Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on IMPERIAL OIL LTD. We currently have 32 research reports from 1 professional analysts.
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IMPERIAL OIL LTD
IMPERIAL OIL LTD
Commodity Price Update – Impact on Integrateds, Large Cap E&P, Oilsands
28 Sep 16
3Q16e WTI prices look set to average ~US$44.50/bbl vs. our $50.00/bbl prior estimate. We have also reduced our 4Q16e WTI forecasts by US$5.00 to US$50.00/ bbl, but left our 2016e+ oil & gas price deck largely unchanged. For the second time in three months we are increasing our forecasts for Canadian refined product premiums relative to New York Harbor.
2016 Investor Day: Even Lower Sustaining Capital
22 Sep 16
IMO’s sustaining capex estimate is down 25% to $0.9 billion/year, and growth capex through 2020e is now expected to average ~50% less than a year ago, so there is even more room for IMO to return more cash to shareholders (perhaps beginning later this year?). Syncrude output for August was a new record (>375 mbbl/d) due to flush production, while Kearl has produced 280-290 mbbl/d in some weeks. Acquisition opportunities will be hard pressed to compete with IMO’s internal slate of SA-SAGD projects in our view. Target price increased by $3.00 to $43.00/share to reflect lower sustaining capital costs.
2016 INVESTOR DAY NOTES
21 Sep 16
Market Impact: Should be positive, given a reduced capex outlook, lower sustaining capital requirements, and a positive update on 3Q16e Syncrude volumes. The stock is underperforming today as we write this note, but from our perspective we observed no negative updates this morning.
10 MBBL/D NORMAN WELLS FIELD BEING MARKETED
12 Sep 16
Market Impact: Neutral. IMO has decided to investigate selling its legacy Norman Wells light oil field, which has generated a fine return for the Company since the $500 mm expansion began producing in 1985, yielding >250 mmbbl of light oil since.
Balance Sheet Maintained Despite Outages
08 Aug 16
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 once again a significant positive contributor. 2016e capex forecast reduced from $1.8 billion (original guidance) to $1.6 billion. Market Perform ranking and $40.00/share target price maintained.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.