Canada’s Imperial Q4 chem profit up on margins

01 February 2007 20:45  [Source: ICIS news]

TORONTO (ICIS news)--Imperial Oil, the ExxonMobil-controlled Canadian oil and chemicals firm, reported on Thursday a 9% rise in the fourth-quarter 2006 net income of its chemicals segment, compared with the same period the year before.

 

Net income from chemicals was Canadian dollars (C$) 35m, compared with C$32m in the fourth quarter of 2005, while full-year chemicals net income was C$143m, compared with C$121m in 2005.

 

The company primarily credited better industry margins for polyethylene (PE) and intermediate products for the improvement over 2005. 

 

Chemical-segment revenues for the three months ended 31 December 2006 were C$398m, down 10%, while revenues for the full year were C$1.70bn, up from C$1.67bn in 2005.

 

Imperial, primarily an oil and gas company, reported overall full-year net income of C$3.0bn, compared with C$2.6bn in 2005.

 

The 2006 full-year net income, Imperial’s highest net income ever, came on the back of higher realisations for heavy and conventional crude oil, and stronger refining, marketing and petrochemical margins, the Calgary-based company said.

 

($1 = C$1.176)

By: Stefan Baumgarten
+1 713 525 2653

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