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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TELUS $69.31 (Toronto symbol T; Shares outstanding: 326.0 million; Market cap: $22.6 billion; TSINetwork Rating: Above Average; Dividend yield: 3.7%; www.telus.com) will split its common shares on a 2-for-1 basis on April 16, 2013. Following the split, the company will have roughly 653.6 million common shares outstanding.
The split will make Telus’s shares more liquid....
The split will make Telus’s shares more liquid....
IMPERIAL OIL LTD. $43 (Toronto symbol IMO; Conservative Growth Portfolio; Resources sector; Shares outstanding: 847.6 million; Market cap: $36.4 billion; Price-to-sales ratio: 1.2; Dividend yield: 1.1%; TSINetwork Rating: Average; 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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Lukoil (ADR), $65.85, symbol LUKOY on the U.S. over-the-counter market (ADRs outstanding: 1.1 billion; Market cap: $55.8 billion; www.lukoil.com), produces, refines, markets and explores for oil and gas around the world. Its exploration and production activities are primarily in Russia, Azerbaijan, Kazakhstan, Uzbekistan, the Middle East, South America, Africa and Southeast Asia. Lukoil trades at a lower price-to-earnings multiple than many major western integrated oil stocks. For example, it trades at just 5.3 times its latest 12 months of earnings, where Exxon Mobil (see below) trades at 9.2 times earnings. However, that low p/e ratio reflects the considerable political risk of investing in Russia, where there continues to be uncertainty surrounding the rule of law, corporate governance, transparency and property rights. There is also an ongoing risk of confiscation or expropriation of assets by the Russian government or its political allies....
These two resource stocks have strong potential as the global economy recovers. But they’re more volatile than our favourites in the resource sector, such as Teck and Imperial Oil (see box), so they should only make up a small part of your holdings.
PRECISION DRILLING CORP....
PRECISION DRILLING CORP....
IMPERIAL OIL LTD. $43 (Toronto symbol IMO; Conservative Growth Portfolio; Resources sector; Shares outstanding: 847.6 million; Market cap: $36.4 billion; Price-to-sales ratio: 1.2; Dividend yield: 1.1%; TSINetwork Rating: Average; www.imperialoil.ca) has completed its purchase of 50% of Celtic Exploration Ltd....
TELUS $70.62 (Toronto symbol T; Shares outstanding: 324.9 million; Market cap: $22.9 billion; TSINetwork Rating: Above Average; Dividend yield: 3.6%; www.telus.com) has finished converting its 151 million non-voting class A shares into regular common shares (which have one vote each) on a one-for-one basis.
The move diluted common shareholders’ voting power, but it lets the common shares trade on the New York Stock Exchange (symbol TU)....
The move diluted common shareholders’ voting power, but it lets the common shares trade on the New York Stock Exchange (symbol TU)....
IMPERIAL OIL $43.85 (Toronto symbol IMO; Shares outstanding: 847.6 million; Market cap: $37.2 billion; TSINetwork Rating: Average; Dividend yield: 1.1%; www.imperialoil.ca) reported that its earnings per share jumped 20.8% in the three months ended September 30, 2012, to $1.22 from $1.01 a year earlier.
Cash flow per share rose 18.8%, to $1.52 from $1.28, while revenue gained 4.9%, to $8.3 billion from $7.9 billion.
Maintenance shutdowns and asset sales lowered production by 3.7%, to 285,000 barrels a day. However, earnings from oil refining and distribution (52% of the total) rose 97.1%.
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Cash flow per share rose 18.8%, to $1.52 from $1.28, while revenue gained 4.9%, to $8.3 billion from $7.9 billion.
Maintenance shutdowns and asset sales lowered production by 3.7%, to 285,000 barrels a day. However, earnings from oil refining and distribution (52% of the total) rose 97.1%.
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iShares S&P/TSX Capped Energy Index Fund, $15.61, symbol XEG on Toronto (Shares outstanding: 56.0 million; Market cap: $874.2 million; ca.ishares.com), aims to mirror the performance of the S&P/TSX Capped Energy Index, which is made up of the largest-capitalization energy stocks on the Toronto exchange. The weight of any one company is capped at 25% of the index’s market capitalization. The fund’s MER is 0.60%. It yields 1.5%. iShares S&P/TSX Capped Energy Index Fund’s top 10 holdings are Suncor Energy, 17.6%; Canadian Natural Resources, 12.0%; Cenovus Energy, 8.9%; Nexen, 5.3%; Crescent Point Energy, 5.2%; Encana Corp., 4.9%; Talisman Energy, 4.7%; Imperial Oil, 3.9%; Canadian Oil Sands Trust, 3.4%; and Husky Energy Trust, 3.3%. We continue to think most investors are better off investing in individual companies as part of a well-balanced and diversified portfolio rather than in funds that focus on narrow market sectors. As well, indexes that cap their holdings at a certain level can cut your return by reducing the contribution from top performers if they rise to make up more than the capped limit....
IMPERIAL OIL LTD. $44 (Toronto symbol IMO; Conservative Growth Portfolio; Resources sector; Shares outstanding: 847.6 million; Market cap: $37.3 billion; Price-to-sales ratio: 1.2; Dividend yield: 1.1%; TSINetwork Rating: Average; www.imperialoil.ca) now estimates that the first phase of its 71%-owned Kearl oil sands project will cost $12.9 billion. That’s up 18.3% from its earlier forecast of $10.9 billion. Exxon Mobil Corp. (New York symbol XOM) owns the remaining 29% of Kearl. Exxon also owns 69.6% of Imperial.
Shipping delays and unusually cold winter weather have slowed Kearl’s development and boosted its costs. Imperial now aims to start production by the end of March 2013.
Kearl’s first phase will produce 110,000 barrels a day (Imperial’s share is 78,100 barrels) by the end of 2013. Kearl’s second phase, which will cost $8.9 billion, will add a further 78,100 barrels to Imperial’s daily production by late 2015. To put these figures in context, the company produced an average of 282,000 barrels of oil equivalent a day in 2012.
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Shipping delays and unusually cold winter weather have slowed Kearl’s development and boosted its costs. Imperial now aims to start production by the end of March 2013.
Kearl’s first phase will produce 110,000 barrels a day (Imperial’s share is 78,100 barrels) by the end of 2013. Kearl’s second phase, which will cost $8.9 billion, will add a further 78,100 barrels to Imperial’s daily production by late 2015. To put these figures in context, the company produced an average of 282,000 barrels of oil equivalent a day in 2012.
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IMPERIAL OIL LTD. $44 (Toronto symbol IMO; Conservative Growth Portfolio; Resources sector; Shares outstanding: 847.6 million; Market cap: $37.3 billion; Price-to-sales ratio: 1.2; Dividend yield: 1.1%; TSINetwork Rating: Average; www.imperialoil.ca) now estimates that the first phase of its 71%-owned Kearl oil sands project will cost $12.9 billion....