Business
Imperial Oil announces first-quarter financial and operating results
CALGARY, April 30 /CNW/ - Imperial Oil today announced net income for the first quarter of 2009 o...
About this update from Imperial Oil Limited
[{"type":"text","content":"\n\n\n\nCALGARY, April 30 /CNW/ - Imperial Oil today announced net income for the\nfirst quarter of 2009 of $289 million or $0.33 per share, compared with $681\nmillion or $0.75 per share for the same period last year.\n\n\nEarnings in the first quarter were lower than in the same quarter in\n2008, as lower Upstream and Chemical earnings were partially offset by higher\nDownstream earnings. In the Upstream, earnings decreased primarily due to\nlower crude oil and natural gas prices, partially offset by the impact of\nlower royalty costs due to lower commodity prices and a lower Canadian dollar.\nHigher Downstream earnings were primarily due to stronger margins and\nincreased refinery throughput and utilization. Chemical earnings were\nnegatively impacted by the slow economy, with lower overall margins and sales\nvolumes. Higher share-based compensation costs also contributed to lower\nearnings.\n\n\nDuring the first quarter, operating revenues were $4,653 million, versus\n$7,231 million for the same period of 2008. Capital and exploration\nexpenditures were $494 million, compared with $291 million in the first\nquarter of 2008, and Imperial repurchased about 10.5 million shares for $429\nmillion. At March 31, the company's balance of cash was $755 million versus\n$1,974 million at the end of 2008.\n\n\n"Sharply lower oil and natural gas prices as a result of the global\neconomic downturn produced lower earnings for the quarter, compared to the\nsame period last year. While Downstream earnings were higher, the significant\ndecline in commodity prices reduced our earnings overall," said Bruce March,\nchairman, president and chief executive officer of Imperial Oil. "Imperial is\nwell-positioned to weather this economic downturn with its strong balance\nsheet, minimal debt, and long-term disciplined approach. Although earnings are\nlower, our plans are to continue our long-term strategy of investing through\nthe business cycle and advancing our portfolio of company growth projects."\n\n\nImperial Oil is one of Canada's largest corporations and a leading member\nof the country's petroleum industry. It is one of the country's largest\nproducers of crude oil and natural gas, and is the largest petroleum refiner\nand marketer with a coast-to-coast supply network that includes about 1,900\nretail service stations.\n\n...