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Imperial Oil announces fourth-quarter 2002 earnings
| Toronto, ON, January 22, 2003
| Imperial Oil Limited today announced 2002 net earnings of
$1,210 million or $3.19 a share, compared with $1,239 million or $3.15 a share in 2001.
Net earnings decreased slightly in 2002 from the previous year as a result of lower prices for natural gas, decreased production of crude oil and weak markets for petroleum products, largely offset by higher prices for crude oil, particularly bitumen.
Fourth-quarter net earnings were $454 million or $1.19 a share in 2002, compared with $194 million or 51 cents a share in 2001. The increase was primarily due to higher prices for crude oil and natural gas and improved industry margins for petroleum products.
Total revenues were $17,042 million in 2002, compared with
$17,253 million in 2001. Fourth-quarter revenues were $4,830 million in 2002, compared with $3,526 million in 2001.
Capital and exploration expenditures rose to $1.6 billion in 2002, compared with $1.1 billion the previous year. At Cold Lake, construction and start-up of three additional phases of bitumen production was completed on schedule and on budget.
The balance of cash and marketable securities was $766 million at the end of 2002, compared with $872 million at the end of the previous year.
Tim Hearn, chairman, president and chief executive officer, said: "2002 developed into an excellent year for Imperial, with strong cash flows and the third-highest earnings in the company's history. As a result, we were able to successfully complete one of our largest capital programs ever, while retaining a very strong financial position."
Special items gains/(losses) - after tax, Management's discussion and analysis, Financial statements and notes
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