Business
Imperial Oil announces second quarter financial and operating results
CALGARY, July 30 /CNW/ - Imperial Oil today announced that net income for the second quarter of 2...
About this update from Imperial Oil Limited
[{"type":"text","content":"\n\n\n\nCALGARY, July 30 /CNW/ - Imperial Oil today announced that net income for\nthe second quarter of 2009 was $209 million or $0.25 a share, compared with\n$1,148 million or $1.28 a share for the same period last year. Net income for\nthe first six months of 2009 was $498 million or $0.58 a share, versus $1,829\nmillion or $2.03 a share for the first half of 2008.\n\n\nEarnings in the second quarter were down from the same quarter in 2008\nprimarily due to lower Upstream crude oil and natural gas commodity prices as\na result of the global economic downturn and from decreased gains from asset\nsales in the Downstream. In the Upstream, lower crude oil and natural gas\ncommodity prices were partially offset by lower royalty costs due to falling\ncommodity prices and the impact of a weaker Canadian dollar. Earnings were\nalso lower in the quarter due to scheduled maintenance activities at Syncrude\nand Cold Lake. Downstream earnings in the second quarter of 2008 included a\ngain of $187 million from the sale of Rainbow pipeline. Downstream earnings in\nthe second quarter of 2009 were also lower due to higher planned refinery\nmaintenance activities.\n\n\nOperating revenues were $5,261 million in the second quarter, compared\nwith $8,618 million in the corresponding period last year. Capital and\nexploration expenditures were $535 million in the second quarter, compared\nwith $279 million during the same quarter of 2008. For the first six months of\n2009, the amount was $1,029 million, versus $570 million in the same period a\nyear ago. During the first half of 2009, the company repurchased about 12\nmillion shares for $490 million, including shares purchased from ExxonMobil.\nIn the second quarter of 2009, share repurchases were reduced to $61 million\nas cash flow from operations was used to fund growth projects such as Kearl.\nThe company will continue to evaluate its share-purchase program in the\ncontext of its overall capital activities. On June 30, 2009, the company's\nbalance of cash and marketable securities was $390 million, compared to $1,974\nmillion at the end of 2008.\n\n\n"Sharply lower oil and natural gas prices continued to create challenging\nbusiness conditions. Through this global economic downturn, we continue to\nfocus on the business performance elements we can control - our safety,\nreliability, cost...