Imperial Oil Limited (TSX:IMO):
- Net income of $1,212 million, including a $662 million benefit
from the Alberta corporate tax rate change
- Highest second quarter production in over 25 years, including
record second quarter production at Kearl
- Cash generated from operations of $1 billion; $2 billion in the
first six months, the highest since 2014
- Returned $515 million to shareholders; renewed share purchase
program for another year
Second quarter
Six months
millions of Canadian dollars, unless
noted
2019
2018
∆
2019
2018
∆
Net income (loss) (U.S. GAAP)
1,212
196
+1,016
1,505
712
+793
Net income (loss) per common share,
assuming dilution (dollars)
1.57
0.24
+1.33
1.94
0.86
+1.08
Capital and exploration expenditures
429
284
+145
958
558
+400
Estimated net income in the second quarter of 2019 was $1,212
million, up from net income of $196 million in the same period of
2018. Second quarter 2019 results include a favourable impact,
largely non-cash, of $662 million associated with the recently
enacted Alberta corporate income tax rate decrease.
Overall upstream gross oil-equivalent production averaged
400,000 barrels per day, up from 336,000 barrels per day in the
second quarter of 2018, due to strong Kearl production and the
absence of Syncrude turnaround activity. Gross production at Kearl
averaged 207,000 barrels per day in the second quarter, and 193,000
barrels per day in the first six months of 2019, representing both
a record second quarter and a record first half.
“In a quarter when the upstream completed significant turnaround
activities, the company still achieved its highest second quarter
production in over 25 years,” said Rich Kruger, chairman, president
and chief executive officer. “The ongoing focus on improving
reliability at Kearl is working, with the operation recording four
of its ten best-ever production days following completion of the
turnaround in June.”
Refinery throughput averaged 344,000 barrels per day, compared
to 363,000 barrels per day in the second quarter of 2018. Petroleum
product sales averaged 477,000 barrels per day in the second
quarter, compared to 510,000 barrels per day in the same period of
2018. Downstream results were impacted by the planned Sarnia
refinery turnaround and a fractionation tower incident, which
occurred during preparations for the turnaround.
On June 21, Imperial announced the renewal of its share purchase
program, allowing the company to buy approximately 38 million
shares over a 12-month period ending June 26, 2020. The company
fully utilized the prior program, returning $1.6 billion to
shareholders through the purchase of over 40 million shares.
Imperial remains committed to returning cash to shareholders
through paying a reliable and growing dividend and returning
surplus cash to shareholders through share buybacks.
“Given overall financial and operational performance in the
first half, and with several of the year’s planned upstream and
downstream turnarounds completed, Imperial remains on track to
deliver on our commitments for 2019,” added Kruger.
Second quarter highlights
- Net income of $1,212 million or $1.57 per share on a diluted
basis, up from net income of $196 million or $0.24 per share in
the second quarter of 2018. Second quarter 2019 results include a
favourable impact, largely non-cash, of $662 million associated
with the recently enacted Alberta corporate income tax rate
decrease.
- Cash generated from operating activities was $1,026
million, up from $859 million in the second quarter of
2018.
- Capital and exploration expenditures totalled $429
million, compared with $284 million in the second quarter of
2018.
- Dividends paid and share purchases totalled $515 million in
the second quarter of 2019, including the purchase of about 9.8
million shares for $368 million. Under the 12-month program that
ended on June 26, 2019, the company purchased 40.4 million shares
for $1.6 billion, the maximum allowable.
- Share purchase program renewed for another 12 months. In
June, Imperial received Toronto Stock Exchange approval to renew
its program enabling the purchase of up to five percent of its
common shares outstanding, approximately 38 million shares, during
the 12-month period ending June 26, 2020. The company remains
committed to returning surplus cash to shareholders.
- Production averaged 400,000 gross oil-equivalent barrels per
day, up from 336,000 barrels per day in the same period of
2018. Strong post-turnaround production at Kearl and the absence of
turnaround activities at Syncrude contributed to this result.
- Gross production of Kearl bitumen averaged 207,000 barrels
per day (147,000 barrels Imperial’s share), up from 180,000
barrels per day (128,000 barrels Imperial’s share) in the second
quarter of 2018. Production was impacted by an estimated 46,000
barrels per day (33,000 barrels Imperial’s share) associated with
the largest planned turnaround in the asset’s history.
- Gross production of Cold Lake bitumen averaged 135,000
barrels per day, up from 133,000 barrels per day in the same
period of 2018. A 32-day turnaround at the Mahkeses facility was
completed in the quarter and impacted production by an estimated
12,000 barrels per day.
- The company’s share of gross production from Syncrude
averaged 80,000 barrels per day, up from 50,000 barrels per day
in the same period of 2018. The increase was primarily due to the
absence of turnaround activities and production impacts resulting
from the 2018 power disruption.
- Crude-by-rail shipments averaged 64,000 barrels per day in
the second quarter, up from 36,000 barrels per day in the first
quarter of 2019. Future rail movements will continue to be driven
by economics.
- Refinery throughput averaged 344,000 barrels per day,
compared to 363,000 barrels per day in the second quarter of 2018.
Capacity utilization was 81 percent, compared to 86 percent in the
second quarter of 2018. The results reflect the impact of a planned
turnaround at the Sarnia facility and an incident with a
fractionation tower during preparations for the turnaround.
Turnaround activities were completed in the quarter and work
continues to replace the tower.
- Petroleum product sales were 477,000 barrels per day,
compared to 510,000 barrels per day in the second quarter of 2018.
Lower volumes were mainly due to reduced throughput at Sarnia.
- Speedpass+™mobile payment app enhanced.
Imperial’s Speedpass+ app now allows customers to link their PC
Financial Mastercard, earn PC Optimum points, and use the app at
participating Mobil stations. Until September 30, customers can
earn five times the Esso Extra points or 50 PC Optimum points per
litre when using the app at participating Esso and Mobil stations
nationwide.
Second quarter 2019 vs. second quarter 2018
The company’s net income for the second quarter of 2019 was
$1,212 million or $1.57 per share on a diluted basis, up from net
income of $196 million or $0.24 per share in the same period of
2018. Second quarter 2019 results include a favourable impact,
largely non-cash, of $662 million associated with the Alberta
corporate income tax rate decrease. On June 28, 2019, the Alberta
government enacted a 4 percent decrease in the provincial tax rate,
from 12 percent to 8 percent by 2022.
Upstream net income was $985 million in the second quarter,
reflecting the favourable impact associated with the decreased
Alberta corporate income tax rate of $689 million. Excluding this
impact, second quarter 2019 net income was $296 million, an
increase of $302 million compared to a net loss of $6 million in
the same period of 2018. Improved results reflect higher volumes of
about $310 million, primarily at Syncrude, Kearl and Norman Wells,
as well as the impact of higher Canadian crude oil realizations of
about $80 million. Results were negatively impacted by higher
operating expenses of about $60 million and higher royalties of
about $50 million.
West Texas Intermediate (WTI) averaged US$59.91 per barrel in
the second quarter of 2019, down from US$67.91 per barrel in the
same quarter of 2018. Western Canada Select (WCS) averaged US$49.31
per barrel and US$48.81 per barrel for the same periods. The WTI /
WCS differential narrowed during the second quarter of 2019 to
average approximately US$11 per barrel for the quarter, compared to
around US$19 per barrel in the same period of 2018.
The Canadian dollar averaged US$0.75 in the second quarter of
2019, a decrease of US$0.03 from the second quarter of 2018.
Imperial’s average Canadian dollar realizations for bitumen
increased in the quarter, supported primarily by lower diluent
costs. Bitumen realizations averaged $57.19 per barrel in the
second quarter of 2019, up from $48.90 per barrel in the second
quarter of 2018. The company’s average Canadian dollar realizations
for synthetic crude declined generally in line with WTI in the
quarter, adjusted for changes in exchange rates and transportation
costs. Synthetic crude realizations averaged $79.96 per barrel in
the second quarter of 2019, compared to $86.31 per barrel in the
same period of 2018.
Gross production of Cold Lake bitumen averaged 135,000 barrels
per day in the second quarter, up from 133,000 barrels per day in
the same period of 2018.
Gross production of Kearl bitumen averaged 207,000 barrels per
day in the second quarter (147,000 barrels Imperial’s share), up
from 180,000 barrels per day (128,000 barrels Imperial’s share) in
the second quarter of 2018. Higher production was mainly due to
improved reliability.
The company's share of gross production from Syncrude averaged
80,000 barrels per day, up from 50,000 barrels per day in the
second quarter of 2018. Higher production was mainly due to the
absence of turnaround activities and impacts from the 2018 power
disruption.
Downstream net income was $258 million in the second quarter, up
from $201 million in the second quarter of 2018. Earnings increased
primarily due to lower net turnaround impacts of about $150 million
partially offset by reliability events of about $70 million,
including the Sarnia tower incident.
Refinery throughput averaged 344,000 barrels per day, compared
to 363,000 barrels per day in the second quarter of 2018. Capacity
utilization was 81 percent, compared to 86 percent in the second
quarter of 2018. Reduced throughput was mainly due to the impact of
a planned turnaround and the tower incident at Sarnia, partially
offset by the absence of the 2018 planned turnaround at
Strathcona.
Petroleum product sales were 477,000 barrels per day, compared
to 510,000 barrels per day in the second quarter of 2018. Lower
petroleum product sales were mainly due to lower refinery
throughput.
Chemical net income was $38 million in the second quarter,
compared to $78 million from the same quarter of 2018, primarily
reflecting lower margins.
Corporate and other expenses were $69 million in the second
quarter, compared to $77 million in the same period of 2018.
Cash flow generated from operating activities was $1,026 million
in the second quarter, up from $859 million in the corresponding
period in 2018, reflecting higher earnings partially offset by
working capital effects.
Investing activities used net cash of $429 million in the second
quarter, compared with $379 million used in the same period of
2018.
Cash used in financing activities was $521 million in the second
quarter, compared with $1,032 million used in the second quarter of
2018. Dividends paid in the second quarter of 2019 were $147
million. The per share dividend paid in the second quarter was
$0.19, up from $0.16 in the same period of 2018. During the second
quarter, the company, under its share purchase program, purchased
about 9.8 million shares for $368 million, including shares
purchased from Exxon Mobil Corporation. In the second quarter of
2018, the company purchased about 21.4 million shares for $893
million following the increase of its share purchase program.
The company’s cash balance was $1,087 million at June 30, 2019,
versus $873 million at the end of second quarter 2018.
On June 21, 2019, the company announced by news release that it
had received final approval from the Toronto Stock Exchange for a
new normal course issuer bid and will continue its existing share
purchase program. The program enables the company to purchase up to
a maximum of 38,211,086 common shares during the period June 27,
2019 to June 26, 2020. This maximum includes shares purchased under
the normal course issuer bid and from Exxon Mobil Corporation
concurrent with, but outside of the normal course issuer bid. As in
the past, Exxon Mobil Corporation has advised the company that it
intends to participate to maintain its ownership percentage at
approximately 69.6 percent. The program will end should the company
purchase the maximum allowable number of shares, or on June 26,
2020. The company currently anticipates exercising its share
purchases uniformly over the duration of the program. Purchase
plans may be modified at any time without prior notice.
Six months highlights
- Net income of $1,505 million, up from net income of $712
million in 2018.
- Net income per share on a diluted basis was $1.94, up from net
income per share of $0.86 in 2018.
- Cash flow generated from operating activities was $2,029
million, up from $1,844 million in 2018.
- Gross oil-equivalent production averaged 394,000 barrels per
day, up from 353,000 barrels per day in 2018.
- Refinery throughput averaged 364,000 barrels per day, compared
to 386,000 barrels per day in 2018.
- Petroleum product sales were 477,000 barrels per day, compared
to 494,000 barrels per day in 2018.
- Per share dividends declared during the year totalled $0.41, up
from $0.35 per share in 2018.
- Returned over $1 billion to shareholders through share
purchases and dividends.
Six months 2019 vs. six months 2018
Net income in the first six months of 2019 was $1,505 million,
or $1.94 per share on a diluted basis, up from net income of $712
million or $0.86 per share in the first six months of 2018. 2019
results include a favourable impact, largely non-cash, of $662
million associated with the Alberta corporate income tax rate
decrease. On June 28, 2019, the Alberta government enacted a 4
percent decrease in the provincial tax rate, from 12 percent to 8
percent by 2022.
Upstream net income was $1,043 million for the first six months
of the year, reflecting the favourable impact associated with the
decreased Alberta corporate income tax rate of $689 million.
Excluding this impact, 2019 net income was $354 million, an
increase of $404 million compared to a net loss of $50 million in
the same period of 2018. Improved results reflect higher volumes of
about $330 million, primarily at Syncrude, Kearl and Norman Wells,
as well as the impact of higher Canadian crude oil realizations of
about $260 million and favourable foreign exchange impacts of about
$60 million. Results were negatively impacted by higher operating
expenses of about $180 million and higher royalties of about $80
million.
West Texas Intermediate averaged US$57.45 per barrel in the
first six months of 2019, down from US$65.44 per barrel in the same
period of 2018. Western Canada Select averaged US$45.88 per barrel
and US$43.74 per barrel for the same periods. The WTI / WCS
differential narrowed to average approximately US$12 per barrel in
the first six months of 2019, from around US$22 per barrel in the
same period of 2018.
The Canadian dollar averaged US$0.75 in the first six months of
2019, a decrease of $0.03 from the same period in 2018.
Imperial's average Canadian dollar realizations for bitumen
increased in the first six months of 2019, supported primarily by
lower diluent costs and an increase in WCS. Bitumen realizations
averaged $53.20 per barrel, up from $41.84 per barrel from the same
period in 2018. The company's average Canadian dollar realizations
for synthetic crude declined generally in line with WTI, adjusted
for changes in exchange rates and transportation costs. Synthetic
crude realizations averaged $74.77 per barrel, compared to $81.24
per barrel from the same period in 2018.
Gross production of Cold Lake bitumen averaged 140,000 barrels
per day in the first six months of 2019, compared to 143,000
barrels per day in the same period of 2018.
Gross production of Kearl bitumen averaged 193,000 barrels per
day in the first six months of 2019 (137,000 barrels Imperial's
share) up from 181,000 barrels per day (128,000 barrels Imperial's
share) in the same period of 2018. Higher production was mainly due
to improved reliability.
During the first six months of 2019, the company's share of
gross production from Syncrude averaged 79,000 barrels per day, up
from 57,000 barrels per day in the same period of 2018. Higher
production was mainly due to the absence of turnaround activities
and impacts from the 2018 power disruption.
Downstream net income was $515 million for the first six months
of 2019, compared to $722 million for the same period of 2018.
Earnings were negatively impacted by lower margins of about $210
million, reliability events of about $130 million, including the
Sarnia tower incident, and lower sales volumes of about $70
million. These factors were partially offset by lower net
turnaround impacts of about $150 million and favourable foreign
exchange effects of about $70 million.
Refinery throughput averaged 364,000 barrels per day in the
first six months of 2019, compared to 386,000 barrels per day in
the same period of 2018. Capacity utilization was 86 percent,
compared to 91 percent in the same period of 2018. Reduced
throughput was mainly due to the impact of a planned turnaround and
the tower incident at Sarnia, partially offset by the absence of
the 2018 planned turnaround at Strathcona.
Petroleum product sales were 477,000 barrels per day in the
first six months of 2019, compared to 494,000 barrels per day in
the same period of 2018. Lower petroleum product sales were mainly
due to lower refinery throughput.
Chemical net income was $72 million in the first six months of
2019, compared to $151 million in the same period of 2018,
primarily reflecting lower margins.
Corporate and other expenses were $125 million in the first six
months of 2019, compared to $111 million in the same period of
2018.
Cash flow generated from operating activities was $2,029 million
in the first six months of 2019, up from $1,844 million in the same
period of 2018, primarily reflecting higher earnings.
Investing activities used net cash of $892 million in the first
six months of 2019, compared with $744 million used in 2018,
primarily reflecting higher additions to property, plant and
equipment.
Cash used in financing activities was $1,038 million in the
first six months of 2019, compared with $1,422 million used in the
same period of 2018. Dividends paid in the first six months of 2019
were $296 million. The per share dividend paid in the first six
months of 2019 was $0.38, up from $0.32 in the same period of 2018.
During the first six months of 2019, the company, under its share
purchase program, purchased about 19.8 million shares for $729
million, including shares purchased from Exxon Mobil Corporation.
In the first six months of 2018, the company purchased about 28.6
million shares for $1,143 million following the increase of its
share purchase program.
Key financial and operating data follow.
Forward-looking statements
Statements of future events or conditions in this release,
including projections, targets, expectations, estimates, and
business plans are forward-looking statements. Forward-looking
statements can be identified by words such as believe, anticipate,
propose, plan, goal, target, estimate, expect, future, continue,
likely, may, should, will and similar references to future periods.
Disclosure related to continued Kearl performance improvements;
ability to deliver on performance commitments for 2019; commitment
to dividends and the share purchase program, and anticipated
purchases under the share purchase program; and future crude by
rail movements constitute forward-looking statements.
Forward-looking statements are based on the company's current
expectations, estimates, projections and assumptions at the time
the statements are made. Actual future financial and operating
results, including expectations and assumptions concerning demand
growth and energy source, supply and mix; commodity prices and
foreign exchange rates; production rates, growth and mix; project
plans, dates, costs, capacities and execution; production life and
resource recoveries; cost savings; applicable laws and government
policies; and capital and environmental expenditures could differ
materially depending on a number of factors. These factors include
changes in the supply of and demand for crude oil, natural gas, and
petroleum and petrochemical products and resulting price and margin
impacts; transportation for accessing markets; political or
regulatory events, including changes in law or government policy,
applicable royalty rates and tax laws; third party opposition to
operations and projects; environmental risks inherent in oil and
gas exploration and production activities; environmental
regulation, including climate change and greenhouse gas regulation
and changes to such regulation; currency exchange rates;
availability and allocation of capital; availability and
performance of third party service providers; unanticipated
operational disruptions; management effectiveness; project
management and schedules; response to technological developments;
operational hazards and risks; cybersecurity incidents; disaster
response preparedness; the ability to develop or acquire additional
reserves; and other factors discussed in Item 1A risk factors and
Item 7 management’s discussion and analysis of financial condition
and results of operations of Imperial Oil Limited’s most recent
annual report on Form 10-K.
Forward-looking statements are not guarantees of future
performance and involve a number of risks and uncertainties, some
that are similar to other oil and gas companies and some that are
unique to Imperial. Imperial’s actual results may differ materially
from those expressed or implied by its forward-looking statements
and readers are cautioned not to place undue reliance on them.
Imperial undertakes no obligation to update any forward-looking
statements contained herein, except as required by applicable
law.
In this release all dollar amounts are expressed in Canadian
dollars unless otherwise stated. This release should be read in
conjunction with Imperial’s most recent Form 10-K. Note that
numbers may not add due to rounding.
The term “project” as used in this release can refer to a
variety of different activities and does not necessarily have the
same meaning as in any government payment transparency reports.
Attachment I
Second Quarter
Six Months
millions of Canadian dollars, unless
noted
2019
2018
2019
2018
Net Income (loss) (U.S. GAAP)
Total revenues and other income
9,261
9,543
17,243
17,477
Total expenses
8,532
9,279
16,116
16,516
Income (loss) before income taxes
729
264
1,127
961
Income taxes
(483)
68
(378)
249
Net income (loss)
1,212
196
1,505
712
Net income (loss) per common share
(dollars)
1.58
0.24
1.95
0.86
Net income (loss) per common share -
assuming dilution (dollars)
1.57
0.24
1.94
0.86
Other Financial Data
Gain (loss) on asset sales, after tax
10
8
6
15
Total assets at June 30
41,929
41,390
Total debt at June 30
5,168
5,194
Shareholders' equity at June 30
25,022
23,765
Capital employed at June 30
30,215
28,978
Dividends declared on common stock
Total
169
155
316
287
Per common share (dollars)
0.22
0.19
0.41
0.35
Millions of common shares outstanding
At June 30
762.8
802.7
Average - assuming dilution
769.9
818.8
774.9
825.2
Attachment II
Second Quarter
Six Months
millions of Canadian dollars
2019
2018
2019
2018
Total cash and cash equivalents at
period end
1,087
873
1,087
873
Net income (loss)
1,212
196
1,505
712
Adjustments for non-cash items:
Depreciation and depletion
392
358
782
735
(Gain) loss on asset sales
(11)
(9)
(6)
(19)
Deferred income taxes and other
(471)
24
(475)
209
Changes in operating assets and
liabilities
(96)
290
223
207
Cash flows from (used in) operating
activities
1,026
859
2,029
1,844
Cash flows from (used in) investing
activities
(429)
(379)
(892)
(744)
Proceeds associated with asset sales
14
9
36
21
Cash flows from (used in) financing
activities
(521)
(1,032)
(1,038)
(1,422)
Attachment III
Second Quarter
Six Months
millions of Canadian dollars
2019
2018
2019
2018
Net income (loss) (U.S. GAAP)
Upstream
985
(6)
1,043
(50)
Downstream
258
201
515
722
Chemical
38
78
72
151
Corporate and other
(69)
(77)
(125)
(111)
Net income (loss)
1,212
196
1,505
712
Revenues and other income
Upstream
3,707
2,971
6,895
5,618
Downstream
6,881
7,221
12,813
13,212
Chemical
314
402
637
779
Eliminations / Corporate and other
(1,641)
(1,051)
(3,102)
(2,132)
Revenues and other income
9,261
9,543
17,243
17,477
Purchases of crude oil and
products
Upstream
1,802
1,573
3,388
2,947
Downstream
5,338
5,803
9,920
10,097
Chemical
171
216
364
418
Eliminations
(1,649)
(1,055)
(3,115)
(2,145)
Purchases of crude oil and products
5,662
6,537
10,557
11,317
Production and manufacturing
expenses
Upstream
1,171
1,106
2,327
2,118
Downstream
474
488
855
856
Chemical
70
52
128
103
Eliminations
-
-
-
-
Production and manufacturing expenses
1,715
1,646
3,310
3,077
Capital and exploration
expenditures
Upstream
301
183
673
389
Downstream
111
88
240
145
Chemical
6
7
23
11
Corporate and other
11
6
22
13
Capital and exploration expenditures
429
284
958
558
Exploration expenses charged to income
included above
5
1
38
9
Attachment IV
Operating statistics
Second Quarter
Six Months
2019
2018
2019
2018
Gross crude oil and natural gas liquids
(NGL) production
(thousands of barrels per day)
Cold Lake
135
133
140
143
Kearl
147
128
137
128
Syncrude
80
50
79
57
Conventional
13
3
13
4
Total crude oil production
375
314
369
332
NGLs available for sale
2
1
1
1
Total crude oil and NGL production
377
315
370
333
Gross natural gas production
(millions of cubic feet per day)
138
128
142
123
Gross oil-equivalent production
(a)
400
336
394
353
(thousands of oil-equivalent barrels per
day)
Net crude oil and NGL production
(thousands of barrels per day)
Cold Lake
108
104
115
116
Kearl
140
122
132
123
Syncrude
69
46
69
53
Conventional
13
3
12
4
Total crude oil production
330
275
328
296
NGLs available for sale
1
1
2
1
Total crude oil and NGL production
331
276
330
297
Net natural gas production
(millions of cubic feet per day)
139
122
140
119
Net oil-equivalent production
(a)
354
296
353
317
(thousands of oil-equivalent barrels per
day)
Cold Lake blend sales (thousands of
barrels per day)
188
182
189
200
Kearl blend sales (thousands of
barrels per day)
198
171
187
182
NGL sales (thousands of barrels per
day)
5
4
6
5
Average realizations (Canadian
dollars)
Bitumen (per barrel)
57.19
48.90
53.20
41.84
Synthetic oil (per barrel)
79.96
86.31
74.77
81.24
Conventional crude oil (per barrel)
58.20
74.55
55.29
69.00
NGL (per barrel)
16.78
35.30
27.20
40.08
Natural gas (per thousand cubic feet)
1.94
2.01
2.40
2.46
Refinery throughput (thousands of
barrels per day)
344
363
364
386
Refinery capacity utilization
(percent)
81
86
86
91
Petroleum product sales (thousands
of barrels per day)
Gasolines
250
259
245
249
Heating, diesel and jet fuels
162
178
172
182
Heavy fuel oils
28
31
23
24
Lube oils and other products
37
42
37
39
Net petroleum products sales
477
510
477
494
Petrochemical sales (thousands of
tonnes)
190
217
385
418
- Gas converted to oil-equivalent at six million cubic feet per
one thousand barrels.
Attachment V
Net income (loss) per
Net income (loss) (U.S. GAAP)
common share - diluted (a)
millions of Canadian dollars
Canadian dollars
2015
First Quarter
421
0.50
Second Quarter
120
0.14
Third Quarter
479
0.56
Fourth Quarter
102
0.12
Year
1,122
1.32
2016
First Quarter
(101)
(0.12)
Second Quarter
(181)
(0.21)
Third Quarter
1,003
1.18
Fourth Quarter
1,444
1.70
Year
2,165
2.55
2017
First Quarter
333
0.39
Second Quarter
(77)
(0.09)
Third Quarter
371
0.44
Fourth Quarter
(137)
(0.16)
Year
490
0.58
2018
First Quarter
516
0.62
Second Quarter
196
0.24
Third Quarter
749
0.94
Fourth Quarter
853
1.08
Year
2,314
2.86
2019
First Quarter
293
0.38
Second Quarter
1,212
1.57
Year
1,505
1.94
(a)
Computed using the average number of
shares outstanding during each period. The sum of the quarters
presented may not add to the year total.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190802005079/en/
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