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Imperial Oil announces second quarter earnings 2002
| Toronto, ON, July 23, 2002
| Imperial Oil Limited today announced second-quarter net earnings of $306 million or 81 cents a share, compared with a record $467 million or $1.18 a share during the second quarter of 2001.
Net earnings in the first half of 2002 were $412 million or $1.09 a share, compared with $807 million or $2.03 a share during the same period last year.
The main reasons for the decrease in earnings were lower prices for natural gas, reduced production of crude oil and much weaker markets for petroleum products.
Total revenues were $4,195 million in the second quarter and
$7,680 million in the first six months of 2002, compared with
$4,813 million and $9,535 million in the corresponding periods last year.
Tim Hearn, chairman, president and chief executive officer, said: "I'm encouraged by these latest results, which represent a substantial improvement over the first quarter. The company's financial strength enables us to continue pursuing our broad range of attractive growth opportunities."
Special items gains/(losses) - after tax, Management's discussion and analysis, Financial statements and notes
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