Imperial Oil

03/30/2022

Imperial Oil, one of the largest in Canada with a market capitalization of more than $30 billion, has rebounded strongly from its pandemic lows — and it’s sharing the wealth with investors.

Owned 70 per cent by Exxon Mobil, the company swung to a net profit of $8133 million from a net loss of $1.15 billion in the prior year. Cash flow soared in the fourth quarter to $1.63 billion from $316 million a year earlier.

Like Suncor, it’s reaping the rewards of high oil prices and forecasts higher capital expenditure as demand grows in the coming months, while the Canadian economy recovers from the pandemic.

Some risks accompany the Calgary-based company. In recent years, wildfires and deep-freezes have decreased the company’s production and caused problems at their facilities.

03/30/2022

Imperial Petroleum Announces Agreement to Acquire Two Product Tankers
Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”) announced today that it has entered into an agreement to acquire two M.R. refined petroleum product tankers, built at SLS Shipbuilding, South Korea in 2008 and at Shin Kurushima Dockyard, Japan in 2011 respectively, with an aggregate capacity of approximately 97,000 dwt, from Brave Maritime for an aggregate purchase price of about $31 million, with delivery on a charter free basis expected by end of May 2022. The Company expects to finance the purchase price with cash-on-hand and new senior secured bank debt for which it is in discussions to secure with an international financial institution. The transaction with Brave Maritime, which is affiliated with members of the Vafias family, was approved by the Company’s audit committee comprised of independent directors.

03/30/2022

Imperial Oil had a strong 2021 financial performance. The company's integrated portfolio has performed well across the year.
Imperial Oil generated 4Q 2021 FCF of $1.2 billion of almost $5 billion annualized. The company was supported by incredibly high production of roughly 445 thousand barrels/day in 4Q 2021, supported by Western Canada Select crude oil prices of almost $63/barrel. These higher prices contributed to more than $1 billion of the cash flow.
The company's integrated portfolio has also helped utilization, with the highest chemical earnings in >30 years and downstream utilization of more than 89%. The company has announced plans to continue improving its overall emissions, and overall, 2021 was a strong year for the company, with the potential for better performance in 2022.
The company generated $3 billion in shareholder returns or roughly 10% in annual shareholder returns. updates, a chat room, and more.

03/30/2022

03/30/2022

03/30/2022

03/30/2022