IMO:CC - Imperial Oil to buy back up to 5% of shares outstanding

Imperial Oil (NYSE:IMO) +0.8% at the open on Monday after saying it plans to repurchase as much as 5% of its outstanding common shares over a year, as the Toronto Stock Exchange has accepted its normal course issuer bid to buy back up to a maximum of 31.8M shares. Imperial (IMO) said the maximum will be reduced by the number of shares purchased from majority shareholder Exxon Mobil (XOM) to maintain its proportionate share ownership at 69.6%. At Friday's C$60.42 (US$46.87) closing price, the shares would be worth C$1.92B. "Consistent with the company's balance sheet strength, low capital requirements and strong cash generation, this announcement reflects the company's priority and capacity to return cash to shareholders," Imperial (IMO) said. Imperial Oil (IMO) is "aggressive in returning capital to shareholders through dividend increases and share repurchases" and "a great Canadian oil company buy," Fluidsdoc writes in a bullish analysis published on Seeking

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Imperial Oil to buy back up to 5% of shares outstanding