12.18 0.00 (0.00%)
After hours: 4:15PM EDT
|Bid||11.26 x 1300|
|Ask||14.38 x 1300|
|Day's Range||11.84 - 12.60|
|52 Week Range||7.04 - 30.38|
|Beta (5Y Monthly)||1.70|
|PE Ratio (TTM)||10.05|
|Earnings Date||Jan. 30, 2017 - Feb. 05, 2017|
|Forward Dividend & Yield||0.62 (5.21%)|
|Ex-Dividend Date||Mar. 03, 2020|
|1y Target Est||32.51|
The Zacks Analyst Blog Highlights: TC Energy, Imperial Oil, Suncor Energy, Canadian Natural Resources and Kinder Morgan
CALGARY — Imperial Oil Ltd. is reducing its spending for this year by $1 billion, including a $500-million cut to its capital spending plan as it deals with the COVID-19 pandemic and crash in oil prices.The company says its capital budget for this year is now set at $1.1 billion to $1.2 billion, down from its original guidance for between $1.6 billion and $1.7 billion.Imperial also says it has found opportunities to reduce operating spending by $500 million compared with last year.It is the latest company in the oilpatch to slash its capital spending plan for this year as the price of oil has tanked due to the pandemic and a oil price war between Saudi Arabia and Russia.The company says the impact of COVID-19 and the current business environment on demand is expected to hurt its upstream production and downstream refinery utilization as well as product sales.Imperial says the steps it is taking are designed to preserve its strong balance sheet, while allowing it to maintain its dividend. However, the company says it is suspending share repurchases.This report by The Canadian Press was first published March 31, 2020.Companies in this story: (TSX:IMO) The Canadian Press
Imperial today provided an update on its operations and corporate guidance in response to the market conditions resulting from the COVID-19 pandemic
Over its long history, Imperial has faced numerous periods of low global crude oil prices. In the current challenging market environment caused by the COVID-19 pandemic and commodity price decreases, the company continues to demonstrate its long-standing commitment to financial strength, capital and operating expense discipline and maximizing long-term shareholder value.
(Bloomberg) -- As global oil benchmarks crash below $25 a barrel, some crude from Canada is already trading below $10 for the first time ever.Heavy Canadian crude, which typically trades at a discount to U.S. West Texas Intermediate oil, is tumbling after the country’s oil-sands producers were forced to delay maintenance, pushing more supply into the market at the worst possible time.Concerns about flying workers in from out of town as the coronavirus continues to spread led Syncrude Canada Ltd. to delay coker maintenance at its upgrader and Suncor Energy Inc. to push back planned work scheduled for May.The delays mean that synthetic crude that wasn’t expected to be entering the market will continue to flow. Global benchmarks such as London’s Brent have fallen to the lowest level since 2003 while Saudi Arabia and Russia pump more in a war for market share just as the pandemic pummels fuel demand.Heavy Western Canadian Select fell to a record low of $9.19 a barrel as of 9:12 a.m. New York time Wednesday, more than $15 below the U.S. benchmark. Other grades also dropped to record lows. Light synthetic crude, produced in an oil sands upgrader from bitumen, fell $6.26 to $16.97 a barrel and conventionally produced Edmonton mixed sweet fell to $13.49.On Tuesday, Alberta’s Premier Jason Kenney declared a state of public emergency, prohibiting gatherings of 50 or more people. The energy ministry is working out how the directive will apply to the oil industry, said energy ministry spokesman Kavi Bal.The Syncrude maintenance was forecast to cut majority-owner Suncor’s share of production by 45,000 barrels a day in the second quarter. Suncor’s planned work on its own upgrader in the quarter was to cut production by 70,000 barrels a day. Other planned maintenance in the spring includes:The Scotford upgrader will run at just over half-capacity during a 55-day turnaround starting in April.Canadian Natural Resources Ltd. will conduct maintenance on Athabasca Oil Sands Project mines.Husky Energy Inc.’s Lloydminster upgrader to be under repair, affecting 40,000 barrels a day.Canadian Natural plans work at its Jackfish site in late first quarter.Imperial Oil Ltd. plans work at Cold Lake, one of two trains at Kearl oil-sands site.Athabasca Oil Corp. will complete turnaround at Hangingstone site.(Adds synthetic crude, Edmonton Mixed Sweet prices in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Beaten-up stocks like Imperial Oil (TSX:IMO)(NYSE:IMO) and CI Financial (TSX:CIX) are terrific buying opportunities in today's market. The post Buying Opportunity: These 3 Top TSX Stocks Are Down 50% appeared first on The Motley Fool Canada.
To the annoyance of some shareholders, Imperial Oil (TSE:IMO) shares are down a considerable 36% in the last month...
It looks like Imperial Oil Limited (TSE:IMO) is about to go ex-dividend in the next 4 days. Investors can purchase...
Canadian investors who want nicely valued dividend stocks should look to add stocks like Imperial Oil Ltd. (TSX:IMO)(NYSE:IMO) and others this week.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Imperial Oil's (IMO) Q4 results benefit from higher realizations and lower expenses. Lower production due to planned turnaround activities is a headwind.
TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (17,318.49, down 172.07 points.)Baytex Energy Corp. (TSX:BTE). Energy. Down eight cents, or 5.26 per cent, to $1.44 on 34.55 million shares.Kirkland Lake Gold Ltd. (TSX:KL). Materials. Up $1.23, or 2.32 per cent, to $54.27 on 9.5 million shares.Bombardier Inc. (TSX:BBD.B). Industrials. Down one cent, or 0.81 per cent, to $1.23 on 8.8 million shares.Detour Gold Corp. (TSX:DGC). Materials. Up 80 cents, or 3.49 per cent, to $23.70 on 7.4 million shares.Crescent Point Energy Corp. (TSX:CPG). Energy. Down 12 cents, or 2.68 per cent, to $4.36 on 7.2 million shares.Denison Mines Corp. (TSX:DML). Materials. Up half a cent, or 1.1 per cent, to 46 cents on 6.3 million shares. Companies in the news:Restaurant Brands International Inc. (TSX:QSR). Down $1.14 or 1.4 per cent to $80.74. Tim Hortons franchisees gathered in Calgary earlier this week and erupted into applause after corporate executives promised to help reframe the public's understanding that the chain is a Canadian company. Executives travelling the country to discuss its strategy for the new year have promised franchisees a directional shift that will see the chain reclaim its Canadian, coffee and doughnut roots, following years of sluggish sales, a frenzy of new products and multiple lawsuits between franchisees and their parent company.Imperial Oil Ltd. (TSX:IMO). Down 76 cents, or 2.4 per cent to $31.38. Imperial Oil Ltd. has ramped up crude-by-rail shipments to more than 100,000 barrels per day from zero in October and plans to continue to add railcars as profitability of the transportation option strengthens. Earlier this week, rival oilsands producer Cenovus Energy Inc. said it had met its year-end goal of taking its crude-by-rail shipments to 100,000 barrels per day, crediting a decision in Alberta to exempt rail-exported crude from production quotas. Higher local discounts for western Canadian oil make moving it to the U.S. Gulf Coast to win higher prices more profitable, encouraging companies to use rail in spite of its higher cost compared with pipelines.Hudson's Bay Co. (TSX:HBC). Down one cent to $10.93. The board of directors of Hudson's Bay Co. has unanimously recommended shareholders support a sweetened offer to take the retailer private. The recommendation is included in the company's amended and restated management information circular. The board support follows the endorsement of the buyout plan by a special committee of the board earlier this year. HBC announced Jan. 3 that a shareholder group headed by executive chairman Richard Baker raised its going-private offer to $11 per share, winning the backing of rival shareholder Catalyst Capital Group, which had opposed an earlier offer of $10.30 per share.Cott Corp. (TSX:BCB). Up 86 cents or 4.4 per cent to $20.25. Cott Corp. has signed a deal to sell its S&D Coffee and Tea business to Westrock Coffee Co. LLC for US$405 million. The sale is part of Cott's plan to focus on its water business. Cott announced an agreement earlier this year to acquire Primo Water Corp. The company plans to rebrand Cott under the Primo Water name to reflect its new focus. Westrock Coffee is an integrated coffee company that provides sourcing, financing, supply chain management, roasting, packaging and distribution services. The deal is expected to close in the first quarter of 2020 and is subject to certain customary closing conditions including regulatory approval.This report by The Canadian Press was first published Jan. 31, 2020. The Canadian Press
Brad Corson vows the company’s $2.6-billion Aspen oilsands project will remain “off the table” until that happens.
CALGARY — Imperial Oil Ltd. has ramped up crude-by-rail shipments to more than 100,000 barrels per day from zero in October and plans to continue to add railcars as profitability of the transportation option strengthens.Earlier this week, rival oilsands producer Cenovus Energy Inc. said it had met its year-end goal of taking its crude-by-rail shipments to 100,000 barrels per day, crediting a decision in Alberta to exempt rail-exported crude from production quotas.Higher local discounts for western Canadian oil make moving it to the U.S. Gulf Coast to win higher prices more profitable, encouraging companies to use rail in spite of its higher cost compared with pipelines.Imperial co-owns a rail terminal in Edmonton with capacity to move 210,000 barrels per day but it has cut its usage to zero or near zero at least three times in the past year as price differentials tightened with Alberta production curtailments, storage levels and rail and pipeline disruptions."With the current differentials and arbitrage, it makes good economic sense for us to ship barrels on the rail," said Imperial CEO Brad Corson on Friday during a conference call to discuss fourth-quarter results, his first such call since replacing Rich Kruger this month."We started in October at zero. We ramped up very quickly in November and December, finished the year in December at 88,000 barrels per day and now in January ... it's slightly above 100,000 barrels a day and I think we're going to see that trend continue in the near term."The difference between Western Canadian Select bitumen-blend heavy oil and New York-traded West Texas Intermediate oil prices had widened to as much as US$52 a barrel in October 2018 before the then-NDP government implemented Alberta production limits to better match growing output with limited pipeline space, thus drawing down overflowing storage.On Friday, oil brokerage Net Energy Exchange said the WCS-WTI differential had averaged US$23.19 per barrel in January for February delivery, up from US$20.68 in the previous month.Imperial's production is set to rise after it completed the installation of supplemental ore crushers at its Kearl open pit oilsands mining operations in December and January.The project will allow the company to improve reliability and throughput to average gross production from Kearl of about 240,000 bpd in 2020, up from the current 200,000 bpd, said Corson.On the call, Corson told analysts his priority as Imperial chairman and CEO is to efficiently manage its existing portfolio of assets, declining to speculate on changes that might come to the company which is 70 per cent owned by Texas-based Exxon Mobil Corp."I want to take a great company and make it greater. That's the bottom line," he said. Corson has worked for Exxon for 36 years.Imperial reported a fourth-quarter profit of $271 million, down from $853 million in the same quarter last year, as revenue and other income totalled $8.16 billion, up from $7.89 billion.Analysts said the results beat their forecasts mainly due to better-than-expected performance from the downstream, which was impacted by maintenance shutdowns at the company's Nanticoke and Sarnia, Ont., refineries.Imperial reported a downstream profit of $225 million, compared with $1.14 billion a year earlier, due to lower margins and planned turnaround activities.Imperial's upstream operations recorded a profit of $96 million in the quarter compared with a loss of $310 million in the final quarter of 2018, thanks to higher oil prices as production fell to 398,000 barrels of oil equivalent per day from 431,000 boe/d in the same period of 2018.This report by The Canadian Press was first published Jan. 31, 2020.Companies in this story: (TSX:IMO, TSX:CVE)Dan Healing, The Canadian Press
The latest Earnings Outlook indicates that the energy sector's Q4 results might reflect a 47.1% nosedive from the year-ago reported figure.
Pipeline construction in Canada is unable to match the rising level of domestic oil production, thus compelling petroleum giants like Imperial Oil (IMO) to sell their products at a discounted rate.