Business
Imperial Oil announces estimated first quarter financial and operating results
FOR THE THREE MONTHS ENDED MARCH 31, 2013 CALGARY, April 25, 2013 /CNW/ - ...
About this update from Imperial Oil Limited
[{"type":"text","content":"\n\n\n\n\n\nFOR THE THREE MONTHS ENDED MARCH 31, 2013\n\n\nCALGARY, April 25, 2013 /CNW/ -\n\n\n\n\n\n\n\n \n\n\n \n\n\nFirst quarter\n\n\n\n\n(millions of dollars, unless noted)\n\n\n \n\n\n2013\n\n\n \n\n\n \n\n\n2012\n\n\n \n\n\n \n\n\n%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nNet income (U.S. GAAP)\n\n\n \n\n\n798\n\n\n \n\n\n \n\n\n1,015\n\n\n \n\n\n \n\n\n(21)\n\n\n\n\nNet income per common share\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n- assuming dilution (dollars)\n\n\n \n\n\n0.94\n\n\n \n\n\n \n\n\n1.19\n\n\n \n\n\n \n\n\n(21)\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nCapital and exploration expenditures\n\n\n \n\n\n2,976\n\n\n \n\n\n \n\n\n1,173\n\n\n \n\n\n \n\n\n154\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n\n\n\nRich Kruger, Chairman, President and Chief Executive Officer of Imperial\n Oil, commented:\n\n\nImperial Oil's earnings in the first quarter of 2013 were $798 million,\n down 21 percent or $217 million from the first quarter of 2012. Lower\n earnings were primarily attributable to the impacts of lower liquids\n realizations of $270 million, higher refinery and Syncrude maintenance\n effects of $165 million and higher Kearl production readiness\n expenditures. These factors were partially offset by lower royalties of\n $160 million and higher refining margins of $125 million. Gross\n oil-equivalent production was 284,000 barrels a day in the first\n quarter, slightly lower than the same period last year.\n\n\nImperial Oil's Cold Lake operation demonstrated continued improvement by\n achieving record production of 164,000 barrels a day at Canada's\n largest in-situ oil sands project in the first quarter of 2013. Volume\n growth was achieved through higher reliability and strong reservoir\n performance.\n\n\nThe start-up of the first phase of Imperial Oil's Kearl oil sands\n project is imminent. Kearl represents one of Canada's highest quality\n oil sands deposits, with 4.6 billion barrels of recoverable b...