Imperial Oil announces estimated second quarter financial and operating results

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[{"type":"text","content":"\n\n\nCALGARY, Aug. 1, 2013 /CNW/ -\n\n\n\n\n \n\n\nSecond quarter\n\n\n \n\n\nSix months\n\n\n\n\n(millions of dollars, unless noted)\n\n\n2013\n\n\n2012\n\n\n%\n\n\n \n\n\n2013\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\nNet income (U.S. GAAP)\n\n\n327\n\n\n635\n\n\n(49)\n\n\n \n\n\n1,125\n\n\n1,650\n\n\n(32)\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 - assuming dilution (dollars)\n\n\n0.38\n\n\n0.75\n\n\n(49)\n\n\n \n\n\n1.32\n\n\n1.94\n\n\n(32)\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\n1,637\n\n\n1,308\n\n\n25\n\n\n \n\n\n4,613\n\n\n2,481\n\n\n86\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\nOur workforce maintained its commitment to industry-leading safety and\n environmental performance. In addition, several noteworthy events\n occurred during the quarter, including initial production at our Kearl\n oil sands mining project and the decision to convert our Dartmouth\n refinery to a fuels terminal. We also managed significant planned\n maintenance at Cold Lake and the Strathcona refinery and our Calgary\n workforce successfully responded to the state of emergency during\n recent flooding, ensuring business continuity.\n\n\nImperial's earnings in the second quarter were $327 million compared\n with $635 million for the same period in 2012. Included is a non-cash\n charge of $264 million associated with the Dartmouth decision.\n\n\nGross oil-equivalent production averaged 276,000 barrels a day, up 7,000\n barrels a day and refinery throughput averaged 435,000 barrels a day,\n up 51,000 barrels a day from the same period last year, respectively.\n We estimate that volumes this quarter were reduced by 11,000 barrels a\n day and 40,000 barrels a day due to significant planned maintenance at\n Cold Lake and Strathcona, respectively.\n\n\nProduction of pipeline quality diluted bitumen from one of the three\n proprietary froth treatment trains at our world-class ...

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