Why does Imperial include ExxonMobil as a permitted seller in its NCIB?

ExxonMobil, which owns approximately 69.6 percent of Imperial, is entitled to maintain its proportionate ownership stake if other shareholders reduce their holdings. Permitting ExxonMobil to sell shares back to Imperial under the NCIB allows the company to accommodate this economic interest while executing its repurchase strategy.

What is an automatic share purchase plan, and how does it differ from regular open-market repurchases?

An automatic share purchase plan, pre-cleared by the TSX, allows Imperial to instruct its broker to purchase shares during periods when the company would ordinarily be barred from buying due to black-out periods or regulatory restrictions. This enables disciplined, predetermined execution without the company making real-time trading decisions.

How much did Imperial spend repurchasing shares under its prior NCIB?

The prior program, completed on December 17, 2025, cost approximately $3.18 billion for 25,452,248 shares (7,737,502 from the open market and 17,714,746 from ExxonMobil), at an average cost of $124.93 per share.

Is the new authorization measured in dollars or shares?

The authorization is measured in shares: up to 24,179,635 shares, representing five percent of outstanding shares as of June 15, 2026. No dollar limit is disclosed in this filing.

What happens to shares repurchased under the NCIB?

All shares purchased under the NCIB are cancelled and restored to the status of authorized but unissued shares, reducing the outstanding share count and eliminating dilution from equity compensation plans.

IMO 8-K Filed 2026-06-23 New authorization

Imperial Oil renews annual normal course issuer bid for up to 24.2M shares

TSX-accepted program begins June 29, 2026; targets five percent of outstanding shares, includes purchases from majority shareholder ExxonMobil.

Authorization (shares)24.2M

MechanismNormal course issuer bid (NCIB

What the filing says

Imperial Oil Limited announced on June 23, 2026, that it has received final acceptance from the Toronto Stock Exchange for a renewed normal course issuer bid (NCIB) to repurchase up to five percent of its outstanding common shares—a maximum of 24,179,635 shares—during the 12-month period beginning June 29, 2026, and ending June 28, 2027. The program permits purchases from both public shareholders and from ExxonMobil, Imperial's majority shareholder holding approximately 69.6 percent ownership.

Imperial has established an automatic share purchase plan with a designated broker to facilitate purchases during periods when the company would otherwise be prohibited from buying due to regulatory restrictions or self-imposed black-out periods. The plan has been pre-cleared by the TSX and will be implemented effective June 29, 2026. All purchases will be made through the Toronto Stock Exchange and alternative trading systems in Canada, with a daily purchase limit of 211,756 shares from public shareholders (representing 25 percent of average daily trading volume).

The renewal reflects the company's stated priority to return surplus liquidity to shareholders in a tax-efficient manner and to eliminate dilution from restricted stock unit grants. ExxonMobil has advised Imperial of its intention to participate and has established an automatic share disposition plan to maintain its proportionate ownership. The prior NCIB program, completed on December 17, 2025, purchased the maximum 25,452,248 shares available—including 7,737,502 on the open market and 17,714,746 from ExxonMobil—at a total cost of approximately $3.18 billion and an average cost of $124.93 per share.

Imperial Oil Limited announced today that it has received final acceptance from the Toronto Stock Exchange (TSX) for a normal course issuer bid (NCIB) to repurchase up to five percent of its 483,592,715 outstanding common shares as of June 15, 2026, or a maximum of 24,179,635 shares during the next 12 months. — IMPERIAL OIL LTD 8-K filing · View on SEC EDGAR →

What this means

Imperial's renewed NCIB authorizes the repurchase of approximately 5 percent of the current share count (24.2 million shares out of 483.6 million outstanding as of June 15, 2026). Unlike most U.S. buyback authorizations, this program explicitly permits and anticipates significant purchases from the controlling shareholder, ExxonMobil, to maintain proportionate ownership at ~69.6 percent. The prior program's average cost of $124.93 per share provides context for expected execution economics. The automatic purchase plan allows Imperial to execute during regulatory black-out periods, a feature available under Canadian securities law. Total dollar authorization is not disclosed; the program is share-quantity-limited rather than dollar-limited.

Frequently asked questions

Why does Imperial include ExxonMobil as a permitted seller in its NCIB?: ExxonMobil, which owns approximately 69.6 percent of Imperial, is entitled to maintain its proportionate ownership stake if other shareholders reduce their holdings. Permitting ExxonMobil to sell shares back to Imperial under the NCIB allows the company to accommodate this economic interest while executing its repurchase strategy.
What is an automatic share purchase plan, and how does it differ from regular open-market repurchases?: An automatic share purchase plan, pre-cleared by the TSX, allows Imperial to instruct its broker to purchase shares during periods when the company would ordinarily be barred from buying due to black-out periods or regulatory restrictions. This enables disciplined, predetermined execution without the company making real-time trading decisions.
How much did Imperial spend repurchasing shares under its prior NCIB?: The prior program, completed on December 17, 2025, cost approximately $3.18 billion for 25,452,248 shares (7,737,502 from the open market and 17,714,746 from ExxonMobil), at an average cost of $124.93 per share.
Is the new authorization measured in dollars or shares?: The authorization is measured in shares: up to 24,179,635 shares, representing five percent of outstanding shares as of June 15, 2026. No dollar limit is disclosed in this filing.
What happens to shares repurchased under the NCIB?: All shares purchased under the NCIB are cancelled and restored to the status of authorized but unissued shares, reducing the outstanding share count and eliminating dilution from equity compensation plans.

authorization normal-course-issuer-bid NCIB Canada controlled-shareholder ExxonMobil

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.