IMPERIAL OIL $44.62 (Toronto symbol IMO; Shares outstanding: 847.6 million; Market cap: $38.0 billion; TSINetwork Rating: Average; Div. yield: 1.1%; www.imperialoil.ca) has teamed up with its parent, ExxonMobil (New York symbol XOM), to buy 226,000 acres of undeveloped oil sands properties near Fort McMurray, Alberta. (Exxon owns 69.9% of Imperial.)
Imperial will hold 27.5% of these properties, while Exxon will own the remaining 72.5%. Imperial’s share of the $751-million cost is $206.5 million. That’s equal to 63% of the $327 million, or $0.38 a share, that the company earned in the second quarter of 2013.
Purchases like this will help Imperial achieve its goal of raising its daily production from 276,000 barrels of oil equivalent (including gas) in the latest quarter to 600,000 barrels by 2020.
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