$IMO • Imperial Oil (IMO -1.3%) is lower afte
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Posted On: 07/29/2018 12:00:50 PM
$IMO
• Imperial Oil (IMO -1.3%) is lower after Q2 earnings come in well below analyst expectations, hurt by higher than expected costs from planned maintenance at various projects.
• IMO had scheduled maintenance at several projects including a 72-day turnaround at its largest refinery at Strathcona in Alberta, but ~C$250M in related costs, or C$0.31/share, were much bigger than analysts anticipated; total expenses in the quarter jumped 30% to C$9.28B.
• Q2 gross production rose to 336K boe/day from 331K boe/day a year earlier but missed some analysts estimates.
• IMO also says recovery from Syncrude's June power outage is ongoing, with partial production restored in July and return to full rates expected in September.
• Imperial Oil (IMO -1.3%) is lower after Q2 earnings come in well below analyst expectations, hurt by higher than expected costs from planned maintenance at various projects.
• IMO had scheduled maintenance at several projects including a 72-day turnaround at its largest refinery at Strathcona in Alberta, but ~C$250M in related costs, or C$0.31/share, were much bigger than analysts anticipated; total expenses in the quarter jumped 30% to C$9.28B.
• Q2 gross production rose to 336K boe/day from 331K boe/day a year earlier but missed some analysts estimates.
• IMO also says recovery from Syncrude's June power outage is ongoing, with partial production restored in July and return to full rates expected in September.
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