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Imperial Oil announces first-quarter financial and operating results
| Calgary, AB,
May 2, 2006
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Imperial Oil today announced net income for the first quarter of 2006 of $591
million or $1.78 a share, versus $393 million or $1.12 a share for the same
period last year.
The main contributing factors for increased
earnings were higher natural resources realizations and stronger refining and
marketing margins. In addition, operational performance remained solid during
the quarter. Partially offsetting these factors were higher energy costs and a
stronger Canadian dollar. Stock-related compensation expenses were lower in
the quarter.
Capital and exploration expenditures were
$322 million in the first quarter, versus $325 million during the same quarter
of 2005. In the first three months, the company repurchased more than 4.7
million shares for $542 million. At March 31, 2006, the company's balance of
cash and marketable securities was $715 million, compared to $1,661 million at
the end of 2005.
Tim Hearn, Imperial's chairman, president
and chief executive officer, commented that robust world demand for energy and
supply uncertainty brought on by geopolitical events led to sustained higher
commodity prices in the quarter. "The business environment, together with
solid operating performance, contributed to higher earnings," Hearn said. "We
continue to focus on reliable operations and to invest in major projects that
will be needed to meet growing energy needs," Hearn added.
Click here to read our first quarter interim report that includes the news
release, highlights and items of interest, management’s discussion and
analysis, and financial statements.
Imperial Oil is one of
Canada's largest corporations and a leading member of the country’s petroleum
industry. It is one of Canada's largest producers of crude oil and natural gas
and is also the country's largest refiner and marketer of petroleum products,
sold primarily under the Esso and Mobil brand names through a coast-to-coast
supply network that includes close to 2,000 retail outlets.
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