imperial oil
Toronto symbol IMO, is Canada’s largest integrated oil company. It also operates over 1,900 retail gas stations under the “Esso” banner. ExxonMobil owns 69.6% of Imperial’s stock.
Imperial Oil is one of Canada’s largest and oldest energy companies, operating across the full oil and gas value chain—from exploring and producing crude oil and natural gas to refining fuels and marketing products under well-known brands like Esso and Mobil. Headquartered in Calgary, the company plays a major role in Canada’s energy sector, including significant involvement in oil sands development, petrochemicals, and transportation fuels, and it is majority-owned by ExxonMobil.
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IMPERIAL OIL LTD. $42 (Toronto symbol IMO; Conservative Growth Portfolio; Resources sector; Shares outstanding: 848.0 million; Market cap: $35.6 billion; Price-to-sales ratio: 1.2; Dividend yield: 1.1%; TSINetwork Rating: Average; www.imperialoil.ca) has teamed up with its parent company, ExxonMobil Corp. (New York symbol XOM), to buy 226,000 acres of undeveloped oil sands properties near Fort McMurray, Alberta. (Exxon owns 69.9% of Imperial.)
Imperial will hold 27.5% of these properties, while Exxon will own the remaining 72.5%. Imperial’s share of the $751-million cost is $206.5 million. That’s equal to 63% of the $327 million, or $0.38 a share, that the company earned in the second quarter of 2013.
Purchases like this will help Imperial increase its daily production from 276,000 barrels of oil equivalent (including gas) in the latest quarter to 600,000 barrels by 2020.
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Imperial will hold 27.5% of these properties, while Exxon will own the remaining 72.5%. Imperial’s share of the $751-million cost is $206.5 million. That’s equal to 63% of the $327 million, or $0.38 a share, that the company earned in the second quarter of 2013.
Purchases like this will help Imperial increase its daily production from 276,000 barrels of oil equivalent (including gas) in the latest quarter to 600,000 barrels by 2020.
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IMPERIAL OIL LTD. $42 (Toronto symbol IMO; Conservative Growth Portfolio; Resources sector; Shares outstanding: 848.0 million; Market cap: $35.6 billion; Price-to-sales ratio: 1.2; Dividend yield: 1.1%; TSINetwork Rating: Average; www.imperialoil.ca) has teamed up with its parent company, ExxonMobil Corp....
IMPERIAL OIL $39.57 (Toronto symbol IMO; Shares outstanding: 847.6 million; Market cap: $34.2 billion; TSINetwork Rating: Average; Dividend yield: 1.2%; www.imperialoil.ca) is a major integrated oil company with oil sands projects in Alberta and conventional oil and gas operations across Western Canada. Imperial also owns four refineries and operates 1,850 Esso gas stations.
Imperial produced 284,000 barrels of oil equivalent per day in the latest quarter, down 1.7% from 289,000 barrels a year earlier. The decline was mainly the result of planned maintenance at the Syncrude oil sands project, in which Imperial owns a 25.0% stake.
In the three months ended March 31, 2013, Imperial’s earnings fell 21.4%, to $798 million, or $0.94 a share, due to an 8% drop in the company’s selling price for oil. A year earlier, it earned $1.0 billion, or $1.19 a share. Cash flow per share fell 17.4%, to $1.19 from $1.44. However, revenue rose 3.3%, to $8.0 billion from $7.5 billion, largely because downstream sales (refineries and gas stations) rose 10.0%.
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Imperial produced 284,000 barrels of oil equivalent per day in the latest quarter, down 1.7% from 289,000 barrels a year earlier. The decline was mainly the result of planned maintenance at the Syncrude oil sands project, in which Imperial owns a 25.0% stake.
In the three months ended March 31, 2013, Imperial’s earnings fell 21.4%, to $798 million, or $0.94 a share, due to an 8% drop in the company’s selling price for oil. A year earlier, it earned $1.0 billion, or $1.19 a share. Cash flow per share fell 17.4%, to $1.19 from $1.44. However, revenue rose 3.3%, to $8.0 billion from $7.5 billion, largely because downstream sales (refineries and gas stations) rose 10.0%.
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TIM HORTONS INC., $55.01, Toronto symbol THI, moved up this week after U.S.-based activist investor Scout Capital Management said it now owns 5.5% of the company’s shares. The announcement follows last month’s news that another investment firm, Highfields Capital Management, had pressured Tim Hortons to unlock shareholder value by buying back shares and selling some of its operations. Highfields owns about 4% of the company. These two investors also want Tim Hortons to slow down its plan to expand in the U.S., where it faces strong competition from larger chains like McDonald’s, Starbucks and Dunkin’ Donuts. However, the company still expects to open 70 to 90 new outlets in the U.S. this year. As of March 31, 2013, it had 3,453 coffee-and-donut stores in Canada, 808 in the U.S. and 27 in the Persian Gulf....
CENOVUS ENERGY INC., $29.59, Toronto symbol CVE, is selling its Shaunavon shale oil property in Saskatchewan. This field produces 3,600 barrels a day, or about 2% of Cenovus’s total oil production. The company will receive $240 million when the deal closes in July 2013. That’s equal to 61% of the $391 million, or $0.52 a share, that Cenovus earned in the three months ended March 31, 2013. The sale is part of Cenovus’s plan to sell some of its less-important operations. The company also expects to sell its Bakken shale oil property in Saskatchewan in the next few months. It will probably use the cash from these deals to expand its main oil sands operations in Alberta....
Parkland Fuel Corp., $16.86, symbol PKI on Toronto (Shares outstanding: 69.7 million; Market cap: $1.2 billion, www.parkland.ca), operates gas stations, convenience stores and a fuel distribution business, mostly in western Canada and Ontario. The company was called Parkland Income Fund prior to its conversion to a dividend-paying corporation on December 31, 2010. Parkland owns 136 rural gas stations and convenience stores. Its brands include Fas Gas Plus, Race Trac Gas and Short Stop (convenience stores). Many stations sell propane in addition to gasoline and diesel fuel. The company also operates Esso gas stations in western Canada and Ontario under a licensing deal with Imperial Oil (symbol IMO on Toronto)....
Imperial Oil aims to double its production, to 600,000 barrels of oil a day, by the end of this decade. A big part of that gain will come from its Kearl oil sands project in Alberta. Kearl, which just started up, adds 78,100 barrels to the company’s daily output....
IMPERIAL OIL LTD. $40 (Toronto symbol IMO; Conservative Growth Portfolio; Resources sector; Shares outstanding: 847.6 million; Market cap: $33.9 billion; Price-to-sales ratio: 1.1; Dividend yield: 1.2%; TSINetwork Rating: Average; www.imperialoil.ca) has started operating its new Kearl oil sands project in northern Alberta. Imperial owns 71% of Kearl. ExxonMobil Corp. (New York symbol XOM) owns the remaining 29%. Exxon also owns 69.6% of Imperial.
Kearl is the biggest project in Imperial’s history. Its first phase will produce 110,000 barrels a day (Imperial’s share is 78,100 barrels) by the end of 2013. The project’s second phase will add a further 78,100 barrels to Imperial’s daily production by late 2015. Kearl’s reserves should last 40 years.
Meanwhile, Imperial produced 284,000 barrels of oil equivalent a day in the three months ended March 31, 2013. That’s down 1.7% from 289,000 barrels a year earlier. The decline is mainly the result of planned maintenance at the Syncrude oil sands project; Imperial owns 25.0% of Syncrude.
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Kearl is the biggest project in Imperial’s history. Its first phase will produce 110,000 barrels a day (Imperial’s share is 78,100 barrels) by the end of 2013. The project’s second phase will add a further 78,100 barrels to Imperial’s daily production by late 2015. Kearl’s reserves should last 40 years.
Meanwhile, Imperial produced 284,000 barrels of oil equivalent a day in the three months ended March 31, 2013. That’s down 1.7% from 289,000 barrels a year earlier. The decline is mainly the result of planned maintenance at the Syncrude oil sands project; Imperial owns 25.0% of Syncrude.
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Slowing industrial activity in North America and China has pushed down oil demand. At the same time, rising shale oil production from North Dakota’s Bakken region has increased inventories. Both of these factors have weighed on prices.
Low prices are a mixed blessing for these three integrated oil companies....
Low prices are a mixed blessing for these three integrated oil companies....
IMPERIAL OIL $40.62 (Toronto symbol IMO; Shares outstanding: 847.6 million; Market cap: $34.4 billion; TSINetwork Rating: Average; Dividend yield: 1.2%; www.imperialoil.ca) has completed its purchase of 50% of Celtic Exploration Ltd. from its parent company, ExxonMobil Corp. (New York symbol XOM).
Celtic owns large undeveloped shale gas deposits along the B.C.-Alberta border. These fields hold a total of 128 million barrels of oil equivalent. At the end of 2012, Imperial’s proved reserves totalled 3.6 billion barrels of oil equivalent.
The company paid $1.55 billion for its half of Celtic. That’s equal to 42% of the $3.7 billion, or $4.42 a share, that it earned in 2012.
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Celtic owns large undeveloped shale gas deposits along the B.C.-Alberta border. These fields hold a total of 128 million barrels of oil equivalent. At the end of 2012, Imperial’s proved reserves totalled 3.6 billion barrels of oil equivalent.
The company paid $1.55 billion for its half of Celtic. That’s equal to 42% of the $3.7 billion, or $4.42 a share, that it earned in 2012.
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