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Imperial Oil announces first-quarter financial and operating results
| Calgary, AB, May 1, 2008
| Imperial Oil today announced net income for the first quarter of 2008 of $681 million or $0.75 a share, compared with $774 million or $0.81 a share for the same period last year.
Earnings in the first quarter were lower than the same quarter of 2007 as higher Upstream earnings were more than offset by lower Downstream earnings. In the Upstream, higher crude oil and natural gas commodity prices were partially offset by the negative impacts of lower conventional volumes from expected reservoir decline, lower Syncrude volumes, higher royalties and a stronger Canadian dollar. Earnings in the Upstream were also negatively impacted by lower gains from asset divestments. The negative impacts of lower overall industry refining margins, unplanned shutdown at the Strathcona refinery and a stronger Canadian dollar contributed to lower Downstream earnings.
Operating revenues were $7,231 million in the first quarter, compared with $5,767 million in the corresponding period last year. Capital and exploration expenditures were $300 million in the first quarter, compared with $216 million during the same quarter of 2007. During the quarter, the company repurchased about 11 million shares for $590 million. At March 31, the company's balance of cash and marketable securities was $590 million, compared with $1,208 million at the end of 2007.
“Despite a number of challenges faced during the quarter, Imperial remains in an enviable position as we continued to add to our inventory of high-quality development opportunities,” said Bruce March, Imperial’s chief executive officer. “The combination of financial strength, technology advantage, proven business model and superior mix of skills and assets set the stage for continued growth in shareholder value,” March 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 the country’s largest producers of crude oil and natural gas, is the largest petroleum refiner, and has a leading market share in petroleum products sold through a coast-to-coast supply network that includes about 1,900 service stations.
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