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Imperial announces terms of its substantial issuer bid for up to $2,500,000,000

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today the terms of its substantial issuer bid (the "Offer") pursuant to which the company will offer to purchase for cancellation up to $2,500,000,000 of its common shares (the "Shares"). Subject to obtaining certain exemptive relief under applicable securities laws in Canada and the United States, the Offer will proceed by way of a modified Dutch auction that includes the ability for shareholders to participate via a proportionate tender. The modified Dutch auction procedure will have a tender price range from $62.00 per Share to $78.00 per Share. All amounts are in Canadian dollars.

The Offer is expected to commence on May 6, 2022 and remain open for acceptance until 5:00 p.m. (Calgary time) on June 10, 2022, unless withdrawn, extended or varied by Imperial.

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Imperial announces intention to launch substantial issuer bid for up to $2,500,000,000

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today that the Board of Directors, on the recommendation of a special committee of independent directors, has authorized the initiation of a substantial issuer bid (the "Offer") pursuant to which the company will offer to purchase for cancellation up to $2,500,000,000 of its common shares (the "Shares"). The company anticipates that the terms and pricing will be determined, and the Offer will commence, during the next two weeks and will be completed before the end of June 2022. All amounts are in Canadian dollars.

Under the proposed issuer bid, which remains subject to obtaining the necessary exemptive relief under applicable securities laws in Canada and the United States, shareholders wishing to accept the Offer will have the opportunity to tender their Shares through a modified Dutch auction or through a proportionate tender which will result in them maintaining their proportionate Share ownership.

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Imperial declares second quarter 2022 dividend

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 34 cents per share on the outstanding common shares of the company, payable on July 1, 2022, to shareholders of record at the close of business on June 2, 2022.

This second quarter 2022 dividend compares with the first quarter 2022 dividend of 34 cents per share.

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