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Monday, April 21, 2014
Imperial Oil to Sell Western Canada Oil and Gas Assets for $771 Million- 04/22/2014
Source: 10K, Morningstar --Segment: Upstream: 31% of revenue, 61% of net income Downstream: 83%, 37% Chemical: 5%, 6% Corporate and other (elimination): -20%, -3%
--Growth rate: Revenue 3yr CAGR: 2%, upstream revenue increased 15% in 2013, while downstream and chemical revenues declined 1% and 1.7%. Net income: -25% yoy, CFO: -30% yoy Upstream: -9%, downstream: -40%, chemical: 2%
--Margins: Gross margin: 18%, industry margin: 23% Operating margin: 11%, industry avg: 7% Net profit margin: 9% Upstream: 28%, Downstream: 4%, Chemical: 13%
--CapEx: Upstream: 97% of total CapEx, downstream: 2%
--FCF FCF/Rev: -9% in 2013, -3% in 2012, 2% in 2011 FCF/CFO: -91% in 2013, -17% in 2012, 13% in 2011 Dividend: 407M, Acquisitions: 1.9B
--What could go wrong: Revenue: upstream revenue increased 15% in 2013, while downstream and chemical revenues declined 1% and 1.7%. Crude oil and natural gas prices are determined by global and North American markets and are subject to changing supply and demand conditions. These can be influenced by a wide range of factors, including economic conditions, international political developments and weather. The downstream industry environment is expected to continue being very competitive in the mature North America market.
Expense: Purchase of crude oil and product: 70% of total expense and increased 9% in 2013 yoy. Production and manufacturing: 18% of total expense, increased 19% in 2013 yoy
FCF: CapEx increased 41% in 2013, primarily due to $1.9 billion on the Celtic and Clyden acquisitions and post-acquisition investments.
Source: 10K, Morningstar
ReplyDelete--Segment:
Upstream: 31% of revenue, 61% of net income
Downstream: 83%, 37%
Chemical: 5%, 6%
Corporate and other (elimination): -20%, -3%
--Growth rate:
Revenue 3yr CAGR: 2%, upstream revenue increased 15% in 2013, while downstream and chemical revenues declined 1% and 1.7%.
Net income: -25% yoy, CFO: -30% yoy
Upstream: -9%, downstream: -40%, chemical: 2%
--Margins:
Gross margin: 18%, industry margin: 23%
Operating margin: 11%, industry avg: 7%
Net profit margin: 9%
Upstream: 28%, Downstream: 4%, Chemical: 13%
--CapEx:
Upstream: 97% of total CapEx, downstream: 2%
--FCF
FCF/Rev: -9% in 2013, -3% in 2012, 2% in 2011
FCF/CFO: -91% in 2013, -17% in 2012, 13% in 2011
Dividend: 407M,
Acquisitions: 1.9B
--What could go wrong:
Revenue: upstream revenue increased 15% in 2013, while downstream and chemical revenues declined 1% and 1.7%. Crude oil and natural gas prices are determined by global and North American markets and are subject to changing supply and demand conditions. These can be influenced by a wide range of factors, including economic conditions, international political developments and weather.
The downstream industry environment is expected to continue being very competitive in the mature North America market.
Expense: Purchase of crude oil and product: 70% of total expense and increased 9% in 2013 yoy.
Production and manufacturing: 18% of total expense, increased 19% in 2013 yoy
FCF: CapEx increased 41% in 2013, primarily due to $1.9 billion on the Celtic and Clyden acquisitions and post-acquisition investments.