Canada-based integrated oil company Imperial Oil has reported earnings of C$660 million, or C$0.76 per share, for the fourth quarter of 2008, compared to C$886 million, or C$0.96 per share, for the same quarter of 2007.
The company has reported a net income of C$3.88 billion, or C$4.36 per share, for 2008, compared to C$3.19 billion, or C$3.41 per share, for 2007.
According to the report filed by the company, for the fourth quarter of 2008, it has reported total operating revenues of C$5.91 billion, compared to C$6.69 billion and $25.06 billion in the corresponding periods of 2007. Capital and exploration expenditures were $4.33 billion in the fourth quarter and $1.36 billion for the year compared with $3.17 billion in the fourth quarter and $9.78 billion in 2007. In 2008, Imperial repurchased shares for $2,210 million. The company’s balance of cash and marketable securities at the end of 2008 was $1.974 billion versus $1.208 billion at the end of 2007.
Imperial Oil has reported total operating revenues of C$31.24 billion for 2008, compared to C$25.07 billion for 2007.
Bruce March, chairman, president and CEO of Imperial Oil, said: “Imperial’s business model has allowed the company to continue to grow and provide shareholder value through the company’s share buyback and dividend programs.”
Imperial Oil is a Canadian corporation and a member of the country’s petroleum industry. It claims to be one of Canada’s largest producers of crude oil and natural gas.
