Substantial Issuer Bid to Buy Up to C$1.5 Billion of Its Shares

By Robb M. Stewart

Imperial Oil plans to return cash to investors with the purchase for cancellation of up to 1.5 billion Canadian dollars ($1.08 billion) of its shares.

Exxon Mobil, the Canadian oil company's majority shareholder, will make a proportionate tender to maintain its stake in Imperial Oil at just under 70% following the substantial issuer bid.

Imperial Oil expects the terms and pricing will be determined and the offer launched during the next two weeks, and will be completed before the end of the year.

The company completed an accelerated normal course issuer program this month, which saw it return more than C$2.3 billion in all to its shareholders.

Imperial Oil's production averaged 423,000 gross oil-equivalent barrels a day in the third quarter, down from 430,000 barrels a day in the same period last year. Adjusting for its sale of XTO Energy Canada, which closed in the third quarter of 2022, the company said its production increased by about 5,000 gross oil-equivalent barrels a day.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

October 27, 2023 08:35 ET (12:35 GMT)

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