Upcoming Dividend • May 28
Upcoming dividend of CA$0.87 per share Eligible shareholders must have bought the stock before 04 June 2026. Payment date: 01 July 2026. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (3.3%). Reported Earnings • May 05
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: CA$1.94 (down from CA$2.53 in 1Q 2025). Revenue: CA$12.4b (flat on 1Q 2025). Net income: CA$940.0m (down 27% from 1Q 2025). Profit margin: 7.6% (down from 10% in 1Q 2025). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Annonce • May 03
Imperial Oil Limited Declares Dividend for the Second Quarter of 2026, Payable on July 1, 2026 Imperial Oil Limited declared a quarterly dividend of 87 cents per share on the outstanding common shares of the company, payable on July 1, 2026, to shareholders of record at the close of business on June 4, 2026. This second quarter 2026 dividend compares with the first quarter 2026 dividend of 87 cents per share. New Risk • May 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Annonce • Apr 16
Imperial Oil Limited to Report Q1, 2026 Results on May 01, 2026 Imperial Oil Limited announced that they will report Q1, 2026 results Pre-Market on May 01, 2026 Upcoming Dividend • Feb 26
Upcoming dividend of CA$0.87 per share Eligible shareholders must have bought the stock before 05 March 2026. Payment date: 01 April 2026. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (3.5%). Declared Dividend • Feb 04
Fourth quarter dividend of CA$0.87 announced Shareholders will receive a dividend of CA$0.87. Ex-date: 5th March 2026 Payment date: 1st April 2026 Dividend yield will be 2.2%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Feb 03
Imperial Oil Limited, Annual General Meeting, May 04, 2026 Imperial Oil Limited, Annual General Meeting, May 04, 2026. Reported Earnings • Feb 01
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CA$6.50 (down from CA$9.05 in FY 2024). Revenue: CA$47.1b (down 8.6% from FY 2024). Net income: CA$3.27b (down 32% from FY 2024). Profit margin: 6.9% (down from 9.3% in FY 2024). The decrease in margin was driven by lower revenue. Combined production Oil equivalent production: 141.194 MMboe (135.415 MMboe in FY 2024) Revenue missed analyst estimates by 4.7%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 6.4% decline forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Annonce • Jan 30
Imperial Oil Limited Declares Dividend for the First Quarter of 2026, Payable on April 1, 2026 Imperial Oil Limited declared a quarterly dividend of 87 cents per share on the outstanding common shares of the company, payable on April 1, 2026, to shareholders of record at the close of business on March 5, 2026. This first quarter 2026 dividend compares with the fourth quarter 2025 dividend of 72 cents per share. Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 31 consecutive years. Board Change • Dec 29
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Tanya Bryja was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Dec 16
Imperial Oil Limited Provides Production Guidance for the Year 2026 Imperial Oil Limited provides production guidance for the year 2026. In the Upstream, production is forecasted to be between 441,000 and 460,000 gross oil equivalent barrels per day. In the Downstream, throughput is forecasted between 395,000 and 405,000 barrels per day with capacity utilization between 91% and 93%. Annonce • Oct 31
Imperial Oil Limited Declares Dividend for the Fourth Quarter of 2025 Payable on January 1, 2026 Imperial Oil Limited declared a quarterly dividend of 72 cents per share on the outstanding common shares of the company, payable on January 1, 2026, to shareholders of record at the close of business on December 3, 2025. This fourth quarter 2025 dividend compares with the third quarter 2025 dividend of 72 cents per share. Annonce • Sep 30
Imperial Announces Restructuring to Further Advance Its Well-Established Strategy of Increasing Cash Flow and Delivering Industry-Leading Shareholder Returns Imperial announced plans to further improve its industry-leading performance by centralizing additional corporate and technical activities in global business and technology centres, realizing substantial efficiency and effectiveness benefits from scale, integration and technology. The restructuring is consistent with Imperial’s strategy to maximize value, using technology and leveraging the company’s relationship with ExxonMobil. With data availability and processing capabilities growing at an accelerating pace, the changes are designed to fully leverage globally available expertise to maximize the benefits of current technology and accelerate the cost-effective deployment of new technologies that drive value and enhance financial resilience. Imperial corporate guidance for 2025 is unchanged and the company is well positioned to meet or beat its medium-term production and unit cost targets for Kearl and Cold Lake. Additionally, as a result of the restructuring, the company anticipates it will achieve a reduction in annual expenses of $150 million by 2028. Larger benefits are expected over the longer-term as more fully leveraging the global scale and expertise of its major shareholder, ExxonMobil, will enable Imperial to further enhance cash flow growth by driving productivity improvements across its operations including higher production, reduced downtime, lower unit operating costs as well as project planning and execution excellence. The restructuring will use a rigorous transition process and is expected to reduce employee roles by approximately 20% by the end of 2027. As part of this change, Imperial will further consolidate activities to its operating sites, enhancing collaboration, operational focus and execution excellence. As a result of these changes, the company expects to record a one-time restructuring charge of approximately $330 million before-tax in the third quarter of 2025. Throughout this transition, the company’s focus on safety and operational excellence will not change. Imperial remains committed to responsibly producing the energy and products Canadians rely on and supporting the communities where it operates. Annonce • Sep 17
Imperial Oil Limited Announces Board Changes Imperial Oil Limited announced the appointment of Tanya Bryja to its board of directors effective September 16, 2025. Ms. Bryja is ExxonMobil’s Senior Vice President of Energy Products, based in Spring, Texas, where she leads the integrated, global energy products business, which includes fuels, aromatics, catalysts and technology licensing. She has more than 27 years of experience across a number of ExxonMobil downstream and corporate organizations, with assignments throughout the United States and in Belgium. Ms. Bryja received her Bachelor of Science degree in Chemical Engineering from Northwestern University in Evanston, Illinois in 1997 and began her career with ExxonMobil that same year. The company also announced the following updates to Imperial’s board of directors. David Cornhill, currently Lead Director, will be reaching the board’s mandatory age of retirement and has announced his intention to not stand for re-election at the 2026 annual meeting of shareholders. To facilitate an orderly transition of the Lead Director role, the company’s independent directors have selected current director Miranda Hubbs to succeed Mr. Cornhill as Lead Director effective October 1, 2025. Mr. Cornhill intends to continue to serve as an independent director until the 2026 annual meeting of shareholders. Upcoming Dividend • Aug 28
Upcoming dividend of CA$0.72 per share Eligible shareholders must have bought the stock before 04 September 2025. Payment date: 01 October 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (4.0%). Declared Dividend • Aug 04
Second quarter dividend of CA$0.72 announced Shareholders will receive a dividend of CA$0.72. Ex-date: 4th September 2025 Payment date: 1st October 2025 Dividend yield will be 2.6%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 2.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 03
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: CA$1.86 (down from CA$2.12 in 2Q 2024). Revenue: CA$11.2b (down 16% from 2Q 2024). Net income: CA$949.0m (down 16% from 2Q 2024). Profit margin: 8.4% (down from 8.5% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Annonce • Aug 01
Imperial Oil Limited Declares Quarterly Dividend, Payable on October 1, 2025 Imperial Oil Limited declared a quarterly dividend of 72 cents per share on the outstanding common shares of the company, payable on October 1, 2025, to shareholders of record at the close of business on September 4, 2025. This third quarter 2025 dividend compares with the second quarter 2025 dividend of 72 cents per share. Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman, President & CEO John Whelan was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 28
Upcoming dividend of CA$0.72 per share Eligible shareholders must have bought the stock before 04 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (4.2%). Declared Dividend • May 05
First quarter dividend of CA$0.72 announced Shareholders will receive a dividend of CA$0.72. Ex-date: 4th June 2025 Payment date: 1st July 2025 Dividend yield will be 3.0%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 04
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: CA$2.53 (up from CA$2.23 in 1Q 2024). Revenue: CA$12.5b (up 2.2% from 1Q 2024). Net income: CA$1.29b (up 7.8% from 1Q 2024). Profit margin: 10% (in line with 1Q 2024). Revenue missed analyst estimates by 27%. Earnings per share (EPS) exceeded analyst estimates by 15%. Revenue is forecast to stay flat during the next 3 years compared to a 3.1% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Annonce • May 02
Imperial Oil Limited Declares Quarterly Dividend, Payable on July 1, 2025 Imperial Oil Limited declared a quarterly dividend of 72 cents per share on the outstanding common shares of the company, payable on July 1, 2025, to shareholders of record at the close of business on June 4, 2025. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$60.22, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total returns to shareholders of 27% over the past three years. Annonce • Mar 01
Imperial Oil Limited to Report Q4, 2025 Results on Jan 30, 2026 Imperial Oil Limited announced that they will report Q4, 2025 results on Jan 30, 2026 Upcoming Dividend • Feb 26
Upcoming dividend of CA$0.72 per share Eligible shareholders must have bought the stock before 05 March 2025. Payment date: 01 April 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (4.0%). Annonce • Feb 04
Imperial Oil Limited, Annual General Meeting, May 08, 2025 Imperial Oil Limited, Annual General Meeting, May 08, 2025. Declared Dividend • Feb 03
Fourth quarter dividend of CA$0.72 announced Shareholders will receive a dividend of CA$0.72. Ex-date: 5th March 2025 Payment date: 1st April 2025 Dividend yield will be 3.0%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 4.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 01
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CA$9.05. Revenue: CA$51.5b (up 1.6% from FY 2023). Net income: CA$4.79b (down 2.0% from FY 2023). Profit margin: 9.3% (in line with FY 2023). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) exceeded analyst estimates by 3.2%. Revenue is forecast to stay flat during the next 3 years compared to a 3.5% growth forecast for the Oil and Gas industry in the US. Annonce • Jan 31
Imperial Oil Limited Declares First Quarter 2025 Dividend, Payable on April 1, 2025 Imperial Oil Limited declared a quarterly dividend of 72 cents per share on the outstanding common shares of the company, payable on April 1, 2025, to shareholders of record at the close of business on March 5, 2025. This first quarter 2025 dividend compares with the fourth quarter 2024 dividend of 60 cents per share. Annonce • Jan 10
Sherri Evers, Currently Senior Vice President, Sustainability, Commercial Development and Product Solutions for Imperial to Become North America Lubes General Manager for Exxon Mobil Corporation, Effective March 1, 2025 Imperial announced that Sherri Evers, currently Senior Vice President, Sustainability, Commercial Development and Product Solutions for Imperial, will become North America Lubes General Manager for Exxon Mobil Corporation, effective March 1, 2025. Ms. Evers holds a Bachelor of Commerce in Marketing and General Business from the University of Saskatchewan. She began her career with Imperial in 1998 in Edmonton, Alberta and held various assignments within the company’s downstream business. In 2012, Ms. Evers began a series of global assignments with Exxon Mobil Corporation related to product optimization, planning and supply network before returning to Canada as the Eastern Canada Fuels Manager for the Downstream in 2018. Ms. Evers was appointed Vice President, Commercial and Corporate Development in 2021 prior to appointment to her current role in 2023. An announcement on her replacement will be made at a future date. Annonce • Dec 13
Imperial Oil Limited Provides Production Guidance for the Full Year 2025 Imperial Oil Limited provided production guidance for the full year 2025. For the full year 2025, the company expects Upstream, production is forecasted to grow to between 433,000 and 456,000 gross oil equivalent barrels per day. In the Downstream, throughput is forecasted to be between 405,000 and 415,000 barrels per day with capacity utilization between 94% and 96%. Upcoming Dividend • Nov 26
Upcoming dividend of CA$0.60 per share Eligible shareholders must have bought the stock before 03 December 2024. Payment date: 01 January 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (3.8%). Declared Dividend • Nov 04
Third quarter dividend of CA$0.60 announced Shareholders will receive a dividend of CA$0.60. Ex-date: 3rd December 2024 Payment date: 1st January 2025 Dividend yield will be 2.7%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: CA$2.33 (down from CA$2.77 in 3Q 2023). Revenue: CA$13.3b (down 4.4% from 3Q 2023). Net income: CA$1.24b (down 23% from 3Q 2023). Profit margin: 9.3% (down from 12% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 24%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 28% per year. Annonce • Nov 01
Imperial Oil Limited Declares Fourth Quarter 2024 Dividend , Payable January 1, 2025 Imperial Oil Limited declared a quarterly dividend of 60 cents per share on the outstanding common shares of the company, payable on January 1, 2025, to shareholders of record at the close of business on December 3, 2024. This fourth quarter 2024 dividend compares with the third quarter 2024 dividend of 60 cents per share. Annonce • Aug 06
Imperial Oil Limited to Report Q4, 2024 Results on Jan 31, 2025 Imperial Oil Limited announced that they will report Q4, 2024 results on Jan 31, 2025 Declared Dividend • Aug 05
Second quarter dividend of CA$0.60 announced Shareholders will receive a dividend of CA$0.60. Ex-date: 4th September 2024 Payment date: 1st October 2024 Dividend yield will be 2.7%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 3.0% over the next 3 years. However, it would need to fall by 75% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 04
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: CA$2.11 (up from CA$1.16 in 2Q 2023). Revenue: CA$13.4b (up 14% from 2Q 2023). Net income: CA$1.13b (up 68% from 2Q 2023). Profit margin: 8.5% (up from 5.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 26%. Earnings per share (EPS) exceeded analyst estimates by 5.9%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 41% per year whereas the company’s share price has increased by 36% per year. Upcoming Dividend • May 27
Upcoming dividend of CA$0.60 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (4.0%). Annonce • Apr 30
Imperial Announces Management Changes Imperial announced the appointment of Cheryl Gomez-Smith as Senior Vice President, Upstream, effective May 1, 2024. Ms. Gomez-Smith, currently Director of Safety and Risk, ExxonMobil Global Operations and Sustainability, succeeds Simon Younger, who has been appointed Lead Country Manager and General Manager Australia Conventional, ExxonMobil Upstream. Mr. Younger, a native of Australia, holds a Bachelor of Engineering in Mechanical Engineering from the University of Tasmania, Australia. He began his career with Esso Australia, an ExxonMobil affiliate, in 1997 as a rotating equipment engineer supporting both offshore and onshore assets. Mr. Younger has held a variety of roles in Australia, the United States, Nigeria and Canada. In 2019, Mr. Younger moved to Calgary, Alberta to become Vice President, Production for Imperial and was appointed Imperial’s Senior Vice President, Upstream on June 1, 2020. Ms. Gomez-Smith earned a Bachelor of Engineering in Mechanical Engineering from the University of Notre Dame in the United States, and an MBA from Tulane University of Louisiana. She began her career in 1990 as a facilities engineer in Midland, Texas and has held various technical and leadership roles of increasing responsibility in the United States, Qatar, Russia and Kazakhstan, where she served as Lead Country Manager. Ms. Gomez-Smith is currently the Director of Safety and Risk in ExxonMobil’s Global Operations and Sustainability organization in Houston, Texas, where she provides strategic leadership and oversight for ExxonMobil personnel and process safety. Declared Dividend • Apr 29
First quarter dividend of CA$0.60 announced Shareholders will receive a dividend of CA$0.60. Ex-date: 3rd June 2024 Payment date: 1st July 2024 Dividend yield will be 2.5%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 28
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: CA$2.23. Revenue: CA$12.3b (up 1.9% from 1Q 2023). Net income: CA$1.20b (down 4.2% from 1Q 2023). Profit margin: 9.7% (in line with 1Q 2023). Revenue missed analyst estimates by 31%. Earnings per share (EPS) exceeded analyst estimates by 7.3%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Oil and Gas industry in the US. Annonce • Apr 27
Imperial Oil Limited Declares Quarterly Dividend for the Second Quarter of 2024, Payable on July 1, 2024 Imperial Oil Limited declared quarterly dividend of 60 cents per share on the outstanding common shares of the company, payable on July 1, 2024, to shareholders of record at the close of business on June 3, 2024. This second quarter 2024 dividend compares with the first quarter 2024 dividend of 60 cents per share. Reported Earnings • Mar 05
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: CA$8.51 (down from CA$11.47 in FY 2022). Revenue: CA$50.7b (down 15% from FY 2022). Net income: CA$4.89b (down 33% from FY 2022). Profit margin: 9.6% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Oil reserves Proven reserves: 2165 MMbbls Gas reserves Proven reserves: 61 Bcf Combined production Oil equivalent production: 131.522 MMboe (127.324 MMboe in FY 2022) Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) exceeded analyst estimates by 2.2%. Revenue is expected to decline by 14% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Annonce • Mar 01
Imperial Oil Limited Announces Directorate Changes M.R. (Matthew) Crocker has announced that he will not be standing for re-election as a director of Imperial Oil Limited at the April 30, 2024 annual meeting. Following the recommendation of the company’s nominations and corporate governance committee, on February 28, 2024, the board of directors nominated N.A. (Neil) Hansen as a nominee for director on the slate of nominees. Mr. Hansen is senior vice-president, energy products at ExxonMobil Product Solutions Company, a division of Exxon Mobil Corporation. Upcoming Dividend • Feb 23
Upcoming dividend of CA$0.60 per share Eligible shareholders must have bought the stock before 01 March 2024. Payment date: 01 April 2024. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (4.4%). Declared Dividend • Feb 05
Fourth quarter dividend of CA$0.60 announced Shareholders will receive a dividend of CA$0.60. Ex-date: 1st March 2024 Payment date: 1st April 2024 Dividend yield will be 3.0%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (23% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 03
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: CA$8.51 (down from CA$11.47 in FY 2022). Revenue: CA$51.0b (down 14% from FY 2022). Net income: CA$4.89b (down 33% from FY 2022). Profit margin: 9.6% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) exceeded analyst estimates by 2.2%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in the US are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Annonce • Feb 02
Imperial Oil Limited Declares First Quarter 2024 Dividend, Payable on April 1, 2024 Imperial Oil Limited declared a quarterly dividend of 60 cents per share on the outstanding common shares of the company, payable on April 1, 2024, to shareholders of record at the close of business on March 4, 2024. This first quarter 2024 dividend compares with the fourth quarter 2023 dividend of 50 cents per share. Annonce • Dec 19
Imperial Oil Limited Provides Production Guidance for the Full Year 2024 Imperial Oil Limited provided production guidance for the full year 2024. For the full year 2024, the company expects Upstream production of 420,000 boe/d to 442,000 boe/d and Refinery throughput kbd of 385,000 - 400,000. Refinery utilization of 89% to 92%. Upcoming Dividend • Nov 23
Upcoming dividend of CA$0.50 per share at 2.6% yield Eligible shareholders must have bought the stock before 30 November 2023. Payment date: 01 January 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (5.0%). Lower than average of industry peers (4.5%). Reported Earnings • Oct 29
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: CA$2.77 (down from CA$3.25 in 3Q 2022). Revenue: CA$13.9b (down 7.6% from 3Q 2022). Net income: CA$1.60b (down 21% from 3Q 2022). Profit margin: 12% (down from 14% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) exceeded analyst estimates by 6.0%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Annonce • Oct 17
Imperial Oil Limited to Report Q3, 2023 Results on Oct 27, 2023 Imperial Oil Limited announced that they will report Q3, 2023 results on Oct 27, 2023 Upcoming Dividend • Aug 24
Upcoming dividend of CA$0.50 per share at 2.7% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 01 October 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (4.4%). Annonce • Jul 29
Imperial Oil Limited Declares Third Quarter 2023 Dividend, Payable on October 1, 2023 Imperial Oil Limited declared a quarterly dividend of 50 cents per share on the outstanding common shares of the company, payable on October 1,2023, to shareholders of record at the close of business on September 1, 2023. This third quarter 2023 dividend compares with the second quarter 2023 dividend of 50 cents per share. Reported Earnings • Jul 29
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: CA$1.16 (down from CA$3.63 in 2Q 2022). Revenue: CA$11.8b (down 32% from 2Q 2022). Net income: CA$675.0m (down 72% from 2Q 2022). Profit margin: 5.7% (down from 14% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.3% decline forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Annonce • Jul 18
Imperial Oil Limited to Report Q2, 2023 Results on Jul 28, 2023 Imperial Oil Limited announced that they will report Q2, 2023 results on Jul 28, 2023 Buying Opportunity • Jul 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.4%. The fair value is estimated to be US$63.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 102%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to decline by 39% in the next 2 years. Upcoming Dividend • May 25
Upcoming dividend of CA$0.50 per share at 3.1% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 01 July 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (5.1%). Lower than average of industry peers (4.8%). Reported Earnings • Apr 29
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: CA$2.14 (up from CA$1.75 in 1Q 2022). Revenue: CA$12.1b (down 4.2% from 1Q 2022). Net income: CA$1.25b (up 6.4% from 1Q 2022). Profit margin: 10% (up from 9.3% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 18%. Earnings per share (EPS) exceeded analyst estimates by 8.2%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.7% decline forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 11
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be US$62.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 89%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings is forecast to decline by 14% per annum over the same time period. Upcoming Dividend • Feb 23
Upcoming dividend of CA$0.44 per share at 2.6% yield Eligible shareholders must have bought the stock before 02 March 2023. Payment date: 01 April 2023. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (4.7%). Buying Opportunity • Feb 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be US$64.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 89%. Revenue is forecast to grow by 9.9% in 2 years. Earnings is forecast to decline by 33% in the next 2 years. Reported Earnings • Feb 02
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: CA$11.47 (up from CA$3.48 in FY 2021). Revenue: CA$59.7b (up 59% from FY 2021). Net income: CA$7.34b (up 196% from FY 2021). Profit margin: 12% (up from 6.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 3.7%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 6.2% decline forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Annonce • Feb 01
Imperial Oil Limited Declares Quarterly Dividend for the First Quarter 2023, Payable on April 1, 2023 Imperial Oil Limited declared a quarterly dividend of 44 cents per share on the outstanding common shares of the company, payable on April 1, 2023, to shareholders of record at the close of business on March 3, 2023. This first quarter 2023 dividend compares with the fourth quarter 2022 dividend of 44 cents per share. Upcoming Dividend • Nov 24
Upcoming dividend of CA$0.44 per share Eligible shareholders must have bought the stock before 01 December 2022. Payment date: 01 January 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (4.0%). Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Non-Independent Director Matthew Crocker was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Non-Independent Director Matthew Crocker was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: CA$3.25 (up from CA$1.30 in 3Q 2021). Revenue: CA$15.2b (up 49% from 3Q 2021). Net income: CA$2.03b (up 124% from 3Q 2021). Profit margin: 13% (up from 8.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.4% decline forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 14
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be US$58.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 48% in 2 years. Earnings is forecast to grow by 0.4% in the next 2 years. Board Change • Oct 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Non-Independent Director Matthew Crocker was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Aug 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be US$64.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 41% in 2 years. Earnings is forecast to grow by 6.2% in the next 2 years. Upcoming Dividend • Aug 25
Upcoming dividend of CA$0.34 per share Eligible shareholders must have bought the stock before 01 September 2022. Payment date: 01 October 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (4.1%). Lower than average of industry peers (4.4%). Reported Earnings • Jul 29
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: CA$3.63 (up from CA$0.51 in 2Q 2021). Revenue: CA$17.3b (up 116% from 2Q 2021). Net income: CA$2.41b (up CA$2.04b from 2Q 2021). Profit margin: 14% (up from 4.6% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 38%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 14%, compared to a 25% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 23% per year. Upcoming Dividend • May 25
Upcoming dividend of CA$0.34 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 01 July 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (4.1%). Lower than average of industry peers (3.9%). Recent Insider Transactions • May 11
Insider recently sold US$1.0m worth of stock On the 6th of May, Bruce Jolly sold around 20k shares on-market at roughly US$51.89 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.4m more than they bought in the last 12 months. Buying Opportunity • May 05
Now 20% undervalued Over the last 90 days, the stock is up 22%. The fair value is estimated to be US$65.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 23% in 2 years. Earnings is forecast to grow by 49% in the next 2 years. Reported Earnings • May 01
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: CA$1.75 (up from CA$0.53 in 1Q 2021). Revenue: CA$12.7b (up 81% from 1Q 2021). Net income: CA$1.17b (up 199% from 1Q 2021). Profit margin: 9.2% (up from 5.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 24%, compared to a 32% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 23
Upcoming dividend of CA$0.34 per share Eligible shareholders must have bought the stock before 02 March 2022. Payment date: 01 April 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (3.6%). Lower than average of industry peers (4.2%). Reported Earnings • Feb 04
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: CA$3.48 (up from CA$2.53 loss in FY 2020). Revenue: CA$37.6b (up 69% from FY 2020). Net income: CA$2.48b (up CA$4.34b from FY 2020). Profit margin: 6.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 10.0%. Earnings per share (EPS) missed analyst estimates by 4.9%. Over the next year, revenue is expected to shrink by 1.6% compared to a 21% growth forecast for the oil industry in the US. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 25
Upcoming dividend of CA$0.27 per share Eligible shareholders must have bought the stock before 02 December 2021. Payment date: 01 January 2022. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (3.5%). Lower than average of industry peers (4.6%). Upcoming Dividend • Aug 26
Upcoming dividend of CA$0.27 per share Eligible shareholders must have bought the stock before 02 September 2021. Payment date: 01 October 2021. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (3.5%). Lower than average of industry peers (5.1%). Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS CA$0.51 (vs CA$0.72 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$8.05b (up 120% from 2Q 2020). Net income: CA$366.0m (up CA$892.0m from 2Q 2020). Profit margin: 4.5% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance.