Business
Imperial Oil announces estimated third-quarter financial and operating results
Imperial Oil announces estimated third-quarter financial and operating results
About this update from Imperial Oil Limited
[{"type":"text","content":"\n\n\n\n Nov. 1, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nCALGARY, Nov. 1 /CNW/ -\n\n\n >\n\n\nBruce March, chairman, president and chief executive officer of Imperial Oil, commented:\n"Imperial Oil achieved solid results with third quarter earnings of $418 million or $0.49 per share. Our earnings were down from $547 million in the third quarter of 2009 due to lower upstream volumes primarily from a planned downtime at Syncrude, unfavourable foreign exchange effects of a stronger Canadian dollar, and third-party pipeline reliability issues that negatively impacted heavy crude oil industry sales and realizations. Strong operating performance in downstream business segments offset continued weak industry margins.\nEarnings for the first nine months of 2010 were $1,411 million or $1.65 per share, up from $1,045 million in the first nine months of 2009, an increase of 35 percent.\nImperial Oil's proven approach of taking a long-term view and focusing on disciplined capital investment and financial management will continue to reward our shareholders. Strong cash flow from operating activities continued to substantially fund our record capital investment program. Capital and exploration expenditures were $1,199 million in the third quarter, about double the third quarter of 2009. These expenditures were directed primarily to the development of our Kearl oil sands company growth project."\n\n\n >\n\n\nThird quarter 2010 vs. third quarter 2009\n\nThe company's net income...