AUS
NZ
UK
CA
USA
IND
_10_04_2024_16_38_50_427275.jpg)
Highlights
- Imperial Oil, one of the top energy companies in the country, announced its latest financials on Tuesday, February 1.
- The C$ 36-billion market cap company said that in the latest quarter, it saw its annual upstream production reach its highest level in the last 30 years.
- The oil and gas company, which has a price-to-earnings ratio of 66.5, has declared a hike of 26 per cent in its quarterly dividend scheduled for April 1.
Imperial Oil, one of the top energy companies in the country, announced its latest financials on Tuesday, February 1.
Imperial is known to produce and market oil and natural gas throughout Canada. The C$ 36-billion market cap company said that in the latest quarter, it saw its annual upstream production reach its highest level in the last 30 years.
This surge, the firm said, was supported by its robust production operations at the Kearl and Cold Lake sites.
Let us look at the overall performance of this oil and gas company.
Imperial Oil (TSX: IMO) hiked quarterly dividend by 26 per cent
The Calgary-based integrated energy company recorded a net income of C$ 813 million in Q4 FY2021, compared to C$ 908 million in the same quarter a year ago.
Imperial saw its cash from operating activities stand at C$ 1.63 billion in the latest quarter, down from C$ 1.94 million in Q4 FY2020.
The oil and gas company, which has a price-to-earnings ratio of 66.5, has declared a hike of 26 per cent in its quarterly dividend.
It is now set to pay a dividend of C$ 0.34 per share on April 1.
Image source: ©2022 Kalkine Media®
Data source: Imperial Oil Limited
Imperial’s operational performance in Q4 FY2021
Extreme cold weather in December last year impacted production at the Kearl site, the company said. However, it recorded an average quarterly production of 445,000 gross barrels of oil equivalent per day in the latest quarter.
This performance pushed up the average annual production to 428,000 gross barrels of oil equivalent per day, which the company said was the highest level over the last three decades.
Also read: 2 TSX real estate stocks to hold for the long haul
Imperial’s (TSX:IMO) stock performance
Stocks of Imperial Oil soared by almost 114 per cent year-over-year (YoY).
The oil stock also jumped by approximately 14 per cent in the last one month.
Imperial stock closed at C$ 52.01 apiece on Monday, January 31, noting a daily trade volume of 1.69 million shares.
Bottomline
Imperial Oil said that it returned C$ 949 million to its shareholders in Q4 FY2021, including share buybacks of worth C$ 761 million and dividend payments of C$ 188 million.
Imperial said that demand for petroleum and petrochemical products continued to rebound throughout 2021. In addition, the company also addressed concerns surrounding COVID-19 and inflation rate by saying that it is trying to minimize such impacts by “cost reductions”.
