Imperial exits two projects

Article Excerpt

IMPERIAL OIL $34.75 (Toronto symbol IMO; Shares outstanding: 837.6 million; Market cap: $29.3 billion; TSINetwork Rating: Average; Dividend yield: 1.8%; is Canada’s second-largest publicly traded oil company, after Suncor. Due to the lack of terminals available to export liquefied natural gas from B.C. to Asia, Imperial has decided to cancel plans for its Horn River natural gas development in northeastern B.C. The company has also cancelled its Mackenzie gas pipeline project. It would have pumped gas from the Beaufort Sea to Alberta. In all, Imperial wrote off $566 million in development and related costs. As a result, it lost $137 million, or $0.16 a share, in the three months ended December 31, 2017. A year earlier, it earned $1.4 billion, or $1.70. Imperial Oil is a buy. buy…

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