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    IMO   CA4530384086

IMPERIAL OIL LIMITED

(IMO)
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Imperial Oil : Canada's Imperial Oil posts 7% fall in quarterly profit

07/30/2021 | 08:23am EDT
FILE PHOTO: Border city's industry under threat with looming pipeline closure

July 30 (Reuters) - Canada's Imperial Oil Ltd reported a 7% fall in second-quarter profit on Friday, impacted by planned turnaround activity and weaker realized margins in its downstream refining business.

However, the company continued to post strong output from its largest asset, the Kearl oil sands mine in northern Alberta, which hit a new monthly production record in June.

Due to improved reliability Imperial is switching to one turnaround a year at Kearl, canceling maintenance planned for this fall, and raised 2021 full-year production guidance to 265,000 barrels per day (bpd) from 255,000 bpd previously.

Like its peers Imperial has been benefiting from an increase in global oil prices, although fresh lockdowns and restrictions in some parts of the world to deal with rising cases from the Delta variant of the coronavirus have dented market optimism.

"We're not out of the woods yet," Imperial Chief Executive Brad Corson told an earnings call. "We saw another quarter of increasing commodity prices, but with continued slow recovery in demand."

Calgary-based Imperial, which is majority-owned by Exxon Mobil Corp, said its net income fell to C$366 million ($294.16 million), or 50 Canadian cents per share, in the second quarter ended June 30, from C$392 million, or 53 Canadian cents per share, in the previous quarter.

Downstream recorded net income was C$60 million in the second quarter, compared with net income of C$292 million in the first quarter, the company said.

Total production averaged 401,000 barrels of oil equivalent per day in the quarter ended June 30, down about 7% from the first due to planned oil sands turnarounds.

Imperial's shares were last down 3% at C$33.82 on the Toronto Stock Exchange. ($1 = 1.2442 Canadian dollars) (Reporting by Sahil Shaw in Bengaluru and Nia Williams in Calgary; Editing by Krishna Chandra Eluri and Chris Reese)


ę Reuters 2021
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Analyst Recommendations on IMPERIAL OIL LIMITED
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Financials
Sales 2021 34 665 M 27 375 M 27 375 M
Net income 2021 2 729 M 2 155 M 2 155 M
Net Debt 2021 2 835 M 2 239 M 2 239 M
P/E ratio 2021 10,9x
Yield 2021 2,65%
Capitalization 26 561 M 20 923 M 20 975 M
EV / Sales 2021 0,85x
EV / Sales 2022 0,74x
Nbr of Employees 5 800
Free-Float 27,5%
Chart IMPERIAL OIL LIMITED
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Imperial Oil Limited Technical Analysis Chart | IMO | CA4530384086 | MarketScreener
Technical analysis trends IMPERIAL OIL LIMITED
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Last Close Price 38,02 CAD
Average target price 42,63 CAD
Spread / Average Target 12,1%
EPS Revisions
Managers and Directors
Bradley W. Corson Chairman, President & Chief Executive Officer
Daniel E. Lyons Senior Vice President-Finance & Administration
Dave C. Brownell Senior Vice President-Global Operations
Jack M. Mintz Independent Director
Krystyna T. Hoeg Independent Director
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