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CALGARY, Alberta — Imperial Oil Restricted (TSE: IMO, NYSE American: IMO) introduced at this time that it has acquired closing acceptance from the Toronto Inventory Trade (TSX) for a traditional course issuer bid (NCIB) to repurchase as much as 5 p.c of its 509,044,963 excellent widespread shares as of June 15, 2025, or a most of 25,452,248 shares throughout the subsequent 12 months. This most can be decreased by the variety of shares bought from ExxonMobil, Imperial’s majority shareholder, as described beneath.
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The brand new one-year program will start on June 29, 2025, and can finish ought to the corporate buy the utmost allowable variety of shares, or on June 28, 2026.
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Prime Tales
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Imperial has established an computerized share buy plan with its designated dealer to facilitate the acquisition of widespread shares, each from public shareholders and from ExxonMobil, throughout occasions when Imperial would ordinarily not be permitted to buy attributable to regulatory restrictions or self-imposed black-out intervals. Earlier than getting into a black-out interval, Imperial could, however is just not required to, instruct the dealer to make purchases below the NCIB based mostly on parameters set by Imperial in accordance with the share buy plan, TSX guidelines and relevant securities legal guidelines. The plan has been pre-cleared by the TSX and can be carried out efficient June 29, 2025.
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In keeping with the corporate’s steadiness sheet energy, low capital necessities and robust money era, this announcement displays the corporate’s precedence and capability to return money to shareholders. The NCIB represents a versatile and tax-efficient manner of distributing surplus liquidity to shareholders who select to take part by promoting their shares. As well as, the NCIB can be used to remove dilution from shares issued along side Imperial’s restricted inventory unit plan.
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ExxonMobil can be permitted to promote its shares to Imperial below the NCIB with the intention to preserve its proportionate share possession at roughly 69.6 p.c. ExxonMobil suggested Imperial that it intends to take part, because it has in prior years, and has established an computerized share disposition plan to facilitate the sale of its shares.
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All share purchases can be made by means of the Toronto Inventory Trade and different buying and selling methods in Canada. Shares bought below the NCIB are cancelled and restored to the standing of approved however unissued shares.
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As of the shut of enterprise on June 15, 2025, Imperial has 509,044,963 issued and excellent widespread shares. The common each day buying and selling quantity of Imperial’s widespread shares over the six calendar months previous to the date of this announcement was 868,310 shares per day. Imperial’s each day buy restrict below the brand new program for shares held by shareholders aside from ExxonMobil can be 217,077 shares, which represents 25 p.c of the common each day buying and selling quantity.
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The acceptance marks the continuation of Imperial’s most up-to-date regular course share repurchase program that was accomplished on December 19, 2024. Below the latest program, the corporate bought the utmost 26,791,840 shares that had been obtainable, with 8,144,739 shares bought on the open market and a corresponding 18,647,101 shares bought from ExxonMobil to keep up its proportionate share possession at 69.6 p.c, representing a complete price of about $2,681 million and a mean price of $100.06 per share.
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Cautionary assertion:
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Statements of future occasions or situations on this launch, together with projections, expectations and estimates are forward-looking statements. Ahead-looking statements on this launch embrace references to the corporate’s low capital necessities, robust money era, and precedence and capability to return money to shareholders; and ExxonMobil’s intention to take part concurrent with the NCIB.
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Ahead-looking statements are based mostly on the corporate’s present expectations, estimates, projections and assumptions on the time the statements are made. Precise future monetary and working outcomes, together with expectations and assumptions regarding future power demand, provide and blend; commodity costs, international change charges and common market situations; the power to offset any ongoing or renewed inflationary pressures; capital and environmental expenditures; the seize of efficiencies inside and between enterprise strains and the power to keep up near-term price reductions as ongoing efficiencies; manufacturing charges, progress and blend throughout varied property; undertaking plans, timing, prices, technical evaluations and capacities and the corporate’s potential to successfully execute on these plans and function its property; the diploma and timeliness of help that can be offered by policymakers and different stakeholders for varied new applied sciences corresponding to carbon seize and storage; receipt of regulatory and third-party approvals in a well timed method; and relevant legal guidelines and authorities insurance policies together with with respect to local weather change, greenhouse fuel emissions reductions and low carbon fuels, may differ materially relying on a lot of elements.
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These elements embrace international, regional or native adjustments in provide and demand for oil, pure fuel, petroleum and petrochemical merchandise, feedstocks and different market elements, financial situations or seasonal fluctuations and ensuing demand, value, differential and margin impacts, together with Canadian and international authorities motion with respect to provide ranges, costs, commerce tariffs, commerce sanctions or commerce controls, the prevalence of disruptions in commerce or army alliances, or a broader breakdown in international commerce; political or regulatory occasions, together with adjustments in regulation or authorities coverage, relevant royalty charges, and tax legal guidelines together with taxes on share repurchases; environmental regulation, together with local weather change and greenhouse fuel regulation and adjustments to such regulation; failure, delay, discount, revocation or uncertainty concerning supportive coverage and market improvement for the adoption of rising lower-emission power applied sciences and different applied sciences that help emissions reductions; the receipt, in a well timed method, of regulatory and third-party approvals, together with for brand new applied sciences regarding the corporate’s decrease emissions enterprise actions; availability and allocation of capital; availability and efficiency of third-party service suppliers together with these situated exterior of Canada; administration effectiveness and catastrophe response preparedness; unanticipated technical or operational difficulties; cybersecurity incidents together with incidents attributable to actors using rising applied sciences corresponding to synthetic intelligence; operational hazards and dangers; forex change charges; common financial situations; and different elements mentioned in “Merchandise 1A Danger elements” and “Merchandise 7 Administration’s dialogue and evaluation of monetary situation and outcomes of operations” in Imperial’s most up-to-date annual report on Kind 10-Okay.
