IMPERIAL OIL $51.60 (Toronto symbol IMO; Shares outstanding: 847.6 million;
Market cap: $44.0 billion; TSINetwork Rating: Average; Div. yield: 1.0%; www.imperialoil.ca) is selling some of its conventional oil and natural gas properties in Alberta and B.C. to Whitecap Resources. These assets produce 15,000 barrels a day, which is equal to 5.1% of the 295,000 barrels a day that Imperial produced in 2013.
The company will receive $855 million when the sale closes in May 2014. That will help it pay for its plan to spend $5.5 billion on its main properties this year, including expanding its Cold Lake and Kearl oil sands developments. These investments should increase Imperial’s daily output by 150,000 barrels in 2015.
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