By February 2, 2016 Read More →

Imperial Oil Q4 profit plunges 84 per cent on lower realized prices

Imperial Oil suffered $289M net loss in upstream operations

imperial oil

Imperial Oil says some of its refinery and chemical operations weren’t affected by falling oil prices as much as its upstream operations. ¬†Imperial Oil photo.

CALGARY _ Imperial Oil Ltd., a subsidy of ExxonMobil, says its fourth-quarter profit fell dramatically as a result of lower oil and gas prices, although some of its refinery and chemical operations weren’t affected to the same degree.

The company earned $102 million or 12 cents per diluted share in the fourth quarter, down from $671 million or 79 cents per diluted share.

The result included a $289-million net loss for Imperial’s upstream operations, which include oilsands, conventional oil and natural gas production.

Its downstream operations, which include refining and retailing operations, remained profitable, earning $352 million, but that’s down from $397 million.

Imperial’s petrochemical business earned $74 million, up from $63 million in the fourth quarter of 2014.

The Calgary-based company says its average realized price for a barrel of synthetic oil was down 31 per cent compared with a year ago, while it was down 56 per cent for a barrel of bitumen.

Its average realized price for natural gas was down 31 per cent per thousand cubic feet.

The Canadian Press

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