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Calgary, Alberta, January 31, 2011
Imperial Oil’s focus on operational excellence delivered strong results with fourth quarter earnings of $799 million or $0.94 per share, up from $534 million in the fourth quarter of 2009. The 50 percent earnings increase resulted primarily from improved downstream margins, higher crude oil commodity prices and improved refinery operations. These factors were partially offset by unfavourable foreign exchange effects of the stronger Canadian dollar. Strong operating performance in all business segments allowed us to capture the higher crude oil realizations in the Upstream and improved margins in petroleum product markets.Earnings for the full year 2010 were $2,210 million or $2.59 per share, up from $1,579 million in the full year 2009, an increase of 40 percent.
Our consistent long-term business approach and disciplined investment strategy will continue to position Imperial to grow without compromising base business performance. Capital and exploration expenditures for 2010 were $4 billion, up 66 percent from last year and included continued investment in the Kearl oil sands project. Capital expenditures in the fourth quarter were funded almost entirely through internally generated funds.
Click here to read our interim report news release.
Imperial Oil is one of Canada’s largest corporations and a leading member of the country’s petroleum industry. The company is a major producer of crude oil and natural gas, Canada’s largest petroleum refiner, a key petrochemical producer and a leading marketer with a coast-to-coast supply network that includes about 1,850 retail service stations.
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