IMPERIAL OIL $40.18 (Toronto symbol IMO; Shares outstanding: 869.7 million; Market cap: $34.9 billion; SI Rating: Average) is Canada’s largest integrated oil company. Imperial’s 2,000 retail gas stations under the “Esso” banner provide diversification. ExxonMobil owns 69.6% of Imperial’s stock.
Imperial’s production is set to rise in the long term, thanks to its new oil sands projects. This includes the 70%-owned Kearl Lake project. Imperial had hoped Kearl Lake would begin production by 2011. Now, however, it will probably delay work on the project until oil prices improve.
The outlook for Imperial’s refining business is strong, partly due to a shortage of competition. Imperial’s refining profits could also keep expanding, since gasoline takes longer to fall than oil.
Imperial now trades at 6.1 times its forecast 2009 cash flow of $6.60 a share.
Imperial Oil is still a safety-conscious buy.
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