DOW JONES NEWSWIRES
Imperial Oil Ltd. (IMO) posted a 65% jump in earnings in the
first quarter from a year earlier, although the latest quarter's
results were below analyst expectations.
The integrated oil and gas company, controlled by Exxon Mobil
Corp. (XOM), said its first-quarter profit rose to C$476 million or
56 Canadian cents a share from a year-earlier profit of C$289
million or 33 Canadian cents.
Analysts polled by Thomson Reuters had forecast earnings of 63
Canadian cents a share. Cash flow of C$914 million was achieved on
revenue of C$6.17 billion; a year earlier, Imperial Oil's revenue
was C$4.67 billion and cash flow was negative C$296 million.
Upstream earnings, which reflect the company's oil and gas
production, reached C$444 million versus C$142 million a year
earlier. Production averaged 291,000 barrels a day in the latest
quarter, down 3.6%. Downstream earnings fell to C$39 million from
C$202 million, hurt by margins that fell by about C$125 million, an
unfavorable currency effect of C$30 million and higher maintenance
costs.
The recent sale of ConocoPhillips' (COP) 9% stake in Syncrude to
China Petroleum & Chemical Corp., or Sinopec, for $4.65 billion
has had several analysts reconsidering the value of Syncrude's
other owners' stakes. Imperial Oil holds roughly 25% of Syncrude,
according to Syncrude's Web site.
In Toronto Wednesday, Imperial Oil closed at C$42.89, up 0.4%,
on 595,000 shares.
-By Tara Zachariah, Dow Jones Newswires; 416-306-2100;
tara.zachariah@dowjones.com
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