The company plans to buy back a maximum of 24.2 million shares starting June 29. This figure will be adjusted downward to account for specific repurchases from Exxon Mobil, ensuring the parent company maintains its current 69.6% stake in the business. This renewal follows a successful prior program that saw the firm exhaust its limit of 25.5 million shares, including 17.7 million acquired directly from its majority owner.
In section Market Quotes
Imperial Oil Launches New Share Buyback Plan
Imperial Oil has secured approval from the Toronto Stock Exchange to repurchase up to 5% of its outstanding common shares, a move that reinforces the Calgary-based energy producer's capital return strategy as it balances market fluctuations against the interests of its majority shareholder, Exxon Mobil.
Despite a 7.1% dip in share price over the last three months, Imperial Oil maintains a 36% gain for the year to date. The stock closed at C$161.61 in Toronto ahead of the new program's commencement.
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