Imperial Oil Limited announces an Equity Buyback for 31,833,809 shares, representing 5% of its issued share capital.

Imperial Oil Limited (TSX:IMO) announces an share repurchase program. Under the program, the company will repurchase up to 31,833,809 shares, representing 5% of its outstanding share capital. The shares will be purchased from Exxon Mobil Corporation concurrently with the bid.

The purpose of repurchase program is to eliminate dilution from shares issued in conjunction with the company's restricted stock unit plan. The shares purchased under the bid are restored to the status of authorized but unissued shares. The bid will expire on June 28, 2023, or when the company purchases the maximum allowable number of shares under the bid.

As of June 15, 2022, the company had 636,676,182 outstanding common shares.