$IMO
IMPERIAL OIL LTD

2017 Q1 Form 10-Q Financial Statement

#000119312517155958 Filed on May 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $6.998B $5.198B
YoY Change 34.63% -16.34%
Cost Of Revenue $5.708B $4.257B
YoY Change 34.09% -8.73%
Gross Profit $1.290B $941.0M
YoY Change 37.09% -39.25%
Gross Profit Margin 18.43% 18.1%
Selling, General & Admin $600.0M $270.0M
YoY Change 122.22% 2.27%
% of Gross Profit 46.51% 28.69%
Research & Development $22.00M $17.00M
YoY Change 29.41% 0.0%
% of Gross Profit 1.71% 1.81%
Depreciation & Amortization $392.0M $424.0M
YoY Change -7.55% 33.75%
% of Gross Profit 30.39% 45.06%
Operating Expenses $1.014B $270.0M
YoY Change 275.56% 2.27%
Operating Profit $276.0M $671.0M
YoY Change -58.87% -47.78%
Interest Expense -$10.00M -$18.00M
YoY Change -44.44% -700.0%
% of Operating Profit -3.62% -2.68%
Other Income/Expense, Net -$4.000M $3.000M
YoY Change -233.33% -200.0%
Pretax Income $420.0M -$149.0M
YoY Change -381.88% -126.56%
Income Tax $87.00M -$48.00M
% Of Pretax Income 20.71%
Net Earnings $333.0M -$101.0M
YoY Change -429.7% -123.99%
Net Earnings / Revenue 4.76% -1.94%
Basic Earnings Per Share $0.39 -$0.12
Diluted Earnings Per Share $0.39 -$0.12
COMMON SHARES
Basic Shares Outstanding 847.6M shares 847.6M shares
Diluted Shares Outstanding 850.3M shares 850.4M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $672.0M $155.0M
YoY Change 333.55% 158.33%
Cash & Equivalents $672.0M $155.0M
Short-Term Investments
Other Short-Term Assets $457.0M $826.0M
YoY Change -44.67% 12.69%
Inventory $1.032B $1.073B
Prepaid Expenses
Receivables $1.745B $1.639B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.906B $3.693B
YoY Change 5.77% 2.73%
LONG-TERM ASSETS
Property, Plant & Equipment $36.06B $37.08B
YoY Change -2.75% 2.26%
Goodwill $186.0M $186.0M
YoY Change 0.0% -16.96%
Intangibles
YoY Change
Long-Term Investments $1.014B $1.420B
YoY Change -28.59% -3.2%
Other Assets $241.0M $805.0M
YoY Change -70.06% 1219.67%
Total Long-Term Assets $37.50B $39.49B
YoY Change -5.03% 3.89%
TOTAL ASSETS
Total Short-Term Assets $3.906B $3.693B
Total Long-Term Assets $37.50B $39.49B
Total Assets $41.41B $43.19B
YoY Change -4.11% 3.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.983B $2.832B
YoY Change 5.33% -20.96%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $202.0M $1.843B
YoY Change -89.04%
Total Short-Term Liabilities $3.209B $5.118B
YoY Change -37.3% -10.82%
LONG-TERM LIABILITIES
Long-Term Debt $4.447B $6.447B
YoY Change -31.02% 18.01%
Other Long-Term Liabilities $3.620B $3.475B
YoY Change 4.17% -8.17%
Total Long-Term Liabilities $8.067B $9.922B
YoY Change -18.7% 7.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.209B $5.118B
Total Long-Term Liabilities $8.067B $9.922B
Total Liabilities $16.11B $19.84B
YoY Change -18.82% 4.96%
SHAREHOLDERS EQUITY
Retained Earnings $25.56B $23.47B
YoY Change 8.91% 0.57%
Common Stock $1.566B $1.566B
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.30B $23.35B
YoY Change
Total Liabilities & Shareholders Equity $41.41B $43.19B
YoY Change -4.11% 3.79%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $333.0M -$101.0M
YoY Change -429.7% -123.99%
Depreciation, Depletion And Amortization $392.0M $424.0M
YoY Change -7.55% 33.75%
Cash From Operating Activities $354.0M $49.00M
YoY Change 622.45% -82.56%
INVESTING ACTIVITIES
Capital Expenditures -$122.0M -$391.0M
YoY Change -68.8% -61.33%
Acquisitions
YoY Change
Other Investing Activities $183.0M $33.00M
YoY Change 454.55% 266.67%
Cash From Investing Activities $61.00M -$358.0M
YoY Change -117.04% -64.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -134.0M 261.0M
YoY Change -151.34% -53.89%
NET CHANGE
Cash From Operating Activities 354.0M 49.00M
Cash From Investing Activities 61.00M -358.0M
Cash From Financing Activities -134.0M 261.0M
Net Change In Cash 281.0M -48.00M
YoY Change -685.42% -69.03%
FREE CASH FLOW
Cash From Operating Activities $354.0M $49.00M
Capital Expenditures -$122.0M -$391.0M
Free Cash Flow $476.0M $440.0M
YoY Change 8.18% -65.94%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 13pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 24pt"> <b>10. Recently issued accounting standards</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 12pt"> In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard, <i>Revenue from Contracts with Customers</i>. The standard establishes a single revenue recognition model for all contracts with customers, eliminates industry specific requirements and expands disclosure requirements. The standard is required to be adopted beginning January&#xA0;1, 2018. The company expects to adopt the standard using the modified retrospective method, under which prior years&#x2019; results are not restated, but supplemental information on the impact of the new standard is provided for in the 2018 results. Imperial continues to evaluate other areas of the standard. The impact from the standard is not expected to have a material effect on the company&#x2019;s financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 12pt"> In February 2016, the FASB issued a new standard, <i>Leases</i>. The standard requires all leases with an initial term greater than one year be recorded on the balance sheet as a lease asset and lease liability. The standard is required to be adopted beginning January&#xA0;1, 2019. Imperial is evaluating the standard and its effect on the company&#x2019;s financial statements and plans to adopt it in 2019.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 12pt"> In March 2017, the FASB issued an Accounting Standards Update, <font style="WHITE-SPACE: nowrap">2017-07,</font> Compensation &#x2013; Retirement Benefits (Topic 715): <i>Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.</i> The update requires the service cost component of net benefit costs to be reported in the same line in the income statement as other compensation costs and the other components of net benefit costs to be presented separately from the service cost component. Additionally, only the service cost component of net benefit costs will be eligible for capitalization. The update is required to be adopted beginning January&#xA0;1, 2018. Imperial is evaluating the standard and its effect on the company&#x2019;s financial statements.</p> </div>
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GainLossOnDispositionOfAssets1
30000000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
40000000
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
119000000
CY2016Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-15000000
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
141000000
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
41000000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-149000000
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
424000000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-48000000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-358000000
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
33000000
CY2016Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
31000000
CY2016Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-108000000
CY2016Q1 us-gaap Costs And Expenses
CostsAndExpenses
5371000000
CY2016Q1 us-gaap Exploration Expense
ExplorationExpense
17000000
CY2016Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
18000000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
261000000
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
5000000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-48000000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-189000000
CY2016Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-9000000
CY2016Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
37000000
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
495000000
CY2016Q1 imo Increase Decrease In Inventories Materials And Supplies And Prepaid Expenses
IncreaseDecreaseInInventoriesMaterialsAndSuppliesAndPrepaidExpenses
32000000
CY2016Q1 imo Capital And Exploration Expenditures
CapitalAndExplorationExpenditures
408000000
CY2016Q1 imo Production And Manufacturing Expenses
ProductionAndManufacturingExpenses
1271000000
CY2016Q1 imo Interest Income Expense Other
InterestIncomeExpenseOther
3000000
CY2016Q1 imo Net Gain Loss On Asset Sales After Tax
NetGainLossOnAssetSalesAfterTax
24000000
CY2016Q1 imo Crude Oil And Product Purchases Related Parties
CrudeOilAndProductPurchasesRelatedParties
631000000
CY2016Q1 imo Book Value Of Assets Sold
BookValueOfAssetsSold
3000000
CY2016Q1 imo Operating Revenues Including Federal Excise Tax
OperatingRevenuesIncludingFederalExciseTax
5174000000
CY2016Q1 imo Total Revenues And Other Income
TotalRevenuesAndOtherIncome
5222000000
CY2016Q1 imo Crude Oil And Product Purchases
CrudeOilAndProductPurchases
2986000000
CY2016Q1 imo Federal Excise Tax
FederalExciseTax
388000000
CY2016Q1 imo Production And Manufacturing Expenses Related Parties
ProductionAndManufacturingExpensesRelatedParties
104000000
CY2016Q1 imo Deferred Income Taxes And Other
DeferredIncomeTaxesAndOther
-82000000
CY2016Q1 imo Selling And General
SellingAndGeneral
270000000
CY2016Q1 imo Contribution To Registered Pension Plan Assets
ContributionToRegisteredPensionPlanAssets
-31000000

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