Latest News

Canada's Imperial Oil reports a fall in profit for the quarter due to lower crude prices

Imperial Oil, a Canadian oil company, reported a drop in its second-quarter profits on Friday. The fall was attributed to lower crude prices as well as a decrease in refinery output.

Benchmark Brent crude oil prices fell during the quarter of April-June compared to a similar period a year ago, due to a weaker global demand, increased market volatility caused by tariffs, and an increase in oil supply from OPEC+.

Calgary-based company's throughput volume, or amount of crude processed per day, dropped to 376,000 barrels a day in the second quarter from 387,000 bpd one year earlier.

The refinery utilization rate fell to 87% from 89% during the same quarter of last year.

Imperial CEO John Whelan has announced the opening of a facility to produce renewable diesel fuels that are lower in emissions for the Canadian transportation industry.

Imperial said that there is a lot of uncertainty about the possible effects of tariff-related actions on Imperial, its customers and suppliers. The company plans to monitor global trade and mitigate any potential impacts.

The upstream production in the quarter of April-June was 427,000 barrels equivalents per day (boepd), which is higher than the 404,000 boepd from a year ago.

Imperial Oil is owned in majority by U.S. oil major

ExxonMobil

The company's quarterly profit was higher than analysts' expectations on Friday.

The company reported that its net income dropped to C$949 (684.31 millions), or C$1.86 a share, for the quarter ending March 31 from C$1.13 Billion, or C$2.11 a share, one year ago.

(source: Reuters)