Tag: Kiri

Following two weeks of public outcry Bombardier board approves changes to exec

MONTREAL — After facing nearly two weeks of criticism, Bombardier said Monday that its board of directors approved changes to the compensation offered to several of its top executives.CEO Alain Bellemare had asked the board to delay payment of more than half of last year’s total planned compensation for six executive officers, including himself, by one year to 2020, provided the company meets certain objectives.Executive chairman Pierre Beaudoin also asked the board to cut his 2016 compensation by US$1.4 million to equal the US$3.85 million he received in 2015.Public anger mounts as Bombardier set to outline plan to revise compensation for top executivesTerence Corcoran: Ignore the sensationalism — Bombardier ’s execs deserve what they are owedBombardier Inc executives defer half of their $32.6 million compensation after uproar over pay hikeIn a regulatory filing ahead of the company’s May 11 annual meeting, the Montreal-based company (TSX:BBD.B) said the proposals were accepted and approved by the board.Bombardier has been at the centre of weekend protests over the compensation awarded to its senior executives.Had the changes not been approved by the board Monday, the executive compensation for 2016 would’ve been nearly 50 per cent more than what it would’ve been the previous year.The Canadian Press read more

Imperial profits rise during third quarter on strong refinery performance

by Lauren Krugel, The Canadian Press Posted Oct 31, 2014 9:49 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Imperial profits rise during third quarter on strong refinery performance CALGARY – Imperial Oil Ltd. (TSX:IMO) posted a 45 per cent increase in third-quarter profits thanks to strong performance in its refining and chemical business.The major oil producer and refiner, majority owned by ExxonMobil Corp., said net income for the third quarter was $936 million, or $1.10 per share, beating the average analyst estimate of 98 cents, according to Thomson Reuters.During the same quarter a year earlier, profits were $647 million, or 76 cents per share.The downstream part of Imperial’s business, which includes refineries in Alberta and Ontario, had profits of $343 million versus just $46 million a year earlier. The refineries ran more reliably and benefited from cheaper crude.Imperial’s chemical business had a record quarter with profits of $66 million, up from $39 million a year earlier.The upstream side of the business, which includes vast oilsands operations around Fort McMurray and Cold Lake, Alta., had weaker performance for some of the same reasons the downstream thrived.The impact of lower prices for both synthetic crude oil, and the bitumen from which it’s derived, was about $200 million. Higher royalties and operating costs were also a drag. Overall, upstream net income was $532 million, 12 per cent lower than a year earlier.Bitumen production from the Kearl oilsands mine averaged 78,000 barrels per day during the quarter. Without two weeks of planned maintenance work factored in, production would have averaged 92,000 barrels per day. The mine’s planned capacity is for 110,000 barrels per day.CIBC World Markets analyst Arthur Grayfer said Kearl performed better than expected.“This is encouraging and suggests the company is on track to consistently achieve capacity around year end,” he wrote in a note to clients.An $8.9-billion expansion project that would add another 110,000 barrels per day to Kearl is 97 per cent complete. It’s currently tracking ahead of its schedule of starting up in late 2015.In August, Imperial and its partner Kinder Morgan announced they’re doubling the capacity of their planned Edmonton rail terminal to 210,000 barrels per day. The terminal would enable Alberta crude to get to market on trains as major pipeline proposals remain mired by delays. It’s on track to start up early next year.Imperial shares rose more than three per cent to $53.42 in late morning trading on the Toronto Stock Exchange.Follow @LaurenKrugel on Twitter read more