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Imperial Oil Limited announces First Quarter 2003 Earnings
| Toronto, ON, April 22, 2003
| Imperial Oil Limited today announced first-quarter net earnings of $538 million or $1.42 a share, compared with $110 million or 29 cents a share in 2002.
The main reasons for the increased earnings were higher prices for crude oil and natural gas, and improved industry margins for petroleum products. Results also benefited from favourable foreign-exchange effects on the company's U.S.-dollar denominated debt.
Total revenues were $5,478 million during the first quarter of 2003, compared with $3,485 million in the same period last year.
Capital and exploration expenditures rose to $355 million in the latest quarter from $259 million in the corresponding period of 2002.
The company repurchased 3 million shares for $141 million during the first quarter of 2003, compared with 296,000 shares for $13 million in the first quarter last year. Since the buyback programs began in 1995, the company has repurchased 205.7 million shares for $5,310 million.
The balance of cash and marketable securities was $906 million on March 31, 2003, compared with $766 million at the end of 2002.
Tim Hearn, chairman, president and chief executive officer, said: "First-quarter earnings were the best in company history, contrasting sharply with the extraordinarily weak results of the previous year. Higher prices for crude oil and natural gas accounted for most of the increase, resulting from events in Venezuela and Iraq, as well as a much colder North American winter. In petroleum products, a recovery in industry margins and increased sales led to a turnaround from the loss experienced during the first quarter of last year."
To view our first quarter interim report, click here.
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