IMO reported EPS of $2.76 beating estimates of $2.56 and revenues of $13.92B missed estimates of $15.15B. It reported strong net income of $1.6B and cash from operations of $2.4B. IMO completed its accelerated buyback program in October, returning more than $2.3B in total to shareholders through the entire program, and announced a new buyback program of up to $1.5B. The stock has mostly been flat since its earnings release, but we feel these are strong results and the company continues to trade at a cheap valuation of 8.2X earnings.
CNQ reported EPS of $2.59 beating estimates of $2.421 and sales of $9.879B beat estimates of $9.339B. It achieved record quarterly production volumes, and management increased its dividend by 11%. It generated free cash flow of $2.7B, and its latest dividend increase marks 2024 as the 24th consecutive year of dividend increases. These were solid results and we feel investors should be pleased with these numbers.