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Imperial Oil announces third quarter financial and operating results
| Calgary, AB, October 30, 2008
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Imperial Oil today announced that net income for the third quarter was a record $1,389 million or $1.57 a share, compared with $816 million or $0.88 a share for the same period last year. Net income for the first nine months of 2008 was $3,218 million or $3.60 a share, versus $2,302 million or $2.45 a share for the first nine months of 2007.
Earnings in the third quarter were higher than the same quarter of 2007 as earnings improved in all segments. In the Upstream, higher crude oil and natural gas commodity prices were partially offset by the negative impacts of lower volumes, higher royalties, and higher energy and planned maintenance costs. Higher Downstream earnings were primarily due to stronger margins. Chemical earnings benefited from higher margins for polyethylene products. Lower share-based compensation costs also contributed to higher earnings.
Operating revenues were $9,478 million in the third quarter, compared with $6,306 million in the corresponding period last year. Capital and exploration expenditures were $388 million in the third quarter, compared with $245 million during the same quarter of 2007. For the first nine months of 2008, capital and exploration expenditures were $996 million, versus $661 million in the same period a year ago. During the third quarter and the first nine months of 2008, the company repurchased about 12 million shares for $610 million and about 34 million shares for $1,806 million, respectively. At September 30, the company's balance of cash was $1,933 million, compared with $1,208 million at the end of 2007.
"Imperial's strong balance sheet coupled with the company's long-term approach to disciplined investment and operational excellence is a proven combination," said Bruce March, chairman, president and chief executive officer of Imperial Oil. "Over the past quarter it has allowed us to provide advantage to our shareholders by advancing our major projects, continuing the company's share buyback and dividend programs, and maintaining a solid financial footing during these unsettling economic times," March added.
Click here to read our interim report that includes the news release, highlights and items of interest, management's discussion and analysis, and financial statements.
Imperial Oil is one of Canada’s largest corporations and a leading member of the country’s petroleum industry. It is one of the country’s largest producers of crude oil and natural gas, is the largest petroleum refiner, and has a leading market share in petroleum products sold through a coast-to-coast supply network that includes about 1,900 service stations.
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