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Imperial Oil's third-quarter revenue falls on downstream weak point

Canada's Imperial Oil reported a lower thirdquarter earnings on Friday as a depression in refining margins and lower product prices balance out higher production.

International oil costs dropped during the quarter on weaker-than-expected demand from top importer China and concerns about an oversupply in the market.

Standard Brent crude balanced $78.30 a barrel in the noted quarter, almost 9% lower than last year, while the U.S. WTI was down 8.3%, weighing on incomes for oil and gas companies.

Imperial Oil's overall production balanced 447,000 barrels of oil equivalent daily (boepd) in the 3rd quarter, up from 423,000 boepd.

Meanwhile, refinery throughput volumes fell to 389,000 barrels daily (bpd) from 416,000 bpd, reflecting the effect of turnaround activities at the Nanticoke and Strathcona refineries, the company said.

Refinery utilization in the third quarter was up to 90% from 96%.

Imperial Oil's net earnings fell to C$ 1.24 million ($ 890,484.74), or C$ 2.33 per share, in the quarter, from C$ 1.6. billion, or C$ 2.76 per share, a year previously.

(source: Reuters)