Imperial Oil (IMO) Reports Q3 EPS of Cdn$0.00 on Revenues of Cdn$5.96B

October 30, 2020 7:58 AM

Imperial Oil (NYSE: IMO) reported Q3 EPS of Cdn$0.00, versus Cdn$0.56 reported last year. Revenue for the quarter came in at Cdn$5.96 billion, versus Cdn$8.74 billion reported last year.

Third quarter highlights

“Third quarter results continue to demonstrate the positive impact of Imperial’s ongoing expense and capital discipline and the resiliency of our company,” said Brad Corson, chairman, president and chief executive officer. “The company generated $875 million of cash from operations in the third quarter, further strengthening Imperial’s balance sheet while covering quarterly capital expenditures and dividend payments.”

Production and manufacturing expenses totalled $1,246 million in the third quarter, a reduction of $355 million compared to the third quarter of 2019. Year-to-date production and manufacturing expenses of $4,098 million are $813 million lower than the prior year, enabling Imperial to already surpass the full-year expense reduction target of $500 million. Capital expenditures of $679 million for the first nine months of the year are down more than 50 percent from 2019 levels for the same period and significantly below prior guidance announced in March. “These expense and capital reductions across virtually all aspects of Imperial’s operations demonstrate our ability to rapidly respond to market conditions and capture structural cost improvements without compromising long-term value and production targets,” said Corson.

“With the completion of key turnaround activities, recent strong asset performance, and expenses running at a significantly reduced rate, Imperial has substantial momentum as we approach the end of the year - we are well-positioned for strong performance in the fourth quarter.” said Corson.

For earnings history and earnings-related data on Imperial Oil (IMO) click here.

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