2Q16 non-GAAP CFPS of $0.14/share dil. missed expectations, as two of its refineries underwent major planned turnarounds. Despite relatively low oil prices, planned downtime at two refineries and two oilsands projects, and the forest fires, IMO’s net debt was virtually unchanged sequentially, and $0.2 billion lower than we had forecast, as capex was low, product inventories built up in 1Q16 in preparation for refinery downtime were drawn down, and “other cash items” were onc
08 Aug 2016
Balance Sheet Maintained Despite Outages
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Balance Sheet Maintained Despite Outages
Imperial Oil Limited (IMO:TSE) | 0 0 (-1.4%) | Mkt Cap: 28,420m
- Published:
08 Aug 2016 -
Author:
Michael P. Dunn -
Pages:
9
2Q16 non-GAAP CFPS of $0.14/share dil. missed expectations, as two of its refineries underwent major planned turnarounds. Despite relatively low oil prices, planned downtime at two refineries and two oilsands projects, and the forest fires, IMO’s net debt was virtually unchanged sequentially, and $0.2 billion lower than we had forecast, as capex was low, product inventories built up in 1Q16 in preparation for refinery downtime were drawn down, and “other cash items” were onc