The company plans to buy back a maximum of 24.2 million shares starting June 29. This figure will be adjusted downward to account for specific repurchases from Exxon Mobil, ensuring the parent company maintains its current 69.6% stake in the business. This renewal follows a successful prior program that saw the firm exhaust its limit of 25.5 million shares, including 17.7 million acquired directly from its majority owner.

Despite a 7.1% dip in share price over the last three months, Imperial Oil maintains a 36% gain for the year to date. The stock closed at C$161.61 in Toronto ahead of the new program's commencement.