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Imperial Oil announces first quarter earnings 2002
| Toronto, ON, April 23, 2002
| Imperial Oil Limited today announced first-quarter net earnings of $106 million or 28 cents a share, compared with $340 million or
85 cents a share during the first quarter of 2001.
The main reasons for the reduction in earnings were lower prices and production of natural gas and depressed market conditions for petroleum products.
Total revenues were $3,485 million in the first quarter of 2002, compared with $4,722 million during the same period last year.
Tim Hearn, president and incoming chairman and chief executive officer, said: "Notwithstanding weaker prices and margins earlier in the year, we are cautiously optimistic about growing signs of an economic recovery."
Management's discussion and analysis, Financial statements and notes
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