IMPERIAL OIL $45.38 (Toronto symbol IMO; Shares outstanding: 854.2 million; Market cap: $38.7 billion; TSINetwork Rating: Average; Dividend yield: 1.0%; www.imperialoil.ca) is a major integrated-oil company that gets most of its production from its oil-sands projects in Alberta. Imperial also has conventional oil and natural-gas operations in western Canada, and holds interests in offshore projects in Atlantic Canada. The company’s other operations include four refineries and roughly 1,900 Esso gas stations
In the three months ended March 31, 2011, Imperial’s cash flow rose 33.1%, to $873 million, or $1.03 a share. A year earlier, cash flow was $656 million, or $0.77 a share. The rise came mainly from higher production, higher oil prices and improved profits at Imperial’s refineries. Revenue rose 11.4%, to $6.9 billion from $6.2 billion.
The company’s production is set to rise in the long term, thanks to its new oil-sands projects, including the $10.9-billion Kearl project, which is more than 50% complete. Imperial owns 71% of Kearl. ExxonMobil Corp. (New York symbol XOM) owns the remaining 29%. Exxon also holds a 69.6% interest in Imperial.
When Kearl starts operating next year, it should add 78,100 barrels of oil to Imperial’s daily production of 256,000 barrels. Its reserves should last 40 to 50 years.
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