The Successful Investor, in the September, 2015, issue, refreshes its buy of Imperial Oil Ltd., recently $49. The Investor said buy 27 times from February, 1997, to June, 2015, at prices ranging from $29 to $87 (the stock split 3 for 1 on May 12, 1998, and again on May 17, 2006). Assuming a $1,000 investment for each of the 27 buys, the $27,000 position is now worth a pleasing $61,838. Although oil prices have fallen by 50 per cent over the last year, Imperial's stock has fallen by just 10 per cent. This is because lower oil prices are actually a good thing for Imperial's refineries; they lower input costs and increase profit margins. Imperial has thus had an easier time than many of its peers. It does face challenges, including potentially higher royalties and tougher environmental regulations, but the Investor reckons that these are just short-term bumps in the road. Imperial still has high-quality reserves and its operating costs should keep falling as its projects reach full capacity. As well, the company recently increased its quarterly dividend to 14 cents from 13 cents, for a new yield of 1.1 per cent. It has now raised the dividend for 20 years in a row. Imperial is the Investor's "top oil pick."