Imperial’s First Quarter Exceeds Our Expectations; We Still See Upside
Like peers, no-moat Imperial Oil saw a strong rebound during the first quarter. The company reported cash flow from operations of CAD 1.3 billion that exceeded our expectations. The better-than-expected results were driven by higher-than-expected upstream netbacks. Cash flows from operations increased 31% sequentially and 50% from the year-ago quarter also driven by higher upstream netbacks. Downstream earnings were down almost 80% to CAD 257 million, which shows the true seesaw nature of Imperi...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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