IMPERIAL OIL $46.36 (Toronto symbol IMO; Shares outstanding: 847.6 million; Market cap: $39.3 billion; TSINetwork Rating: Average; Dividend yield: 1.0%; www.imperialoil.ca) is a major integrated oil company with oil sands projects in Alberta, and conventional oil and gas operations in Western Canada. It also owns four refineries and operates 1,850 Esso gas stations.
In the three months ended June 30, 2012, Imperial’s earnings fell 12.5%, to $635 million, or $0.75 a share, on lower oil and gas prices. A year earlier, it earned $726 million, or $0.85 a share. Revenue fell 3.3%, to $7.5 billion from $7.8 billion. However, cash flow per share rose 0.9%, to $1.09 from $1.08.
Imperial’s production is set to keep rising thanks to its new oil sands operations, including the $10.9-billion Kearl project, which is more than 94% complete. Imperial owns 71% of Kearl. ExxonMobil (New York symbol XOM) owns the remaining 29%. Exxon also holds a 69.6% interest in Imperial.
The shares trade at a reasonable 9.2 times the company’s likely 2012 cash flow of $5.05 a share. The $0.48 dividend yields 1.0%.
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