Imperial also announced plans for a SIB that will involve buying back up to $2.5 billion of its common shares
News of the SIB helped offset lower-than-expected production for the quarter, after extreme cold weather in northern Alberta triggered an extended unplanned outage at the company’s huge Kearl oil sands mine.
Oil companies have been benefiting from global crude prices surging to their highest in nearly 14 years during the first quarter as sanctions on major oil exporter Russia over its invasion of Ukraine fueled concerns about tight supplies. Calgary-based Imperial said the decision to launch an SIB, which will get underway during the next two weeks, was driven by having plentiful excess cash on its balance sheet.
“The $2.5 billion is clearly very affordable and at current prices we’d expect to continue to generate significant cash flow,” Imperial Chief Executive Brad Corson told analysts on an earnings call.Article content Imperial, which is majority-owned by Exxon Mobil Corp, posted net earnings of $1.17 billion, or $1.75 per share, from $392 million, or 53 cents per share, a year ago. The company said this was its highest first-quarter earnings in over 30 years.
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