CALGARY, April 30 /CNW/ - Imperial Oil today announced net income for the first quarter of 2009 of $289 million or $0.33 per share, compared with $681 million or $0.75 per share for the same period last year.
Earnings in the first quarter were lower than in the same quarter in 2008, as lower Upstream and Chemical earnings were partially offset by higher Downstream earnings. In the Upstream, earnings decreased primarily due to lower crude oil and natural gas prices, partially offset by the impact of lower royalty costs due to lower commodity prices and a lower Canadian dollar. Higher Downstream earnings were primarily due to stronger margins and increased refinery throughput and utilization. Chemical earnings were negatively impacted by the slow economy, with lower overall margins and sales volumes. Higher share-based compensation costs also contributed to lower earnings.
During the first quarter, operating revenues were $4,653 million, versus $7,231 million for the same period of 2008. Capital and exploration expenditures were $494 million, compared with $291 million in the first quarter of 2008, and Imperial repurchased about 10.5 million shares for $429 million. At March 31, the company's balance of cash was $755 million versus $1,974 million at the end of 2008.
"Sharply lower oil and natural gas prices as a result of the global economic downturn produced lower earnings for the quarter, compared to the same period last year. While Downstream earnings were higher, the significant decline in commodity prices reduced our earnings overall," said Bruce March, chairman, president and chief executive officer of Imperial Oil. "Imperial is well-positioned to weather this economic downturn with its strong balance sheet, minimal debt, and long-term disciplined approach. Although earnings are lower, our plans are to continue our long-term strategy of investing through the business cycle and advancing our portfolio of company growth projects."
Imperial Oil is one of Canada's largest corporations and a leading member of the country's petroleum industry. It is one of the country's largest producers of crude oil and natural gas, and is the largest petroleum refiner and marketer with a coast-to-coast supply network that includes about 1,900 retail service stations.
Highlights/Items of interest
Proved reserves increased by almost 50 percent to 2.3 billion oil-equivalent barrels
Imperial increased its total year-end proved reserves by almost 50 percent from the previous year. This was largely due to reserves additions from Phase 1 of the Kearl oil sands project, which totaled about 800 million oil-equivalent barrels. At the end of 2008, the company's proved reserves were more than 2.3 billion oil-equivalent barrels.
Horn River update
A winter drilling program was successfully completed in the Horn River Basin, a promising shale gas play in northeast British Columbia. Evaluation of drilling results is currently underway.
Aboriginal relations strategy enhanced
Imperial enhanced its aboriginal relations strategy - a framework of guiding principles and best practices that the company will follow in the areas of consultation, workforce and business development, as well as community relations. This work builds on Imperial's long history of working effectively with Aboriginal communities and is important to the company's plans for developing its portfolio of growth projects.
Imperial's 2008 United Way-Centraide campaigns raises $3.2 million
Imperial Oil, in partnership with its employees and retirees, contributed nearly $3.2 million to the 2008 United Way-Centraide campaign across Canada. This support reinforces Imperial's longtime belief that United Way services play a crucial role in improving the lives of Canadians in communities across the country.
IMPERIAL OIL LIMITED
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FINANCIAL HIGHLIGHTS (unaudited)
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Three months
to March 31
2009 2008
-----------------
Net income (U.S. GAAP, millions of dollars)
Upstream 142 650
Downstream 202 30
Chemical 3 24
Corporate and other (58) (23)
-----------------
Net income (U.S. GAAP) 289 681
-----------------
Cash flow from operating activities (296) 289
Capital and exploration expenditures 494 291
Per-share information (dollars)
Net income - basic 0.34 0.76
Net income - diluted 0.33 0.75
Dividends 0.10 0.09
Share prices - close at March 31
Toronto Stock Exchange (Canadian dollars) 45.80 53.80
NYSE Amex (U.S. dollars) 36.05 52.26
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
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OPERATING RESULTS
-----------------
The company's net income for the first quarter of 2009 was $289 million or $0.33 a share on a diluted basis, compared with $681 million or $0.75 a share for the same period last year.
Earnings in the first quarter were lower than the same quarter in 2008, as lower Upstream and Chemical earnings were partially offset by higher Downstream earnings. In the Upstream, earnings decreased primarily due to lower crude oil and natural gas commodity prices of about $940 million, partially offset by lower royalty costs due to lower commodity prices of about $270 million and the impact of a lower Canadian dollar of about $250 million. Higher Downstream earnings were primarily due to stronger margins of about $90 million and increased refinery throughput and utilization of about $60 million. Chemical earnings were negatively impacted by the slow economy in the first quarter with lower overall margins and lower sales volumes. Higher share-based compensation costs also contributed to lower earnings.
Upstream
Net income in the first quarter was $142 million versus $650 million in the same period of 2008. Earnings decreased primarily due to lower crude oil and natural gas commodity prices of about $940 million. Earnings were also negatively impacted by higher production costs, Syncrude maintenance costs and exploration expenses totaling about $70 million. These factors were partially offset by lower royalty costs due to lower commodity prices of about $270 million and the impact of a lower Canadian dollar of about $250 million.
The average price of Brent crude oil, a common benchmark for world oil markets, was $44.44 a barrel, in U.S. dollars, in the first quarter, down about 54 percent from the same quarter last year. The company's realizations on sales of Canadian conventional crude oil mirrored the same trend as world prices, decreasing about 50 percent in the first quarter compared to the same period last year.
Prices for Canadian heavy oil, including the company's heavy oil from Cold Lake, moved generally in line with that of the lighter crude oil. The price of Bow River, a benchmark Canadian heavy oil, fell by about 44 percent in the first quarter compared to the same quarter last year.
Gross production of Cold Lake heavy oil averaged 148 thousand barrels a day during the first quarter, versus 154 thousand barrels in the same quarter last year. Lower production volumes in the first quarter were due to the cyclic nature of production at Cold Lake and increased maintenance activities.
The company's share of Syncrude's gross production in the first quarter was 68 thousand barrels a day compared with 67 thousand barrels during the same period a year ago. Volumes in the first quarter were slightly higher than the same period in 2008, as lower maintenance activities were largely offset by bitumen production constraints and acceleration of planned maintenance activities.
In the first quarter, gross production of conventional crude oil averaged 26 thousand barrels a day, down from 27 thousand barrels a day in the same period last year, due to natural reservoir decline.
Gross production of natural gas during the first quarter of 2009 decreased to 307 million cubic feet a day from 325 million cubic feet in the same period last year as a result of natural reservoir decline.
Downstream
Net income was $202 million in the first quarter of 2009, compared with $30 million in the same period a year ago. Earnings were higher in the quarter mainly due to stronger downstream margins of about $90 million, increased refinery throughput and utilization of about $60 million and the impact of a lower Canadian dollar of about $45 million. Partially offsetting these factors were lower industry sales volumes due to the slowdown in the economy of about $25 million.
Chemical
Net income was $3 million in the first quarter, compared with $24 million in the same quarter last year. Chemical earnings were negatively impacted by the slow economy in the first quarter with lower margins for polyethylene and aromatic products and lower sales volumes for polyethylene and intermediate products.
Corporate and other
Net income effects were negative $58 million in the first quarter, compared with negative $23 million in the same period of 2008. Unfavourable earnings effects were primarily due to higher share-based compensation charges.
LIQUIDITY AND CAPITAL RESOURCES -------------------------------
Cash flow used in operating activities was $296 million during the first quarter of 2009, compared with cash flow generated from operating activities of $289 million in the same period last year. Lower cash flow was primarily driven by lower earnings and timing of scheduled income tax payments. These factors were partially offset by lower seasonal inventory builds. The net effects of lower commodity prices on receivable and payable balances did not have a material impact on cash flow. Funding contributions of $161 million to the company's registered pension plan in the first quarter were at a slightly higher level than the same period last year.
Investing activities used net cash of $407 million in the first quarter, an increase of $169 million from the corresponding period in 2008. Additions to property, plant and equipment were $411 million in the first quarter, compared with $251 million during the same quarter 2008. For the Upstream segment, expenditures during the quarter were primarily for advancing the Kearl oil sands project and development drilling at Cold Lake. Other investments included facilities improvements at Syncrude, exploration drilling at Horn River and development drilling at conventional fields in Western Canada. The Downstream segment's capital expenditures were focused mainly on refinery projects to increase sulphur recovery to further reduce sulphur dioxide emissions, upgrade water management systems as well as enhance feedstock flexibility and energy efficiency.
During the first quarter of 2009, the company repurchased about 10.5 million shares for $429 million. Under the current share repurchase program, which began on June 25, 2008, the company has purchased about 34 million shares, including shares purchased from ExxonMobil.
Cash dividends of $86 million were paid in the first quarter of 2009 compared with dividends of $82 million in the first quarter of 2008. Per-share dividends declared in the first quarter were $0.10, up from $0.09 in 2008.
The above factors led to a decrease in the company's balance of cash to $755 million at March 31, 2009, from $1,974 million at the end of 2008.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS ----------------------------------------------------------- Information about market risks for the three months ended March 31, 2009 does not differ materially from that discussed on page 33 in the company's annual report to shareholders for the year ended December 31, 2008, except for the following: ------------------------------------------------------------------------- Earnings sensitivity (a) millions of dollars after tax ------------------------------------------------------------------------- Eight cents decrease (increase) in the value of the Canadian dollar versus the U.S. dollar + (-) 400 -------------------------------------------------------------------------
The sensitivity of net income to changes in the Canadian dollar versus the U.S. dollar increased from 2008 year-end by about $12 million (after tax) for each one-cent difference. This was primarily due to the impacts of increased crude oil prices and the narrowing price spread between light crude oil and Cold Lake heavy oil, partially offset by the impact of lower industry refining margins.
(a) The amount quoted to illustrate the impact of the sensitivity
represents a change of about 10 percent in the value of the commodity
at the end of the first quarter 2009. The sensitivity calculation
shows the impact on annual net income that results from a change in
one factor, after tax and royalties and holding all other factors
constant. While the sensitivity is applicable under current
conditions, it may not apply proportionately to larger fluctuations.
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This report may contain forward-looking information. Actual results could
differ materially due to market conditions, changes in law or government
policy, changes in operating conditions and costs, changes in project
schedules, operating performance, demand for oil and gas, commercial
negotiations or other technical and economic factors.
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IMPERIAL OIL LIMITED
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CONSOLIDATED STATEMENT OF INCOME
(U.S. GAAP, unaudited) Three months
to March 31
millions of Canadian dollars 2009 2008
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REVENUES AND OTHER INCOME
Operating revenues(a)(b) 4,653 7,231
Investment and other income(4) 17 32
-----------------
TOTAL REVENUES AND OTHER INCOME 4,670 7,263
-----------------
EXPENSES
Exploration 83 40
Purchases of crude oil and products(c) 2,320 4,496
Production and manufacturing (5)(d) 1,030 977
Selling and general(5) 330 295
Federal excise tax(a) 306 312
Depreciation and depletion 197 181
Financing costs 2 (3)
-----------------
TOTAL EXPENSES 4,268 6,298
-----------------
INCOME BEFORE INCOME TAXES 402 965
INCOME TAXES 113 284
-----------------
NET INCOME(3) 289 681
-----------------
NET INCOME PER COMMON SHARE - BASIC (dollars)(7) 0.34 0.76
NET INCOME PER COMMON SHARE - DILUTED (dollars)(7) 0.33 0.75
DIVIDENDS PER COMMON SHARE (dollars) 0.10 0.09
(a) Federal excise tax included in operating revenues 306 312
(b) Amounts from related parties included in operating
revenues 314 591
(c) Amounts to related parties included in purchases of
crude oil and products 697 1,259
(d) Amounts to related parties included in production
and manufacturing expenses 74 45
The notes to the financial statements are an integral part of these
financial statements.
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CONSOLIDATED BALANCE SHEET
(U.S. GAAP, unaudited) As at As at
Mar.31 Dec.31
millions of Canadian dollars 2009 2008
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ASSETS
Current assets
Cash 755 1,974
Accounts receivable,
less estimated doubtful accounts 1,578 1,455
Inventories of crude oil and products 890 673
Materials, supplies and prepaid expenses 260 180
Deferred income tax assets 367 361
-----------------
Total current assets 3,850 4,643
Long-term receivables, investments and other
long-term assets 915 881
Property, plant and equipment, 24,538 24,165
less accumulated depreciation and depletion 13,075 12,917
-----------------
Property, plant and equipment, net 11,463 11,248
Goodwill 204 204
Other intangible assets, net 58 59
-----------------
TOTAL ASSETS 16,490 17,035
-----------------
LIABILITIES
Current liabilities
Notes and loans payable 109 109
Accounts payable and accrued liabilities(6)(a) 2,829 2,542
Income taxes payable 938 1,498
-----------------
Total current liabilities 3,876 4,149
Capitalized lease obligations 34 34
Other long-term obligations(6) 2,185 2,298
Deferred income tax liabilities 1,533 1,489
-----------------
TOTAL LIABILITIES 7,628 7,970
SHAREHOLDERS' EQUITY
Common shares at stated value(7)(b) 1,509 1,528
Earnings reinvested 8,277 8,484
Accumulated other comprehensive income(8) (924) (947)
-----------------
TOTAL SHAREHOLDERS' EQUITY 8,862 9,065
-----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 16,490 17,035
-----------------
(a) Accounts payable and accrued liabilities include amounts to related
parties of $147 million (2008 - $127 million).
(b) Number of common shares outstanding was 849 million (2008 -
859 million).
The notes to the financial statements are an integral part of these
financial statements.
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Approved by the directors April 29, 2009
Chairman, president and Senior vice-president,
chief executive officer finance and administration, and treasurer
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CONSOLIDATED STATEMENT OF CASH FLOWS
(U.S. GAAP, unaudited) Three months
inflow/(outflow) to March 31
millions of Canadian dollars 2009 2008
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OPERATING ACTIVITIES
Net income 289 681
Adjustment for non-cash items:
Depreciation and depletion 197 181
(Gain)/loss on asset sales(4) (1) (11)
Deferred income taxes and other 28 (65)
Changes in operating assets and liabilities:
Accounts receivable (125) (398)
Inventories and prepaids (297) (572)
Income taxes payable (560) (11)
Accounts payable 288 584
All other items - net (a) (115) (100)
-----------------
CASH FROM (USED IN) OPERATING ACTIVITIES (296) 289
-----------------
INVESTING ACTIVITIES
Additions to property, plant and
equipment and intangibles (411) (251)
Proceeds from asset sales 2 13
Loans to equity company 2 -
-----------------
CASH FROM (USED IN) INVESTING ACTIVITIES (407) (238)
-----------------
FINANCING ACTIVITIES
Reduction in capitalized lease obligations (1) (1)
Issuance of common shares under stock option plan - 4
Common shares purchased(7) (429) (590)
Dividends paid (86) (82)
-----------------
CASH FROM (USED IN) FINANCING ACTIVITIES (516) (669)
-----------------
INCREASE (DECREASE) IN CASH (1,219) (618)
CASH AT BEGINNING OF PERIOD 1,974 1,208
-----------------
CASH AT END OF PERIOD 755 590
-----------------
(a) Includes contribution to registered pension plans (161) (147)
The notes to the financial statements are an integral part of these
financial statements.
IMPERIAL OIL LIMITED
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
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1. Basis of financial statement presentation
These unaudited consolidated financial statements have been prepared in
accordance with generally accepted accounting principles of the United
States of America and follow the same accounting policies and methods of
computation as, and should be read in conjunction with, the most recent
annual consolidated financial statements. In the opinion of the
management, the information furnished herein reflects all known accruals
and adjustments necessary for a fair presentation of the financial
position of the company as at March 31, 2009, and December 31, 2008, and
the results of operations and changes in cash flows for the three months
ending March 31, 2009 and 2008. All such adjustments are of a normal
recurring nature. The company's exploration and production activities are
accounted for under the "successful efforts" method. Certain
reclassifications to the prior year have been made to conform to the 2009
presentation.
The results for the three months ended March 31, 2009, are not
necessarily indicative of the operations to be expected for the full
year.
All amounts are in Canadian dollars unless otherwise indicated.
2. Accounting change for fair value measurements
Effective January 1, 2009, the company adopted the Financial Accounting
Standards Board's (FASB) Statement No. 157 (SFAS 157), "Fair Value
Measurements" for nonfinancial assets and liabilities that are measured
at fair value on a nonrecurring basis. SFAS 157 defines fair value,
establishes a framework for measuring fair value when an entity is
required to use a fair value measure for recognition or disclosure
purposes and expands the disclosures about fair value measures. The
adoption did not have a material impact on the company's financial
statements. The company previously adopted SFAS 157 for financial assets
and liabilities that are measured at fair value and for nonfinancial
assets and liabilities that are measured at fair value on a recurring
basis.
3. Business Segments
Three months to March 31 Upstream Downstream Chemical
millions of dollars 2009 2008 2009 2008 2009 2008
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REVENUES AND OTHER INCOME
External sales(a) 760 1,449 3,685 5,429 208 353
Intersegment sales 656 1,292 390 779 64 101
Investment and other
income 4 4 8 14 - 1
-----------------------------------------------
1,420 2,745 4,083 6,222 272 455
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EXPENSES
Exploration(b) 83 40 - - - -
Purchases of crude oil
and products 364 1,085 2,867 5,234 199 349
Production and
manufacturing 646 581 336 346 48 50
Selling and general 1 2 233 233 19 18
Federal excise tax - - 306 312 - -
Depreciation and
depletion 136 117 56 59 3 3
Financing costs - - 1 (4) - -
-----------------------------------------------
TOTAL EXPENSES 1,230 1,825 3,799 6,180 269 420
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INCOME BEFORE INCOME TAXES 190 920 284 42 3 35
INCOME TAXES 48 270 82 12 - 11
-----------------------------------------------
NET INCOME 142 650 202 30 3 24
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Export sales to the
United States 405 736 237 225 109 221
Cash flows from (used in)
operating activities (230) 478 (46) (174) (14) (8)
CAPEX(b) 447 255 42 32 4 2
Total assets as at
March 31 9,154 8,555 6,326 7,539 420 516
Capital employed as at
March 31 5,387 4,806 3,953 3,475 189 248
Corporate
Three months to March 31 and Other Eliminations Consolidated
millions of dollars 2009 2008 2009 2008 2009 2008
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REVENUES AND OTHER INCOME
External sales(a) - - - - 4,653 7,231
Intersegment sales - - (1,110) (2,172) - -
Investment and other
income 5 13 - - 17 32
-----------------------------------------------
5 13 (1,110) (2,172) 4,670 7,263
-----------------------------------------------
EXPENSES
Exploration(b) - - - - 83 40
Purchases of crude oil
and products - - (1,110) (2,172) 2,320 4,496
Production and
manufacturing - - - - 1,030 977
Selling and general 77 42 - - 330 295
Federal excise tax - - - - 306 312
Depreciation and
depletion 2 2 - - 197 181
Financing costs 1 1 - - 2 (3)
-----------------------------------------------
TOTAL EXPENSES 80 45 (1,110) (2,172) 4,268 6,298
-----------------------------------------------
INCOME BEFORE INCOME TAXES (75) (32) - - 402 965
INCOME TAXES (17) (9) - - 113 284
-----------------------------------------------
NET INCOME (58) (23) - - 289 681
-----------------------------------------------
Export sales to the
United States - - - - 751 1,182
Cash flows from (used in)
operating activities (6) (7) - - (296) 289
CAPEX(b) 1 2 - - 494 291
Total assets as at March 31 833 629 (243) (434) 16,490 16,805
Capital employed as at
March 31 (484) (377) - - 9,045 8,152
(a) Includes crude oil sales made by Downstream in order to optimize
refining operations.
(b) Capital and exploration expenditures (CAPEX) include exploration
expenses, additions to property, plant, equipment and intangibles and
additions to capital leases.
4. Investment and other income
Investment and other income includes gains and losses on asset sales as
follows:
Three months
to March 31
millions of dollars 2009 2008
-------------------------------------------------------------------------
Proceeds from asset sales 2 13
Book value of assets sold 1 2
-----------------
Gain/(loss) on asset sales, before tax 1 11
-----------------
Gain/(loss) on asset sales, after tax 1 9
-----------------
5. Employee retirement benefits
The components of net benefit cost included in production and
manufacturing and selling and general expenses in the consolidated
statement of income are as follows:
Three months
to March 31
millions of dollars 2009 2008
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Pension benefits:
Current service cost 26 24
Interest cost 73 66
Expected return on plan assets (68) (82)
Amortization of prior service cost 4 5
Recognized actuarial loss 28 20
-----------------
Net benefit cost 63 33
-----------------
Other post-retirement benefits:
Current service cost 1 1
Interest cost 7 6
Recognized actuarial loss - 1
-----------------
Net benefit cost 8 8
-----------------
6. Other long-term obligations
As at As at
Mar.31 Dec. 31
millions of dollars 2009 2008
-------------------------------------------------------------------------
Employee retirement benefits(a) 1,013 1,151
Asset retirement obligations and other environmental
liabilities(b) 713 728
Share-based incentive compensation liabilities 247 203
Other obligations 212 216
-----------------
Total other long-term obligations 2,185 2,298
-----------------
(a) Total recorded employee retirement benefits obligations also include
$45 million in current liabilities (December 31, 2008 - $45 million).
(b) Total asset retirement obligations and other environmental
liabilities also include $84 million in current liabilities
(December 31, 2008 - $83 million).
7. Common shares
As at As at
Mar.31 Dec. 31
thousands of shares 2009 2008
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Authorized 1,100,000 1,100,000
Common shares outstanding 848,882 859,402
From 1995 through 2007, the company purchased shares under thirteen
12-month normal course issuer bid share repurchase programs, as well as
an auction tender. On June 25, 2008, another 12-month normal course
issuer bid program was implemented with an allowable purchase of
44.2 million shares (five percent of the total on June 16, 2008), less
shares purchased from Exxon Mobil Corporation and shares purchased by the
employee savings plan and company pension fund. The results of these
activities are as shown below:
millions of
Year Shares Dollars
-------------------------------------------------------------------------
1995 - 2007 846.1 12,811
2008 - First quarter 11.0 590
- Full year 44.3 2,210
2009 - First quarter 10.5 429
Cumulative purchases to date 900.9 15,450
Exxon Mobil Corporation's participation in the above share repurchase
maintained its ownership interest in Imperial at 69.6 percent.
The excess of the purchase cost over the stated value of shares purchased
has been recorded as a distribution of earnings reinvested.
The following table provides the calculation of net income per common
share:
Three months
to March 31
2009 2008
-------------------------------------------------------------------------
Net income per common share - basic
Net income (millions of dollars) 289 681
Weighted average number of common
shares outstanding (millions of shares) 856.0 899.7
Net income per common share (dollars) 0.34 0.76
Net income per common share - diluted
Net income (millions of dollars) 289 681
Weighted average number of common shares
outstanding (millions of shares) 856.0 899.7
Effect of employee share-based awards (millions of
shares) 6.7 6.3
-----------------
Weighted average number of common shares
outstanding, assuming dilution (millions of
shares) 862.7 906.0
Net income per common share (dollars) 0.33 0.75
8. Comprehensive income
Three months
to March 31
millions of dollars 2009 2008
-------------------------------------------------------------------------
Net income 289 681
Amortization of post retirement benefit liability
adjustment included in net periodic benefit costs 23 19
-----------------
Other comprehensive income (net of income taxes) 23 19
-----------------
Total comprehensive income 312 700
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OPERATING STATISTICS
(unaudited) Three months
to March 31
2009 2008
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GROSS CRUDE OIL AND NGL PRODUCTION
(thousands of barrels a day)
Cold Lake 148 154
Syncrude 68 67
Conventional 26 27
-----------------
Total crude oil production 242 248
Natural gas liquids (NGLs) available for sale 9 12
-----------------
Total crude oil and NGL production 251 260
-----------------
NET CRUDE OIL AND NGL PRODUCTION
(thousands of barrels a day)
Cold Lake 141 131
Syncrude 70 57
Conventional 23 20
-----------------
Total crude oil production 234 208
Natural gas liquids (NGLs) available for sale 6 8
-----------------
Total crude oil and NGL production 240 216
-----------------
COLD LAKE BLEND SALES (thousands of barrels a day) 198 204
NGL SALES (thousands of barrels a day) 12 17
NATURAL GAS (millions of cubic feet a day)
Production (gross) 307 325
Production (net) 262 259
Sales 277 294
AVERAGE REALIZATIONS AND PRICES (Canadian dollars)
Conventional crude oil realizations (a barrel) 46.61 93.27
NGL realizations (a barrel) 41.20 58.67
Natural gas realizations (a thousand cubic feet) 5.82 8.00
Par crude oil price at Edmonton (a barrel) 51.23 98.58
Heavy crude oil at Hardisty (Bow River, a barrel) 43.81 77.64
TOTAL REFINERY THROUGHPUT (thousands of barrels a day) 460 425
REFINERY CAPACITY UTILIZATION (percent) 92 85
PETROLEUM PRODUCTS SALES (thousands of barrels a day)
Gasolines 190 195
Heating, diesel and jet fuels 158 166
Heavy fuel oils 31 29
Lube oils and other products 36 38
-----------------
Net petroleum products sales 415 428
-----------------
PETROCHEMICAL SALES (thousands of tonnes a day) 2.7 3.1
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SHARE OWNERSHIP, TRADING AND PERFORMANCE
(unaudited) Three months
to March 31
2009 2008
-------------------------------------------------------------------------
RETURN ON AVERAGE CAPITAL EMPLOYED(a)
(rolling 4 quarters, percent) 38.7 36.0
RETURN ON AVERAGE SHAREHOLDERS' EQUITY
(rolling 4 quarters, percent) 39.5 39.7
INTEREST COVERAGE RATIO - EARNINGS BASIS
(rolling 4 quarters, times covered) 674.3 89.1
SHARE OWNERSHIP
Outstanding shares (thousands)
Monthly weighted average 856,025 899,736
At March 31 848,882 859,402
Number of shareholders
At March 31 13,266 13,172
SHARE PRICES
Toronto Stock Exchange (Canadian dollars)
High 46.48 58.09
Low 35.95 45.80
Close at March 31 45.80 53.80
NYSE Amex (U.S. dollars)(b)
High 38.00 58.91
Low 28.44 44.30
Close at March 31 36.05 52.26
(a) Return on capital employed is net income excluding after-tax cost of
financing divided by the average rolling four quarters' capital
employed.
(b) Share price presented is based on consolidated U.S. market data.
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