Reuters logo
a year ago
CORRECTED-UPDATE 1-Imperial Oil posts loss due to impact of Alberta wildfires
July 29, 2016 / 12:51 PM / a year ago

CORRECTED-UPDATE 1-Imperial Oil posts loss due to impact of Alberta wildfires

(In paragraph 3, corrects currency to Canadian dollar from US dollar)

July 29(Reuters) - Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, reported a quarterly loss due to the impact of wildfires in Fort McMurray, Alberta.

Imperial, in which Exxon Mobil Corp holds a 69.6 percent stake, said its gross production averaged 329,000 barrels of oil equivalent per day (boepd) in the second quarter, compared with 344,000 boepd, a year ago.

The Alberta wildfires reduced output by about 60,000 barrels per day and net income by an estimated C$170 million, Imperial said on Friday.

Like many of its peers operating in northern Alberta's oil sands, Imperial was forced to shut down its Kearl project in May as a precaution against the wildfires.

Imperial is now ramping up Kearl to full capacity of 220,000 barrels per day.

The company reported net loss of C$181 million ($137.57 million), or 21 Canadian cents per share, in the second quarter ended June 30, compared with a profit of C$120 million, or 14 Canadian cents per share, a year ago.

Total revenue and other income fell 14.4 percent to C$6.25 billion in the quarter. ($1 = 1.3157 Canadian dollars) (Reporting by Swetha Gopinath and Nia Williams; Editing by Anil D'Silva and Saumyadeb Chakrabarty)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below