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Imperial Oil announces 2001 earnings
| Toronto, ON, January 25, 2002
| Imperial Oil Limited today announced 2001 net earnings of
$1,244 million or $3.16 a share, compared with $1,420 million or $3.40 a share in 2000.
Fourth-quarter net earnings were $189 million or 50 cents a share in 2001, compared with $492 million or $1.20 a share in 2000.
The main reasons for the reduction in 2001 earnings were lower prices for crude oil, increased expenses, and the absence of divestment gains recorded in 2000. Those factors were partly offset by stronger industry margins on sales of petroleum products, increased production of natural gas and crude oil and the impact of lower tax rates.
Fourth quarter earnings decreased because of significantly lower prices for crude oil and natural gas, weaker industry refining margins, higher expenses and the absence of divestment gains.
Total revenues were $17,245 million in 2001, compared with
$18,053 million in 2000. Fourth-quarter revenues were $3,530 in 2001, compared with $5,165 in 2000.
The balance of cash and marketable securities was $872 million at the end of 2001, compared with $1,020 million at the end of the previous year. Imperial repurchased 19.1 million of its shares for
$812 million in 2001, bringing total purchases since the buyback program began in 1995 to 202.3 million shares at a total cost of $5,156 million.
Bob Peterson, chairman and chief executive officer, said: "Despite a substantially weaker fourth quarter, Imperial recorded the second-highest earnings in the company's history. Present indications suggest a challenging time ahead, reinforcing the need to remain focused on actively managing those aspects of the business that we can control."
Management's discussion and analysis, Special item, Financial statements and notes
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