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Imperial Oil's 2004 earnings highest in company's history
| Toronto, ON, January 25, 2005
| Imperial Oil Limited today announced net income for 2004 of
$2,052 million, or $5.74 per share. This was the highest net income in the company's history, surpassing the previous record of
$1,705 million, or $4.58 a share, in 2003. Fourth-quarter earnings were $538 million, or $1.53 a share, in 2004, compared with
$321 million, or $0.88 a share, in the fourth quarter of 2003.
Higher realizations for crude oil, stronger industry refining and petrochemical margins and higher volumes of Syncrude production, natural gas and petroleum products contributed positively to net income for 2004, partly offset by lower marketing margins and the negative impact of a higher Canadian dollar on resource and product prices. Operating performance was also strong throughout the year. Fourth-quarter net income was further positively affected by stronger natural gas prices and increased bitumen production at the company’s Cold Lake facility.
Total revenues were $6,113 million in the fourth quarter of 2004 and $22,460 million for the year, versus $4,594 million and $19,208 million in the corresponding periods of 2003. Capital and exploration expenditures were $418 million in the fourth quarter and $1,445 million for the year, compared with $432 million and $1,559 million respectively in 2003. The company's balance of cash and marketable securities at the end of 2004 was $1,279 million, versus $448 million at the end of 2003.
“Strong operating performance and favourable market conditions enabled Imperial to achieve record earnings in 2004,” said Tim Hearn, the company’s chairman, president and chief executive officer. “We had best-ever safety performance, operating reliability improved and record volume performance was achieved in several areas.”
“Looking ahead, Imperial remains focused on continuously improving base operations, executing capital projects efficiently, controlling costs and achieving volume targets,” Hearn added. “With a strong portfolio of natural resources opportunities, financial strength and industry-leading technology and expertise, Imperial is well positioned for long-term growth in shareholder value.”
Imperial Oil is one of Canada's largest corporations and has been a leading member of the country's petroleum industry for almost 125 years. It is among Canada's largest producers of crude oil and natural gas and is also the country's largest refiner and marketer of petroleum products, which are sold primarily under the Esso and Mobil brand names through a coast-to-coast supply network that includes 2,100 retail outlets.
Highlights
Management's discussion & analysis
Financial statements
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