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Imperial Oil announces third quarter earnings 2002
| Toronto, ON, October 22, 2002
| Imperial Oil Limited today announced third-quarter net earnings of
$344 million or 91 cents a share, compared with $238 million or 61 cents a share during the third quarter of 2001.
Net earnings for the first three quarters of 2002 were $756 million or $2 a share, compared with $1,045 million or $2.64 a share during the same period last year.
The increased earnings during the third quarter were the result of higher crude oil prices, partly offset by lower margins on sales of petroleum products.
Total revenues were $4,532 million in the third quarter and
$12,212 million in the first nine months of 2002, compared with
$4,190 million and $13,727 million in the corresponding periods last year.
Tim Hearn, chairman, president and chief executive officer, said: "I'm encouraged that earnings have improved as the year has progressed. Third-quarter results in natural resources were the second best on record, more than offsetting continued weakness in industry refining and marketing margins. Our strong financial position allows us to advance a number of attractive growth opportunities, as evidenced by capital and exploration expenditures of more than $1 billion at the end of nine months."
Special items gains/(losses) - after tax, Management's discussion and analysis, Financial statements and notes
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