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Imperial Oil announces record third quarter and nine-month earnings
| Calgary, AB,
October 20, 2005
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Imperial Oil today announced net income for the third quarter of 2005 of $652
million (or $1.91 per share) versus $544 million (or $1.53 a share) in the
third quarter of 2004. Net income for the first nine months of 2005 was $1,584
million (or $4.59 per share), compared with $1,514 million (or $4.21 a share)
during the same period last year. Both the third quarter and nine-month
earnings were the best on record.
Earnings in the third
quarter were positively impacted by higher crude oil and natural gas
realizations and refinery margins. These were partly offset by depressed fuel
product marketing margins and lower chemical margins. Volume performance of
Cold Lake bitumen and natural gas continued to be strong and petroleum
products sales remained solid despite extensive planned maintenance in the
quarter. This was offset by lower Syncrude and conventional crude oil volumes.
A stronger Canadian dollar and higher energy costs had an unfavourable impact
on earnings. Earnings were also negatively impacted by higher stock-related
compensation expenses as well as costs associated with the head office
relocation.
Total revenues were $7,711 million in the third
quarter and
$20,471 million in the first nine months of 2005, versus
$5,814 million and $16,347 million in the same periods last year. Capital and
exploration expenditures were $395 million in the third quarter and $1,073
million in the first nine months of 2005, compared with
$363 million
and $1,027 million in the corresponding periods of 2004. During the first nine
months of 2005, the company repurchased more than 13.7 million shares for
$1,367 million. At September 30, 2005, the company's balance of cash and
marketable securities was
$935 million, compared with $1,279 million
at the end of 2004.
Tim Hearn, Imperial's chairman, president
and chief executive officer, commented, "Our company's year-to-date
performance on aspects of the business within our control, including safety,
production volumes and product sales, continued to be strong despite extensive
planned maintenance during the quarter. In addition, the company successfully
completed its head office relocation to Calgary."
Imperial Oil is one of Canada's largest corporations and has been a leading
member of the country's petroleum industry for 125 years. It is one of
Canada's largest producers of crude oil and natural gas liquids and a major
producer of natural gas. It is also Canada's largest producer and marketer of
petroleum products, sold primarily under the Esso brand, and a major producer
of petrochemicals.
Click here to read our interim report that includes the news release,
highlights, financials and management’s discussion & analysis.
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