|  |
Imperial Oil announces 2007 financial and operating results
| Calgary, AB, January 31, 2008
|
Imperial Oil today announced net income for 2007 of $3,188 million (or $3.41 per share). This was the highest net income in the company's history, surpassing the previous record of $3,044 million (or $3.11 a share) in 2006. Fourth quarter earnings were $886 million, (or $0.96 a share) in 2007, compared with $794 million (or $0.83 a share) in the fourth quarter of 2006.
For the full year 2007, earnings increased primarily due to higher crude oil commodity prices, stronger industry refining and marketing margins, favourable refinery operations and higher Syncrude volumes. Gains from asset divestments were also higher in 2007. These factors were partially offset by lower expected conventional resources volumes; the negative impact of a stronger Canadian dollar; higher exploration and share-based compensation expenses; and higher tax expense.
Total operating revenues were $6,697 million in the fourth quarter of 2007 and $25,069 million for the year, versus $5,503 million and $24,505 million in the corresponding periods of 2006. Capital and exploration expenditures were $317 million in the fourth quarter and $978 million for the year, compared with $341 million and $1,209 million respectively in 2006. In 2007, Imperial repurchased more than 50.5 million shares for $2,358 million. The company's balance of cash and marketable securities at the end of 2007 was $1,208 million, versus $2,158 million at the end of 2006.
“Overall, improving operations, a strong price environment and record production at both Cold Lake and Syncrude contributed to record earnings and shareholder returns that well exceeded the energy equity index” said Tim Hearn, the company’s chairman and chief executive officer. “Furthermore, progress was made on a number of fronts during the year: the balance sheet was strengthened, and long-term investment opportunities were advanced, including regulatory approval for the proposed Kearl Oil Sands project and the addition of major acreage positions” 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, is the country’s largest petroleum refiner, and has a leading market share in petroleum products sold through a coast-to-coast supply network that includes close to 2,000 service stations.
|
| |  |
|
