Morningstar - Imperial Oil Limited (IMO.) Imperial Oilâ€™s Downstream Operations Offset Wide Heavy Oil Discount; Modest Upside in the Stock

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Morningstar

Joe Gemino

EUR 100.00 For Business Accounts Only

Imperial Oilâ€™s Downstream Operations Offset Wide Heavy Oil Discount; Modest Upside in the Stock

The widening of the heavy oil discount took its toll on no-moat Imperial Oil, but the companyâ€™s downstream operations drove strong overall results. Bitumen netbacks were down 17% from the year-ago quarter despite a 14% increase in crude prices. Fortunately for Imperial, downstream profits were up nearly 40% from the year-ago quarter to CAD 521 million driven by stronger margins. Downstream utilization was slightly ahead of our expectations at 96%.
Imperial reported first-quarter production of 37...

27/04/2018 13 EN

Underlying

Imperial Oil Limited

Imperial Oil is an integrated oil company. Co. is active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil and natural gas. In Canada, Co. is a producer of crude oil, natural gas and petroleum refiner and a marketer of petroleum products. Co. is also a producer of petrochemicals. As of Dec 31 2017, Co. had 1.57 billion barrels of oil-equivalent basis of net proved reserves, which consisted of 44.0 million barrels of liquids, 641.00 billion cubic feet of natural gas, 473.0 million barrels of synthetic oil, and 946.0 million barrels of bitumen.

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CA4530384086 Toronto Stock Exchange Canada

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Joe Gemino

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Imperial Oilâ€™s Downstream Operations Offset Wide Heavy Oil Discount; Modest Upside in the Stock

Imperial Oil Ltd: 1 director

Vermilion Int'l Compass: Global Equity Strategy

Vermilion Compass: Weekly Equity Strategy

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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