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Second quarter earnings 2001
| Toronto, ON, July 25, 2001
| Imperial Oil Limited today announced second-quarter net earnings of $414 million or $1.04 a share, compared with $285 million or 67 cents a share during the second quarter of 2000.
Net earnings in the first half of 2001 were $796 million or $2.00 a share, compared with $554 million or $1.30 a share during the same period last year.
The main reasons for the increase in earnings were higher natural gas prices, increased production of natural gas and crude oil, and stronger industry petroleum-product margins. The company also benefited from a reduction in both Alberta and Ontario provincial tax rates enacted in the second quarter. These positive factors were partly offset by lower bitumen prices, higher costs of purchased fuel and electricity and increased planned maintenance.
Total revenues were $4,813 million in the second quarter and
$9,535 million in the first six months of 2001, compared with
$4,230 million and $8,296 million in the corresponding periods last year.
Cash and marketable securities were $1,878 million on June 30, 2001, compared with $787 million at the same time last year. The company repurchased 1.4 million shares at a total cost of $54 million during the second quarter, following approval of Imperial's seventh consecutive share purchase program on June 21, 2001.
Bob Peterson, chairman, president and chief executive officer, said: "These record first-half results reflect a continuation of very solid operating performance throughout the company, along with relatively strong market fundamentals. Recent declines in commodity prices and margins have reinforced the need to stay focused on those aspects of the business that are within our control."
Management's discussion and analysis, special items, financial statements and notes
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