Imperial Oil Ltd reported a 55 percent rise in quarterly profit

Canada’s Imperial Oil Ltd reported a 55 percent rise in quarterly profit, as its refining and chemicals businesses benefited from cheaper raw materials, offsetting discounted Canadian crude prices.

The Calgary-based company’s income from refining rose about 37 percent to C$521 million ($405 million) in the first quarter, reports Reuters.

Constraints related to the export of Canadian heavy crude due to a lack of pipeline capacity and delays in shipping by rail have weighed on the industry, widening Canadian oil’s discount compared to U.S. light crude.

Imperial’s production fell to 370,000 gross oil-equivalent barrels per day from 378,000 a year earlier due to lower volumes at its Cold Lake oil sands project in northeastern Alberta.

The oil producer and refiner’s net income jumped 55 percent to C$516 million, or 62 Canadian cents per share, in the quarter ended March 31.

Imperial, which is majority owned by Exxon Mobil Corp, said total revenue and other income rose about 11 percent to C$7.93 billion.


This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments

Translate this News

Join the Facebook Group

Click here to join the Facebook group of News Hour

Popular Posts

Sacred Games exposes Rajshri Deshpande nude [video]
Paperfly launches delivery services covering 64 districts in Bangladesh
Bolivian opposition senator Jeanine Áñez declared herself interim president
Huawei celebrates Urban Chic Lifestyle with smart wearables
Huawei mate 10 Pro: a valiant smartphone with a worthy price
Housing solutions for the urban poor in Bangladesh


News of the Month

April 2018
« Mar   May »
Scroll Up
%d bloggers like this: