By Robb M. Stewart
Imperial Oil renewed a share-buyback program for up to 5% of its outstanding stock over the next 12 months.
The Exxon Mobil-controlled Canadian energy company on Monday said it received final acceptance from the Toronto Stock Exchange for a normal course issuer bid for a maximum 25.5 million of its shares.
The total will be reduced by the number of shares bought from Exxon Mobil, which will be allowed to sell in order to maintain its stake in Imperial at about 69.6%, the Calgary, Alberta company said.
The new one-year buyback program will begin on June 29, said Imperial.
Under Imperial's prior buyback program, the company purchased the maximum 26.8 million shares that were available, with 8.14 million shares bought on the open market and 18.6 million shares picked up from Exxon Mobil, the company said.
Imperial's shares last closed at C$111.81, up 26% so far this year.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
06-23-25 0833ET
