IMPERIAL OIL $40.75 (Toronto symbol IMO; Shares outstanding: 847.6 million; Market cap: $34.5 billion; SI Rating: Average) is Canada’s largest integrated oil company.
Imperial earned $0.25 a share in the three months ended June 30, 2009. That was down 80.5% from $1.28 a share a year earlier. Falling oil and natural-gas prices were the main reason for the drop. As well, Imperial’s Cold Lake and 25%-owned Syncrude oil-sands projects were closed for maintenance during the quarter. Revenue fell 40.1%, to $5.3 billion from $8.6 billion.
The company’s production is set to rise in the long term, thanks to its new oil-sands projects, including the 70%-owned Kearl Lake project. As well, the outlook for Imperial’s refining business is strong, mainly because there is little competition. Moreover, Imperial is spending $400 million this year to upgrade its refineries.
Imperial’s shares have moved sideways since last October, and they’re down from their early 2008 high of over $62. That could prompt cash-rich ExxonMobil Corp. (New York symbol XOM), which owns 69.6% of Imperial’s shares, to buy the remaining 30%. The possibility of a buyout just adds to Imperial’s appeal.
Imperial Oil is still a safety-conscious buy.
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