Business
Imperial Oil announces estimated third quarter financial and operating results
CALGARY , Oct. 31, 2013 /CNW/ - Rich Kruger , Chairman, President and Chief Exec...
About this update from Imperial Oil Limited
[{"type":"text","content":"\n\n\nCALGARY, Oct. 31, 2013 /CNW/ -\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\nThird quarter\n\n\n \n\n\nNine 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\n647\n\n\n1,040\n\n\n(38)\n\n\n \n\n\n1,772\n\n\n2,690\n\n\n(34)\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\n0.76\n\n\n1.22\n\n\n(38)\n\n\n \n\n\n2.08\n\n\n3.16\n\n\n(34)\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\n1,840\n\n\n1,409\n\n\n31\n\n\n \n\n\n6,453\n\n\n3,890\n\n\n66\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\nDuring the quarter, Imperial Oil maintained focus on the operational\n performance of its base businesses while continuing to advance major\n upstream growth projects. All three proprietary paraffinic froth\n treatment trains are operational at our world-class Kearl oil sands\n mining project and diluted bitumen is being successfully processed at\n Imperial and ExxonMobil refineries. Production continues to ramp-up as\n we further synchronize facilities and address ongoing improvements in\n equipment reliability in advance of our first season of winter\n operation. We expect to achieve production levels of 110,000 barrels\n per day (78,000 Imperial's share) by the end of the year.\n\n\nEarnings in the third quarter were $647 million compared to $1,040\n million for the same period in 2012.\n\n\nGross production averaged 288,000 oil-equivalent barrels per day (88\n percent liquids), up 3,000 barrels versus the same period in 2012.\n Planned maintenance at Syncrude reduced volumes in the quarter by an\n estimated 21,000 barrels per day. Refinery throughput averaged 451,000\n barrels per day, essentially flat with the third quarter in 2012.\n\n\nThird quarter capi...