Imperial Oil Q2 Earnings Call Highlights

Imperial Oil reported second-quarter results showing improved profitability and solid cash generation. Net income rose to CAD 2.19 billion, up CAD 1.24 billion from a year earlier and CAD 1.25 billion from the first quarter, driven by higher commodity prices across upstream and downstream. Cash flow from operating activities totaled about CAD 2.7 billion, or CAD 2.52 billion excluding working-capital effects. The company ended the quarter with more than CAD 2.8 billion in cash. Capital expenditures were CAD 531 million, including CAD 359 million for sustaining work at Kearl, Cold Lake and Syncrude. Chairman, President and CEO John Whelan said Imperial plans to accelerate share repurchases under its normal course issuer bid and expects to buy back all remaining allowable shares before year-end. Imperial paid CAD 421 million in dividends and declared a third-quarter dividend of CAD 0.87 per share.