Summary
Imperial Oil Limited's first quarter 2017 results show a significant turnaround from the prior year, reporting a net income of $333 million ($0.39 per diluted share) compared to a net loss of $101 million in the first quarter of 2016. This improvement was driven by higher crude oil realizations, particularly in the Upstream segment, which saw its net loss narrow substantially. The company also demonstrated improved operational cash flow, generating $354 million compared to $49 million in the same period last year. This was supported by increased proceeds from asset sales and reduced additions to property, plant, and equipment. While financing activities used cash, largely due to dividend payments, the company maintained a strong cash position, ending the quarter with $672 million.
Key Highlights
- 1Reported a net income of $333 million for Q1 2017, a significant improvement from a net loss of $101 million in Q1 2016.
- 2Earnings per diluted share were $0.39 in Q1 2017, compared to $(0.12) in Q1 2016.
- 3Cash flow from operating activities increased substantially to $354 million from $49 million in the prior year's first quarter.
- 4The Upstream segment's net loss narrowed significantly to $86 million from $448 million, driven by higher crude oil realizations.
- 5The Downstream segment reported net income of $380 million, up from $320 million, boosted by a gain on property sale.
- 6The company's cash balance increased to $672 million as of March 31, 2017, from $155 million at the end of Q1 2016.
- 7Dividends paid per common share increased to $0.15 in Q1 2017 from $0.14 in Q1 2016.