Energy

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today the preliminary results of its substantial issuer bid (the "Offer"), pursuant to which Imperial offered to purchase for cancellation up to $2.5 billion of its common shares (the "Shares"). The Offer proceeded by way of a modified Dutch auction, which had a tender price range from $62.00 per Share to $78.00 per Share, and included the option for shareholders to participate via a proportionate tender. The Offer expired at 5:00 p.m. (Calgary time) on June 10, 2022. All amounts are in Canadian dollars.

In accordance with the terms and conditions of the Offer and based on the preliminary calculation of Computershare Investor Services Inc., as depositary for the Offer (the "Depositary"), Imperial expects to take up and pay for 32,467,532 Shares at a price of $77.00 per Share under the Offer (the "Purchase Price"), representing an aggregate purchase of approximately $2.5 billion and 4.9 percent of the total number of Imperial's issued and outstanding Shares as of the close of business on May 2, 2022. Immediately following completion of the Offer, Imperial anticipates that 636,676,182 Shares will be issued and outstanding.

10,260,031 Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the Purchase Price and pursuant to purchase price tenders. Since the Offer was oversubscribed, shareholders who made auction tenders at or below the Purchase Price and shareholders who made, or were deemed to have made, purchase price tenders will have the number of Shares purchased prorated following the determination of the final results of the Offer (other than "odd lot" tenders, which are not subject to proration). Imperial currently expects that shareholders who made auction tenders at or below the Purchase Price and shareholders who made, or were deemed to have made, purchase price tenders will have approximately 96 percent of their tendered Shares purchased by Imperial. Shareholders who made auction tenders at a price in excess of the Purchase Price should not expect to have any of their Shares purchased by Imperial. 22,599,766 Shares are anticipated to be taken up and purchased pursuant to proportionate tenders.

Exxon Mobil Corporation, Imperial's majority shareholder, made a proportionate tender under the Offer and will maintain its proportionate Share ownership at approximately 69.6 percent following completion of the Offer.

The number of Shares to be purchased, the proration factor and the Purchase Price referred to above are preliminary, remain subject to verification by the Depositary and assume that all Shares tendered through notice of guaranteed delivery will be delivered within the two trading-day settlement period. Upon take-up and payment of the Shares purchased, Imperial will issue a press release disclosing the final results, including the final proration factor, the final Purchase Price, the estimated paid-up capital per Share and the "specified amount" for purposes of the Income Tax Act (Canada).

Promptly after such press release, payment for the Shares accepted for purchase will be made in accordance with the terms of the Offer and applicable law, and the Depositary will return all other Shares tendered and not purchased.

The full details of the Offer are described in the offer to purchase and issuer bid circular dated May 6, 2022, as amended on May 31, 2022 as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov .

This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Shares.

Imperial is one of Canada's largest integrated oil companies. It is active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil and natural gas. In Canada, it is a major producer of crude oil, the largest petroleum refiner and a leading marketer of petroleum products. It is also a major producer of petrochemicals. The company's operations are conducted in three main segments: Upstream, Downstream and Chemical.

Cautionary statement: Statements of future events or conditions in this release, including projections, expectations and estimates are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, expect, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, references to the number of shares, the Purchase Price and the aggregate amount Imperial expects to pay on take up and payment of tendered shares in connection with the Offer; the number of Shares issued and outstanding following completion of the Offer; the anticipated proration due to oversubscription; expectations for shareholders who have made auction tenders at a price in excess of the Purchase Price; the number of Shares to be taken up and paid for pursuant to proportionate tenders; ExxonMobil's anticipated holdings following completion of the Offer; further communication regarding completion of the Offer; the payment for Shares in accordance with the Offer; and the return of Shares not purchased.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual results, including expectations and assumptions concerning shares tendered through notice of guaranteed delivery will be delivered, the assumption that the conditions to completion of the Offer will be satisfied or waived, could differ materially depending on a number of factors. These factors include those discussed in Item 1A risk factors and Item 7 management's discussion and analysis of financial condition and results of operations of Imperial Oil Limited's most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial's actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada's energy resources. As Canada's largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.

Source: Imperial

Investor Relations
(587) 476-4743

Media Relations
(587) 476-7010

News Provided by Business Wire via QuoteMedia

IMO:CA,IMO
oil rigs on land in the sunset

Major Energy Projects to Watch in Australia in 2022

With increasing needs for energy, the generation and use of energy is one of the most important cornerstones in any economy or civilization today. Australia is investing hundreds of billions of dollars into major energy projects — investments that will supply the energy for a brighter future.

Coal features prominently in the Australian economy and in the energy sector in particular. It is the second-largest export in Australia, outdone only by iron ore. Natural gas also makes the list at number four.

The energy industry in Australia produces 2.4 percent of the world's energy. Of the energy generated in the country, three-quarters of it is exported — AU$80 billion dollars' worth. Naturally, given the prevalence of coal in its economy, Australia's energy consumption largely relies on coal.

Keep reading...Show less

ALTAGAS TO ISSUE SECOND QUARTER 2022 RESULTS

AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA) will release its 2022 second quarter financial results on Thursday, July 28, 2022 before markets open. A conference call and webcast will be held the same day to discuss the financial results and other corporate developments.

Time: 8:00 a.m. MT ( 10:00 a.m. ET )
Dial-in:              1-416-764-8659 or toll free at 1-888-664-6392
Webcast: https://www.altagas.ca/invest/events-and-presentations

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Imperial announces sale of interests in Montney and Duvernay assets

Imperial (TSE: IMO, NYSE American: IMO) today announced that together with ExxonMobil Canada, it has entered into an agreement with Whitecap Resources Inc. for the sale of XTO Energy Canada, which is jointly owned by Imperial and ExxonMobil Canada, for a total cash consideration of $1.9 billion ($940 million Imperial's share). The sale is expected to close before the end of the third quarter 2022, subject to regulatory approvals.

The sale completes the marketing effort announced in January 2022, and is consistent with Imperial's strategy to focus upstream resources on key oil sands assets and its commitment to deliver long-term value to shareholders.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

EnerCom Announces Preliminary Presentation Times and Schedule for Participating Companies at EnerCom Denver - The Energy Investment Conference Hosted in Denver, August 7-10, 2022

Registration is Open Now for EnerCom Denver with One-on-One Meeting Requests Opening for Qualified Investors on July 1 st

EnerCom, Inc. announced today that it has published the preliminary presentation times and schedule for presenting companies at EnerCom Denver - The Energy Investment Conference on the conference website at www.enercomdenver.com and that qualified investors that have registered for the conference will be able to start requesting One-on-One meetings with the senior management teams of participating companies beginning this Friday, July 1, 2022 on the conference website .

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Imperial and E3 Lithium form strategic agreement on lithium pilot project in Alberta

  • Advances E3 Lithium's Clearwater Project with Imperial funding contribution
  • Pilot project progresses commercialization of battery-grade lithium from historic Leduc field for electric vehicles and energy storage
  • Imperial to provide technical and development support

 Imperial Oil Limited (TSE: IMO) (NYSE American: IMO) and E3 Lithium (TSXV: ETMC) (OTCQX: EEMMF) announced today a collaboration to advance a lithium-extraction pilot in Alberta exploring the redevelopment of an historic oil field into a potential new leading source of lithium for Canada's growing critical minerals industry.

The pilot will support E3 Lithium's Clearwater project, which will draw lithium from under the Leduc oil field, Imperial's historic discovery that first launched major oil and gas development in Western Canada . E3 Lithium's proprietary technology is designed to extract the critical mineral from the lithium-rich brine, with potential for commercial development of battery-grade products.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Suncor Energy Releases 2022 Report on Sustainability and Climate Report

All financial figures are in Canadian dollars

Suncor (TSX: SU) (NYSE: SU) released its 2022 Report on Sustainability and Climate Report today. The reports highlight how Suncor is working to achieve exceptional environmental, social and governance (ESG) performance, and share Suncor's actions on sustainable energy development, emphasizing the progress made to accelerate GHG reductions to reach net-zero by 2050 while increasing shareholder returns.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×