Imperial Oil Ltd.'s (IMO) second-quarter earnings more than
doubled on higher crude oil prices and higher Sycrude volumes,
although a stronger Canadian dollar acted as a drag on results.
The Calgary-based integrated oil and gas company earned C$517
million or 60 Canadian cents a share, including an about C$30
million gain, versus C$209 million or 25 Canadian cents a year
earlier.
It said gross crude oil and natural gas liquids production
totaled 252,000 barrels a day in the latest quarter, up from
223,000 barrels a year earlier. Gross natural gas output rose to
289 million cubic feet a day from 286 million cubic feet a day.
Results at both the Upstream and Downstream operations
improved.
The company said capital and exploration expenditures continued
at a record pace, totaling about C$$881 million in the quarter.
Spending was primarily on the Kearl oil-sands project in Alberta
and on exploration for shale gas in Horn River in British
Columbia.
The company plans to develop the Kearl project in three phases.
The C$8 billion first phase is expected to start production in late
2012 and to produce about 110,000 barrels a day. The project will
eventually produce more than 300,000 barrels a day.
Imperial Oil is controlled by Exxon Mobil Corp. (XOM).
Thursday in Toronto, its stock is down 0.5% to C$40.45.
-By Carolyn King, Dow Jones Newswires; 416-306-2100;
carolyn.m.king@dowjones.com