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.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.