Imperial Oil (IMO - Free Report) recently provided an update on its corporate guidance outlook for 2023. The Calgary-headquartered Canadian energy giant mentioned that its corporate strategy remains focused on maximizing the performance of existing assets and growth initiatives, prioritizing shareholder returns and delivering key sustainability initiatives.
IMO’s upstream output for 2023 is anticipated between 410,000 and 430,000 gross oil-equivalent barrels per day (bpd), reflecting the sale of the firm’s stake in XTO Energy Canada. The outlook is supported by planned strong operating performance in the company’s core oil sands assets and sustained production growth at Kearl.
Meanwhile, Imperial Oil estimates its downstream production between 395,000 and 405,000 bpd, with capacity utilization between 92% and 94%. This indicates an upsurge in planned turnaround activity in the company’s Strathcona and Sarnia refineries in 2023.
Capital spending is predicted at C$1.7 billion for the next financial year. The amount includes the planned ramp-up for the Strathcona Renewable Diesel project, the application of solvent technologies at Cold Lake and ongoing investments in the in-pit tailing project at the Kearl oil sands facility.
Founded in 1880, Imperial Oil Limited is one of the largest integrated oil companies in Canada. It is mainly engaged in oil and gas production, petroleum products refining and marketing and chemical business.
Imperial Oil currently has a Zacks Rank #3 (Hold). Investors interested in the energy space might look at some better-ranked stocks — Schlumberger (SLB - Free Report) , Halliburton (HAL - Free Report) and DCP Midstream Partners — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Schlumberger’s 2022 earnings is pegged at $2.15 per share, suggesting an increase of about 68% from the year-ago profit of $1.28.
SLB beat estimates for earnings in three of the trailing four quarters, the average being around 12.7%.
The consensus mark for Halliburton’s 2022 earnings stands at $2.10 per share, which indicates an increase of about 94.4% from the year-ago profit of $1.08.
HAL beat estimates for earnings in three of the trailing four quarters, the average being around 5.5%.
The Zacks Consensus Estimate for DCP’s 2022 earnings stands at $4.47 per share, which indicates an increase of about 181.1% from the year-ago loss of $1.59.
DCP beat estimates for earnings in three of the trailing four quarters, the average being around 25.5%.
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Imperial Oil (IMO - Free Report) recently provided an update on its corporate guidance outlook for 2023. The Calgary-headquartered Canadian energy giant mentioned that its corporate strategy remains focused on maximizing the performance of existing assets and growth initiatives, prioritizing shareholder returns and delivering key sustainability initiatives.
IMO’s upstream output for 2023 is anticipated between 410,000 and 430,000 gross oil-equivalent barrels per day (bpd), reflecting the sale of the firm’s stake in XTO Energy Canada. The outlook is supported by planned strong operating performance in the company’s core oil sands assets and sustained production growth at Kearl.
Meanwhile, Imperial Oil estimates its downstream production between 395,000 and 405,000 bpd, with capacity utilization between 92% and 94%. This indicates an upsurge in planned turnaround activity in the company’s Strathcona and Sarnia refineries in 2023.
Capital spending is predicted at C$1.7 billion for the next financial year. The amount includes the planned ramp-up for the Strathcona Renewable Diesel project, the application of solvent technologies at Cold Lake and ongoing investments in the in-pit tailing project at the Kearl oil sands facility.
Founded in 1880, Imperial Oil Limited is one of the largest integrated oil companies in Canada. It is mainly engaged in oil and gas production, petroleum products refining and marketing and chemical business.
Imperial Oil currently has a Zacks Rank #3 (Hold). Investors interested in the energy space might look at some better-ranked stocks — Schlumberger (SLB - Free Report) , Halliburton (HAL - Free Report) and DCP Midstream Partners — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Schlumberger’s 2022 earnings is pegged at $2.15 per share, suggesting an increase of about 68% from the year-ago profit of $1.28.
SLB beat estimates for earnings in three of the trailing four quarters, the average being around 12.7%.
The consensus mark for Halliburton’s 2022 earnings stands at $2.10 per share, which indicates an increase of about 94.4% from the year-ago profit of $1.08.
HAL beat estimates for earnings in three of the trailing four quarters, the average being around 5.5%.
The Zacks Consensus Estimate for DCP’s 2022 earnings stands at $4.47 per share, which indicates an increase of about 181.1% from the year-ago loss of $1.59.
DCP beat estimates for earnings in three of the trailing four quarters, the average being around 25.5%.
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
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