Imperial Oil Books Lower Q3 Earnings as Crude Prices Drop

Canadian producer Imperial Oil reported on Friday a decline in third-quarter earnings amid lower crude prices and refinery activity, which more than offset the highest Q3 production in more than 30 years. Imperial Oil’s net income came in at US$888.6 million (C$1.237 billion) for the third quarter, down from US$1.15 billion (C$1.601 billion) for the same period last year. Imperial Oil, majority owned by U.S. supermajor ExxonMobil, said that its upstream production averaged 447,000 gross oil-equivalent barrels per day, the highest third quarter...