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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Total SE    FP   FR0000120271

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Imperial Oil to take up to C$1.2 billion impairment charge

11/30/2020 | 07:23pm EST

(Reuters) - Canada's Imperial Oil Ltd will take an impairment charge of about C$900 million to C$1.2 billion ($923 million) in the fourth quarter as it no longer plans to develop a significant portion of its unconventional assets in Alberta, the company said on Monday.

The move by Imperial comes after France's Total SE earlier this year said it would take an $8 billon impairment on the value of its assets, mainly in Canadian oil sands projects.

Global oil prices have remained low since the start of the pandemic, which spurred travel restrictions that crushed fuel demand. Recovery is expected to be gradual and the Organization of the Petroleum Exporting Countries (OPEC) and its allies this month revised scenarios for 2021 with oil demand weaker than previously anticipated.

Outlooks for continued soft demand and prices have left some oil and gas reserves uneconomic to develop.

Imperial said on Monday the assets that it will no longer develop are non-core, non-producing, undeveloped assets and it does not expect any material future cash expenditures related to the impairment.

The impairment excludes the high-value, liquids-rich portion of Imperial's unconventional asset, which the company still plans to develop.

U.S. major Exxon Mobil Corp, a majority shareholder in Imperial, earlier said on Monday that it would write down the value of $17 billion to $20 billion in natural gas properties.

(Reporting by Arunima Kumar in Bengaluru and Rod Nickel in Winnipeg; Editing by Devika Syamnath, Sriraj Kalluvila and Aurora Ellis)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION -1.41% 47.43 Delayed Quote.15.07%
IMPERIAL OIL LIMITED -2.07% 25.61 Delayed Quote.8.24%
LONDON BRENT OIL -1.92% 55.07 Delayed Quote.8.61%
TOTAL SE -0.70% 36.22 Real-time Quote.2.61%
WTI -1.77% 52.063 Delayed Quote.10.00%
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Financials (USD)
Sales 2020 126 B - -
Net income 2020 -6 946 M - -
Net Debt 2020 39 173 M - -
P/E ratio 2020 -16,4x
Yield 2020 7,00%
Capitalization 116 B 116 B -
EV / Sales 2020 1,23x
EV / Sales 2021 1,07x
Nbr of Employees 107 776
Free-Float 91,2%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 52,40 $
Last Close Price 44,08 $
Spread / Highest target 40,2%
Spread / Average Target 18,9%
Spread / Lowest Target -33,2%
EPS Revisions
Managers and Directors
NameTitle
Patrick Pouyanné Chairman & Chief Executive Officer
Jean-Pierre Gerard Claude Sbraire Chief Financial Officer
Marie-Noelle Semeria Chief Technology Officer
Patrick Artus Independent Director
Marie-Christine Coisne-Roquette Lead Independent Director
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