|Over a week ago|
Imperial Oil announces long-term contract with Air Products » 07:4709/0609/06/22
Imperial (IMO) announced…
Imperial (IMO) announced a long-term contract with Air Products (APD) to supply low-carbon hydrogen for Imperial's proposed renewable diesel complex at its Strathcona refinery near Edmonton, Alberta. Air Products will provide pipeline supply from its hydrogen plant under construction in Edmonton. Imperial will use Air Products' low-carbon hydrogen to produce renewable diesel at Strathcona that substantially reduces greenhouse gas emissions relative to conventional production. The hydrogen and biofeedstock will be combined with a proprietary catalyst to produce premium low-carbon diesel fuel. Air Products is increasing overall investment in its Edmonton hydrogen facility to CAD $1.6B to support the Imperial contract. The additional investment by Air Products will be used to facilitate integration with Imperial's proposed project that is expected to enable further significant emissions reductions at Air Products' overall complex. Air Products will supply Strathcona with approximately 50% of the low-carbon hydrogen output from the 165M standard cubic feet per day hydrogen production complex.
Imperial Oil awards hydrogen contract to Air Products » 07:4709/0609/06/22
Imperial (IMO) announced…
Imperial (IMO) announced a long-term contract with Air Products (APD) to supply low-carbon hydrogen for Imperial's proposed renewable diesel complex at its Strathcona refinery near Edmonton, Alberta. Air Products will provide pipeline supply from its hydrogen plant under construction in Edmonton. "Our agreement with Air Products is an important milestone as we progress plans to build the largest renewable diesel manufacturing facility in Canada," said Jon Wetmore, Imperial's vice president of downstream. "This project highlights Imperial's commitment to investing in a lower carbon future. We continue to progress discussions with our business partners and governments as we work toward a final investment decision in the months ahead." Imperial will use Air Products' low-carbon hydrogen to produce renewable diesel at Strathcona that substantially reduces greenhouse gas emissions relative to conventional production. The hydrogen and biofeedstock will be combined with a proprietary catalyst to produce premium low-carbon diesel fuel.
|Over a month ago|
Imperial Oil upgraded to Buy from Hold at TD Securities » 09:1008/1608/16/22
TD Securities analyst…
TD Securities analyst Menno Hulshof upgraded Imperial Oil to Buy from Hold with an unchanged price target of C$73 following the release of "strong" Q2 results. Since the recent peak for oil prices and energy equities on June 8, Imperial shares have declined 20%, noted Hulshof, who considers the current entry point "attractive."
Imperial Oil assumed with a Neutral at Credit Suisse » 16:1508/1008/10/22
Credit Suisse analyst…
Credit Suisse analyst William Janela assumed coverage of Imperial Oil with a Neutral rating and unchanged price target of C$72.
Imperial Oil price target lowered to C$84 from C$85 at RBC Capital » 11:1508/0908/09/22
RBC Capital analyst Greg…
RBC Capital analyst Greg Pardy lowered the firm's price target on Imperial Oil to C$84 from C$85 and keeps an Outperform rating on the shares.
Imperial Oil downgraded to Hold from Buy at Desjardins » 06:0107/2707/27/22
Desjardins analyst Chris…
Desjardins analyst Chris MacCulloch downgraded Imperial Oil to Hold from Buy with a C$70 price target. The analyst started "normalizing" his Canadian exploration and production landscape rating system to reflect diminishing returns to target following an extended period of sector outperformance.
Imperial Oil price target lowered to C$86 from C$93 at National Bank » 12:5407/1807/18/22
National Bank analyst…
National Bank analyst Travis Wood lowered the firm's price target on Imperial Oil to C$86 from C$93 and keeps a Sector Perform rating on the shares.
|Over a quarter ago|
Imperial, Exxon to sell XTO Energy Canada to Whitecap Resources for C$1.9B » 19:1206/2806/28/22
IMO, XOM, SPGYF
Imperial (IMO) announced…
Imperial (IMO) announced that together with ExxonMobil Canada (XOM), it has entered into an agreement with Whitecap Resources (SPGYF) for the sale of XTO Energy Canada, which is jointly owned by Imperial and ExxonMobil Canada, for a total cash consideration of C$1.9B. 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. The assets include 567,000 net acres in the Montney shale, 72,000 net acres in the Duvernay shale and additional acreage in other areas of Alberta. Net production from these assets is about 140 million cubic feet of natural gas per day and about 9,000 barrels of crude, condensate and natural gas liquids per day. RBC Capital Markets acted as exclusive financial advisor to Imperial and ExxonMobil Canada in connection with the transaction.
Imperial Oil receives acceptance from TSX to purchase up to 5% of shares » 07:5906/2706/27/22
Imperial Oil (IMO)…
Imperial Oil (IMO) announced that it has received final acceptance from the Toronto Stock Exchange, TSX, for a normal course issuer bid to repurchase up to five percent of its 636,676,182 outstanding common shares as of June 15, 2022, or a maximum of 31,833,809 shares during the next 12 months. This maximum will be reduced by the number of shares purchased from Exxon Mobil (XOM), Imperial's majority shareholder, as described below. The new one year program will begin on June 29, 2022, and will end should the company purchase the maximum allowable number of shares, or on June 28, 2023. Imperial has established an automatic share purchase plan with its designated broker to facilitate the purchase of common shares, both under the NCIB and concurrently from ExxonMobil, during times when Imperial would ordinarily not be permitted to purchase due to regulatory restrictions or self-imposed black-out periods. Before entering a black-out period, Imperial may, but is not required to, instruct the broker to make purchases under the NCIB based on parameters set by Imperial in accordance with the share purchase plan, TSX rules and applicable securities laws. The plan has been pre-cleared by the TSX and will be implemented effective June 29, 2022. All share purchases will be made through the Toronto Stock Exchange and through other designated exchanges and published markets in Canada. Shares purchased under the NCIB are cancelled and restored to the status of authorized but unissued shares. The acceptance marks the continuation of Imperial's most recent normal course share repurchase program that was completed on January 31, 2022.
Imperial Oil and E3 Lithium in lithium pilot project pact in Alberta » 08:0906/2306/23/22
Imperial Oil Limited…
Imperial Oil Limited announced 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. "This exciting collaboration brings together Imperial's long-standing commitment to research and technology to help test and scale E3's lithium-recovery technology," said Jason Iwanika, director of commercial business development at Imperial. "We continue to advance the innovation and technologies needed to support the energy transition, working in collaboration with governments and industry to progress new opportunities from existing assets and sector expertise." "E3 Lithium and Imperial share an interest in the diversification of the Alberta economy, local job creation and sustainability," said Chris Doornbos, CEO of E3 Lithium. "Leduc No.1, Imperial's first well into this reservoir, was one of Imperial's most prolific oil discoveries in Alberta and transformed the provincial and Canadian economies, much like lithium has the potential to do. Having Imperial now working with E3 Lithium in exploring the redevelopment of Leduc into a world-class source of lithium is an exciting new chapter in Alberta and Canada's story." The pilot project includes drilling Alberta's first lithium evaluation wells, planned to be completed by the end of the third quarter of this year. Work will also focus on scaling up E3 Lithium's proprietary technology, which brings the brine liquid to the surface where the lithium is removed and concentrated. This liquid is immediately returned underground as part of a closed-loop system. E3 Lithium's PEA1 estimates the first phase of development could produce approximately 20,000 tonnes of lithium hydroxide per year.