IMPERIAL OIL $40.62 (Toronto symbol IMO; Shares outstanding: 847.6 million; Market cap: $34.4 billion; TSINetwork Rating: Average; Dividend yield: 1.2%; www.imperialoil.ca) has completed its purchase of 50% of Celtic Exploration Ltd. from its parent company, ExxonMobil Corp. (New York symbol XOM).
Celtic owns large undeveloped shale gas deposits along the B.C.-Alberta border. These fields hold a total of 128 million barrels of oil equivalent. At the end of 2012, Imperial’s proved reserves totalled 3.6 billion barrels of oil equivalent.
The company paid $1.55 billion for its half of Celtic. That’s equal to 42% of the $3.7 billion, or $4.42 a share, that it earned in 2012.
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