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Imperial Oil announces 2006 financial and operating results
| Calgary, AB,
February 1, 2007
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Imperial Oil today announced net income for 2006 of $3,044 million (or $3.11
per share). This was the highest net income in the company's history,
surpassing the previous record of $2,600 million (or $2.53 a share) in 2005.
Fourth quarter earnings were $794 million, (or $0.83 a share) in 2006,
compared with $1,016 million (or $1.00 a share) in the fourth quarter of 2005.
In 2006, higher realizations for Cold Lake heavy oil and conventional crude
oil, and stronger refining, marketing and petrochemical margins contributed
positively to earnings when compared to 2005. Also positive to earnings were
higher benefits from resolution of tax matters and the impact of tax rate
changes, and lower share-based compensation expenses. Partially offsetting
these positive factors was the impact of a stronger Canadian dollar, lower
natural gas realizations, lower gains on asset divestments and higher planned
refinery maintenance and capital project effects.
Capital
and exploration expenditures were $341 million in the fourth quarter and
$1,209 million for the year, compared with $402 million and $1,475 million
respectively in 2005. In 2006, Imperial repurchased more than 45.5 million
shares for $1,818 million. The company's balance of cash and marketable
securities at the end of 2006 was $2,158 million, versus $1,661 million at the
end of 2005.
“The year saw record production at Cold Lake,
increased total crude oil production and progress on a number of large-scale
investments” said Tim Hearn, the company’s chairman, president and chief
executive officer. “In addition, solid operations and a strong price
environment helped yield record earnings in 2006, enabling more than $2.1
billion to be returned to shareholders in the form of share repurchases and
dividends,” Hearn added.
Click here to read our 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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