(Reuters) – Canada’s Imperial Oil Ltd slashed its 2019 spending forecast on Friday, after its net income nearly halved in the first quarter due to extreme cold weather, production cuts enforced by Alberta’s government and weak refining margins.
The company said it now expects to spend between C$1.8 billion and C$1.9 billion, down from its previous outlook of C$2.3 billion to C$2.4 billion.
Imperial, majority owned by Exxon Mobil Corp, said net profit fell to C$293 million ($217.29 million), or 38 Canadian cents, in the quarter ended March 31, from C$516 million, or 62 Canadian cents, a year earlier.
It also raised its second quarter dividend by 16 percent to 22 Canadian cents per share.
Reporting by Debroop Roy in Bengaluru; Editing by Shailesh Kuber