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CALGARY, Alberta – 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 issuance bid (NCIB) to repurchase up to five percent of its 483,592,715 common shares as of June 16, 16, 6, 20 or 20 of the top 20 shares. within the next 12 months. This maximum number will be reduced by the number of shares purchased from ExxonMobil, Imperial's majority shareholder, as described below.
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The new one-year plan will start on June 29, 2026, and will end when the company buys the maximum allowed number of shares, or on June 28, 2027.
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Imperial has established an automatic stock purchase program with its designated broker to facilitate the purchase of common stock, both from public stockholders and from ExxonMobil, at times when Imperial would not normally be permitted to purchase due to regulatory restrictions or vesting periods. Prior to entering into the lock-up period, Imperial may, but is not required to, instruct the seller to purchase under NCIB based on restrictions imposed by Imperial pursuant to the share purchase plan, TSX rules and applicable securities laws. The plan has been pre-cleared by the TSX and will be effective from June 29, 2026.
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In line with the company's balance sheet strength, low capital requirements and strong cash flow, this announcement demonstrates the company's value and ability to return cash to shareholders. NCIB represents a flexible and tax-free method of distributing surplus income to shareholders who choose to participate by selling their shares. Additionally, NCIB will be used to offset the dilution of shares issued pursuant to Imperial's restricted stock unit plan.
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ExxonMobil will be allowed to sell its shares to Imperial under NCIB to keep its equity ownership at around 69.6 percent. ExxonMobil has advised Imperial that it intends to participate, as it has done in previous years, and has set up an automatic share placement system to facilitate the sale of its shares.
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All purchases of shares will be made through the Toronto Stock Exchange and other trading systems in Canada. Shares purchased under NCIB are canceled and restored to the status of authorized but unissued shares.
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As of the close of business on June 15, 2026, Imperial has 483,592,715 common shares and common shares outstanding. The average daily trading volume of Imperial common stock from December 1, 2025 to May 31, 2026 was 847,026 shares per day. Imperial's daily purchase limit under the new plan for shares held by shareholders other than ExxonMobil will be 211,756 shares, representing 25 percent of daily trading volume.
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The admission marks the continuation of Imperial's most recent common stock repurchase program that was completed on December 17, 2025. Under the most recent program, the company purchased 25,452,248 shares of outstanding stock, with 7,737,502 shares purchased on the open market and the purchase of 4bil4.74 to Ex 174,774 equity shares ownership of approximately percent 69.6, representing a total cost of $3,180 million and an average cost of $124.93 per share.
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Warning statement:
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Statements of future events or conditions in this release, including assumptions, expectations and estimates are forward-looking statements. Forward-looking statements in this release include indicators that require the company's low capital, strong cash generation, and significant and strong cash return to shareholders; and ExxonMobil's intent to participate with NCIB.
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Forward-looking statements are based on the company's current expectations, estimates, assumptions and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions about future energy demand, supply and mix; commodity prices, foreign exchange rates and general market conditions; the ability to mitigate any ongoing or renewed inflationary pressures; capital and natural resources; the capture of efficiency within and between business lines and the ability to maintain cost reductions in the near future as operational efficiencies; levels of production, growth and diversification of assets; project plans, timing, costs, technical and capacity assessments and the company's ability to successfully execute these plans and use its assets; the level and timeliness of support to be provided by policy makers and other stakeholders for various new technologies such as carbon capture and storage; obtaining regulatory and third-party approvals in a timely manner; and applicable laws and government policies, including with respect to climate change, greenhouse gas reductions and low-carbon fuels, may differ materially depending on a number of factors.
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These factors include global, regional or local changes in supply and demand for oil, natural gas, petroleum and petrochemical products, feedstocks and other market factors, economic conditions and seasonal fluctuations and resulting demand, price, differential and margin effects, including Canadian and foreign government action regarding supply levels, prices, trade rates, trade sanctions or trade controls, all disruptions or disruptions in trade, disruptions in international trade, and disruptions in military alliances or wars; political or regulatory events, including changes in law or government policy, applicable tariffs, and tax laws; environmental regulation, including climate change and greenhouse gas regulation and changes in that regulation; failure, delay, curtailment, withdrawal or uncertainty regarding support policy and market development to adopt emerging low-energy energy technologies and other technologies that support emissions reductions; obtaining, in a timely manner, regulatory and third-party approvals, including new technologies related to the company's low-emission business activities; availability and allocation of funds; the availability and performance of third-party service providers, including ExxonMobil's global talent centers and other service providers located outside of Canada; the effectiveness of the company's risk management systems and emergency response preparedness; unforeseen technical or operational difficulties; cyber security incidents including incidents caused by actors using emerging technologies such as artificial intelligence; operational risks and hazards; exchange rates; general economic conditions, including continued or renewed inflation and the occurrence and timing of recessions or inflation; and other factors discussed in “Risk Factors 1A” and “Management's Discussion and Analysis Item 7 of financial condition and results of operations” in Imperial's most recent annual report on Form 10-K.
