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Imperial Oil Ltd, Q3-2020 Earnings, 2020 Forecast

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Imperial Oil (IMO-TSX) is Canada's second-largest integrated oil company next to Suncor Energy Inc. (SU). Exxon Mobil Corp.(XOM-NYSE), owns 69.6% of Canadian based Imperial Oil. Imperial integrated business model includes Upstream, Downstream and Chemical segments. The upstream segment contributes approximately 30% of earnings, Downstream at 65% and Chemical processing 5%. Imperial Oil has assets of $39.4B as Sept-30-2020 compared to $42.2B at Dec-31-2019. Annual revenues for 2019 were $34B and forecast at $25B for 2020. Exxon Mobil has assets of $363B and annual revenues of $265B for 2019.

Upstream assets are composed of mainly long life oil sands reserves comprised of Kearl, Syncrude and Cold Lake projects. Kearl and Cold Lake each contribute about 40% of production, Syncrude – 20%. Kearl is 71% owned, Syncrude -25% and Cold Lake is 100% owned. Kearl and Cold Lake contribute about 80% of production priced based on the WCS benchmark, Syncrude prices are tied to WTI. They have a 50% interest of 650,000 acres of the Duvernay and Montney fields.

The Downstream segment serves predominantly Canadian markets with refining, logistics and marketing assets. This segment is comprised of three refineries, Strathcona in Alberta, Nanitcoke and Sarnia in Ontario with aggregate distillation capacity of 423,000 barrels per day. Refining margins are driven by differences in commodity prices and are a function of the difference between what a refinery pays for its raw materials (primarily crude oil) and the market prices for the range of products produced (primarily gasoline, heating oil, diesel oil, jet fuel and fuel oil).

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