IMO Stock Recent News

Imperial Oil (IMO) plans C$1.7 billion in capital expenditure for 2023, maintaining consistent production performance at Kearl in the range of 265,000-275,000 barrels per day.

Imperial Oil Limited (NYSE:IMO ) Q2 2023 Earnings Conference Call July 28, 2023 11:00 AM ET Company Participants Dave Hughes - Vice President of Investor Relations Brad Corson - Chairman, President, and Chief Executive Officer Dan Lyons - Senior Vice President of Finance and Administration Sherri Evers - Senior Vice President of Sustainability, Commercial Development & Product Solutions Simon Younger - Senior Vice President of Upstream Conference Call Participants Manav Gupta - UBS Greg Pardy - RBC Capital Markets Dennis Fong - CIBC Global Markets Kalei Akamine - Bank of America Menno Hulshof - TD Securities Neil Mehta - Goldman Sachs Operator Good day, and welcome to the Imperial Oil 2Q '23 Earnings Call. Today's conference is being recorded.

Imperial Oil (IMO) came out with quarterly earnings of $0.86 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $2.84 per share a year ago.

Canada's Imperial Oil reported a 72% drop in second-quarter profit on Friday as production fell due to maintenance activity amid a slump in prices.

Canada's Imperial Oil spilled crude oil into a process-water lagoon at its Mahihkan plant in northern Alberta, contaminating a flock of geese, the Alberta Energy Regulator (AER) said on Wednesday.

Imperial Oil Limited is 70% owned by Exxon Mobil Corporation, providing a strong backstop on its valuation, as it's a potential acquisition target. The company had a blockbuster year in 2022, with its valuation of less than $30 billion, and it has continued to steadily invest in share repurchases. We expect Imperial Oil to continue its policy of driving shareholder returns, making it a valuable long-term investment.

When the Covid-19 crisis faded, Americans finally looked forward to a broader recovery, which on paper doesn't necessarily incentivize the best sleep-well-at-night stocks. However, lingering headwinds – such as stubbornly high inflation – along with fresh negative catalysts (most notably a worsening geopolitical backdrop) require a rethink of reliable enterprises.

Imperial Oil Limited has been growing EPS by over 20% YoY as shown in the last earnings report. The balance sheet is incredibly strong and the company has a lot of freedom to take on more debt without risking hurting the buybacks and dividends.

Imperial Oil pays a strong dividend and has recently repurchased shares creating shareholder value. The company has outperformed the S&P 500 in the last 3 years when adjusting for dividends.

Imperial Oil (IMO) expects capital expenditures of C$1.7 billion and production levels of 135,000-140,000 b/d for Cold Lake in 2023.