Buoyed by strong commodity prices, Canadian independents Imperial Oil Ltd. and Whitecap Resources Inc. reported robust earnings for the first quarter and are prioritizing returning capital to shareholders.

Calgary-based Imperial, 70% owned by ExxonMobil, said its 1Q2022 financials marked the best quarterly results in more than 30 years. Imperial, which reports in Canadian dollars (C$1/US 80 cents), said it would distribute up to $2.5 billion to investors via a share buyback this spring.

“Imperial has a long track record of returning surplus cash to shareholders,” President Brad Corson said.

The buyback plan expands upon $634 million already returned to investors in 1Q2022. Corson said earlier this year that Imperial paid out nearly $3 billion in dividends and share...