|  |
First quarter earnings 2001
| Toronto, ON, April 24, 2001
| Imperial Oil Limited today announced first-quarter net earnings of $382 million or 96 cents a share, compared with $269 million or 63 cents a share during the first quarter of 2000.
The main reasons for the increase in earnings were higher prices for natural gas, increased production of natural gas and crude oil, and continued strong industry refining margins. These positive factors were partly offset by lower bitumen prices and higher costs of purchased fuel and utilities.
Total revenues were $4,722 million, compared with $4,066 million during the first quarter of last year.
Cash and marketable securities were $1,295 million on
March 31, 2001, compared with $774 million at the same time last year. Essentially all of the shares that can be purchased under the company's latest share-purchase program, which runs from June 2000 to June 2001, were purchased in 2000. As a result, no shares were purchased under this program in the first quarter of 2001.
Bob Peterson, chairman, president and chief executive officer, said: "These excellent results reflect a continuation of the company's solid operating performance, plus increased resource production in a climate of strong prices and margins for many of our products, particularly natural gas."
Management's discussion and analysis, special items, financial statements and notes
|
| |  |
|
