Imperial Oil, a Canadian energy company controlled by Exxon Mobil, has announced a 20% increase in its dividend for the first quarter of the new year. The company remains committed to delivering value to its shareholders.
Dividend Increase Details
Imperial Oil will now pay 60 Canadian cents per share, equivalent to 45 cents, up from C$0.50 in the previous quarter. This brings the annual dividend to $2.40 per share. The current yield stands at approximately 3.1%, based on Thursday's closing price of C$76.61. Impressively, the company's shares have risen by 13% over the past year.
Returning Value to Shareholders
In the final quarter of 2023, Imperial Oil returned a total of C$2.75 billion to its shareholders. This included C$288 million in dividends, C$958 million in share buybacks through an accelerated normal course issuer bid, and the successful completion of a C$1.5 billion substantial issuer bid program in December.
A Legacy of Dividend Payments
Imperial Oil has consistently paid dividends for over a century and has increased its annual payout for an impressive 29 consecutive years.
