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Imperial Oil Ltd IMO

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Morningstar’s Analysis

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Imperial’s Cash Flow Exceeds Our Expectations, Again

Joe Gemino, CPA Senior Equity Analyst

Analyst Note

| Joe Gemino, CPA |

No-moat Imperial Oil reported strong fourth-quarter cash flow that exceeded our expectations and continued the firm’s upward trend. After adjusting for its working capital, Imperial generated CAD 534 million in adjusted operating cash flow, compared with using CAD 390 million in the third quarter. The higher cash flow was driven by increased upstream production volume and downstream income. Imperial reported fourth-quarter upstream production volumes of 460 thousand barrels of oil equivalent per day, up 25% sequentially. The higher production levels were driven by record volumes at the Kearl mining project after the Polaris pipeline was placed back into service.

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Company Profile

Business Description

Imperial Oil is one of Canada’s largest integrated oil companies, focusing on upstream operations, petroleum refining operations, and the marketing of petroleum products. Production averaged 398 thousand barrels of oil equivalent per day in 2019. The company estimates that it holds 6.2 billion boe of proved and probable crude oil and natural gas reserves. Imperial remains the largest refiner of petroleum products in Canada, operating three refineries with a combined processing capacity of 421 mboe/d.

505 Quarry Park Boulevard S.E
Calgary, AB, T2C 5N1, Canada
T +1 587 476-3740
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2019
Stock Type
Employees 5,800