IMO
Imperial Oil LtdNYSEMKT
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  • Mon, Oct. 31, 2:44 PM
    • Imperial Oil (IMO +0.7%) is upgraded to Neutral from Underperform with a $45 price target, raised from $41, at Macquarie, citing an improving cash flow profile.
    • IMO could generate $3.6B in cash flow on $1.2B in spending and $500M from its current dividend, implying a free cash flow yield of 5.2% after the dividends, the firm says.
    • However, the firm notes that IMO is trading at the high end of the range for Canadian large cap energy names, with a 10.8x estimated 2017 EV/DACF vs. peers at 9.3x, and thus sees limited upside for the stock from current levels.
    | Mon, Oct. 31, 2:44 PM
  • Fri, Oct. 28, 11:57 AM
    • Imperial Oil (IMO -1.7%) reports better than expected Q3 earnings of C$1.18 per share, as aggressive cost-cutting measures helped soften the impact of lower oil prices, but shares are lower in step with ExxonMobil, which owns 69% of the company.
    • IMO says some oil assets, including all or part of oil sands assets at Kearl and Cold Lake in Alberta, would not qualify as proved reserves at the end of 2016 if oil prices continue at current levels.
    • IMO's Q3 net income jumped to C$1B from C$479M in the year-ago quarter thanks to a C$716M gain from the sale of company-owned Esso retail sites for C$2.8B, announced during Q1.
    • Q3 upstream operations, which include oil sands production, reported a C$26M loss, half the loss of a year ago; downstream operations, which includes the retailing arm, earned $1B, benefiting from the asset sales as well as improved refinery operations and higher sales volumes.
    • Q3 production rose ~2% Y/Y to 393K boe/day.
    | Fri, Oct. 28, 11:57 AM
  • Thu, Oct. 27, 5:30 PM
    | Thu, Oct. 27, 5:30 PM | 2 Comments
  • Mon, Oct. 24, 12:58 PM
    • Imperial Oil (IMO +0.5%) is upgraded to Outperform from Neutral with a C$50 price target, upped from C$48, at Credit Suisse, which expects stronger free cash flow generation to increase shareholder return in the form of renewed stock buybacks.
    • Credit Suisse says its outlook includes funding of the Aspen project, which adds material new production beyond 2020 and reinforces IMO's leadership within the oil sands industry.
    • The firm expects Sycrude utilization to improve and steady production from the company's other core upstream assets such as Cold Lake and Kearl.
    | Mon, Oct. 24, 12:58 PM
  • Fri, Sep. 9, 5:56 PM
    • Imperial Oil (NYSEMKT:IMO) says it is seeking a buyer for its interests in the Norman Wells oilfield in Canada's Northwest Territories,  as it focuses on its largest business farther south.
    • IMO, which is majority owned by ExxonMobil (NYSE:XOM), says it plans to market the 11K bbl/day field as well as an associated fuel distribution center during the current quarter.
    • IMO began drilling for oil in Norman Wells, a town ~100 miles south of the Arctic Circle, in 1920.
    | Fri, Sep. 9, 5:56 PM | 3 Comments
  • Fri, Jul. 29, 3:57 PM
    • Imperial Oil (IMO +0.4%) edges higher despite reporting a surprise Q2 loss, mostly due to May's wildfires in Alberta.
    • IMO, in which Exxon Mobil holds a 69.6% stake, says its Q2 gross production averaged 329K boe/day vs. 344K boe/day in the year-ago quarter, with the wildfires reducing output by ~60K boe/day and net income by ~C$170M (US$130.1M); excluding the fires, IMO estimates Q2 production would have increased by 45K boe/day, or 13%.
    • IMO says its Q2 operations also were hurt by planned maintenance at its Kearl and Syncrude oil sands operations, and its Strathcona refinery east of Edmonton and Nanticoke refinery on the shore of Lake Erie in Ontario.
    • IMO says it sold bitumen from oil sands for an average price of C$29.45/bbl during the quarter, nearly C$20/bbl lower than a year ago.
    | Fri, Jul. 29, 3:57 PM
  • Fri, Jul. 29, 8:39 AM
    • Imperial Oil (NYSEMKT:IMO): Q2 EPS of -$0.21 may not be comparable to consensus of $0.05.
    • Revenue of $6.25B (-14.4% Y/Y) beats by $1.94B.
    • Press Release
    | Fri, Jul. 29, 8:39 AM
  • Tue, Jul. 12, 9:45 AM
    • Alberta introduced two new oil and gas royalty programs yesterday that the provincial government says will encourage producers to explore new areas, boost production and keep people working.
    • The Emerging Resources Program will apply to wells being drilled in the early stages of development, and allows producers to pay a flat 5% royalty rate, while the Enhanced Hydrocarbon Recovery Program is aimed at boosting production from aging wells.
    • Alberta’s NDP government within only a year has gone from threatening to increase oil and gas royalties to having to provide royalty incentives to stimulate drilling activity, Financial Post's Claudia Cattaneo writes.
    • Among oil and gas companies currently active in Alberta: SU, ECA, CVE, CNQ, ENB, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jul. 12, 9:45 AM | 30 Comments
  • Thu, Jun. 30, 1:13 PM
    • Canadian oil and gas companies say they are not worried about the new North America-wide energy and climate change strategy announced yesterday by Canadian PM Trudeau, U.S. Pres. Obama and Mexican Pres. Nieto, which includes reducing methane gas emissions from the oil and gas industry by 40%-45%.
    • The Canadian Association of Petroleum Producers says “having our competitors held to a similar standard is going to be good for all of us," since Canadian producers already are under pressure to cut methane emissions and pay carbon levies.
    • TransCanada (NYSE:TRP) says it welcomed the agreement and cited its growing natural gas pipeline business in Mexico and its acquisition of Columbia Pipelines in the U.S. as evidence of the need for an interconnected energy system.
    • The pact would force the three countries to add renewables, nuclear projects or carbon capture and storage projects on coal-fired power plants that would raise the total to 50% from the current 37%.
    • Among other relevant tickers: SU, ECA, ENB, CVE, CNQ, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Thu, Jun. 30, 1:13 PM | 33 Comments
  • Tue, Jun. 28, 11:58 AM
    • A Canadian government study yields a surprising result about what happens to oil sands crude in a freshwater spill: it floats, at least for a while, sinking more slowly than conventional oil, unless exposed to high temperatures and weathering.
    • The results may help dispel some concern that a spill of diluted bitumen would be more difficult to clean up, and help companies make the case for pipeline projects such as Kinder Morgan’s (KMI +0.9%) Trans Mountain expansion and Enbridge’s (ENB -0.1%) Northern Gateway pipeline.
    • The study follows a 2015 report by the U.S. National Academy of Science that showed diluted bitumen tended to sink quickly after being spilled in fresh water.
    • Among other relevant tickers: SU, ECA, CVE, CNQ, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jun. 28, 11:58 AM | 62 Comments
  • Wed, Jun. 22, 10:36 AM
    • Alberta's tougher rules in determining if companies are financially strong enough to buy oil and gas assets could chill M&A activity in the province, energy industry players warn.
    • The Alberta Energy Regulator announced Monday that companies seeking to buy oil and gas properties will need to show their deemed assets exceed their deemed liabilities by 2x or more after the purchase, after deemed assets previously needed only to be equal to deemed liabilities.
    • More than 200 companies that met the prior standard were ruled out as buyers by the stricter financial solvency test, a move that Industry reps say will limit the number of companies allowed to buy oil and gas assets.
    • Among oil and gas companies currently active in Alberta: SU, ECA, CVE, CNQ, ENB, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Wed, Jun. 22, 10:36 AM | 32 Comments
  • Mon, Jun. 6, 2:27 PM
    • Imperial Oil (IMO +1.2%) says it has restarted its Kearl oil sands mining operation after stalling production for nearly three weeks during Alberta's huge wildfire that threatened to damage major projects across the region.
    • Bank of Canada governor Poloz says it is hard to predict when the Canadian economy will rebound from the fire but figures perhaps a little more than half of the estimated loss of 1.25 percentage points off Canada's Q2 economic growth would be due to lost oil output.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | Mon, Jun. 6, 2:27 PM
  • Thu, Jun. 2, 6:05 PM
    • The National Energy Board says it will allow Imperial Oil (NYSEMKT:IMO) until the end of 2022 to start building the Mackenzie Gas Project, a pipeline that would ship natural gas from the Northwest Territories to Alberta.
    • The NEB first approved the project in late 2010 and the federal government sanctioned it the next year, but one of the conditions was that construction had to begin by the end of 2015; last year, IMO asked for a seven-year extension because low gas prices had forced the companies behind the project to delay development.
    • The proposed $16B pipeline would run 1,200 km from gas fields near the coast of the Beaufort Sea to the northern Alberta boundary, where it would link up with existing gas pipelines.
    | Thu, Jun. 2, 6:05 PM
  • Wed, Jun. 1, 6:47 PM
    • Traders expect deliveries from the Syncrude project in Alberta for June to be cut by ~85%, Reuters reports.
    • Unipec, the trading arm of Chinese refiner Sinopec (NYSE:SNP), advised customers this week it would cut its sales of Syncrude for June due to the force majeure on Syncrude's production, according to the report.
    • Syncrude has not specified when operations would restart after closing a month ago during Alberta's wildfires, but says the facility is finalizing its safe return to operations.
    • Suncor Energy (NYSE:SU) owns 53.74% of Syncrude, with Imperial Oil (NYSEMKT:IMO), SNP and Nexen (NYSE:CEO) the leading minority partners.
    | Wed, Jun. 1, 6:47 PM
  • Tue, May 31, 11:07 AM
    • Suncor Energy (SU +0.7%) is expected to suffer the biggest impact from Alberta's wildfires, as the shutdown and evacuation of its operations between Fort McMurray and Fort MacKay - which were producing 300K bbl/day of oil before the fires - will cut $928M, or 20%, from the company’s operating cash flows this year, according to RBC Capital.
    • RBC foresees a “commensurate” impact on SU’s balance sheet, as the company is expected to draw on its $3.1B of cash and cash equivalents or $6.7B of available credit during the outage and re-start.
    • The firm estimates that by the time production resumes, SU’s facilities will have been shut down for 35 days and Syncrude’s facilities will have been shut down for 40 days.
    • Husky Energy (OTCPK:HUSKF -1.1%) and Imperial Oil (IMO -0.6%) are not yet providing updates on when output would resume at their respective 60K bbl/day Sunrise and 220K bbl/day Kearl projects.
    • Now read Suncor bringing Alberta oil sands back on line
    | Tue, May 31, 11:07 AM | 4 Comments
  • Thu, May 26, 5:28 PM
    • The amount of pollution created by vapor from Canada’s oil sands ranks on par with most major cities in North America, according to a new study by the country’s environmental regulator.
    • While the connection between the oil sands’ carbon emissions and climate change is well documented, the study is the first to track the vapor produced in the process and the extent of the resulting pollution.
    • Vapor from the bitumen of the oil sands is released into the air when it is dug up in open pit mines and later as the oil is separated out, and once in the atmosphere and exposed to sunlight, the vapors mix with other chemicals to become particles known as secondary organic aerosols; according to the study, the oil sands were rivaled by only the largest metro areas such as Los Angeles in creating the particles; vehicle exhaust and electrical generation are the main sources of the particles in cities.
    • Relevant tickers: SU, CVE, IMO, XOM, RDS.A, RDS.B, CNQ, ENB, TRP, PDS, CEO, OTCPK:HUSKF, OTCPK:MEGEF, OTCPK:ATHOF
    | Thu, May 26, 5:28 PM | 47 Comments