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Imperial Oil continues existing share repurchase program
| Toronto, ON, June 19, 2002
| Imperial Oil Limited today announced it has received final acceptance from the Toronto Stock Exchange for a new normal course issuer bid to continue its existing share repurchase program facility that will expire on June 20, 2002.
The new program enables the company to repurchase up to five percent of its 378,863,095 outstanding common shares, or a maximum of 18,943,154 shares during the next 12 months. That total will include shares purchased for the company's employee savings plan and employee retirement plan. Shares purchased under the normal course issuer bid are cancelled.
The new program will begin on June 21, 2002, and will end when the company has purchased the maximum allowable number of shares, unless it provides earlier notice of termination. If not previously terminated, the program will end on June 20, 2003.
Exxon Mobil Corporation has advised Imperial that it will participate in the new program, as it has in the existing one, to maintain its ownership percentage in Imperial at 69.6 percent. ExxonMobil said it will review its participation from time to time and inform Imperial of any change in its intentions.
Share repurchases under the existing program had reached 19,400,280 shares at a total cost of about $825 million by June 18, 2002, representing an average cost of $42.55 per share. The maximum allowable number of shares that could be acquired under the program was about 19.9 million, including shares purchased for the employee savings plan and retirement plan.
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