IMPERIAL OIL LTD. $44(Toronto symbol IMO; Conservative Growth and Income Portfolios, Shares outstanding: 847.6 million; Market cap: $37.3 billion; Price-to-sales ratio: 1.5; Dividend yield: 1.3%; TSINetwork Rating: Average; www.imperialoil.ca) is selling its 497 company-owned Esso gas stations to independent operators for $2.8 billion. Following the sale, franchisees will operate all of its 1,700 Esso stations across Canada.
The buyers include Alimentation Couche-Tard (Toronto symbol ATD.B). It is purchasing 279 stations in Ontario and Quebec. (Alimentation Couche- Tard is a recommendation of Stock Pickers Digest, our newsletter that focuses on aggressive investments.)
In addition, 7-Eleven Canada is getting 148 stations in Alberta and British Columbia. Parkland Fuel (Toronto symbol PKI), will buy 17 stations in Saskatchewan and Manitoba.
These buyers will continue to purchase their fuel from Imperial and keep using the Esso brand.
The $2.8 billion price for these 497 stations is more than double the $1.1 billion, or $1.32 share, that Imperial earned in 2015. The company expects to complete these sales by the end of 2016.
Those deals will also let Imperial focus on its main oil sands and refining operations. In 2016, the company plans to spend $1.8 billion on exploration and upgrades. That’s down 50% from $3.6 billion in 2015.
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