Sign Up for FREE Daily Energy News
 
BREAKING NEWS:
Hazloc Heaters
Precision Well Servicing
Copper Tip Energy Services
Hazloc Heaters
Precision Well Servicing
Copper Tip Energy

Imperial Oil beats quarterly profit estimates on refining strength


Imperial Oil Dartmouth Refinery

Canada’s integrated oil company Imperial Oil Ltd on Friday posted a quarterly profit that beat analysts’ estimate, as cheap crude prices enhanced margins at its refining division.Imperial, majority owned by Exxon Mobil Corp , said income from its refining unit jumped nearly four-fold to C$1.14 billion ($868.2 million). Canadian crude prices have been hurt by a glut in storage as pipelines have been running at full capacity.

“Imperial has taken a strategic approach to increase downstream earnings with continued efforts to process more price-advantaged crudes,” Chief Executive Officer Rich Kruger said in a statement.

Overall income in the fourth quarter ended Dec. 31 was C$853 million, or C$1.08 per share, beating analysts’ estimate of C$0.94, according to IBES data from Refinitiv.

Imperial’s gross production rose to 431,000 barrels of oil equivalent per day (boe/d) for the quarter, from 399,000 boe/d, a year earlier.

(Reporting by Shradha Singh in Bengaluru; Editing by James Emmanuel)



Share This:



More News Articles


New SHOWCASE Directory Companies

 

Stream-Flo
Vision Integrity Engineering Ltd.
CFR Chemicals
Osprey Informatics
Silverstream Energy Solutions
Scovan Engineering
Nationwide Boiler Inc
Ironhub