April 28 Imperial Oil Ltd, Canada's
No.2 integrated oil company, reported a quarterly profit on
Friday, compared with a year-ago loss, helped by higher global
crude prices and a C$151 million gain from the sale of a
Imperial, like other oil producers, gained from a 55 percent
jump in global crude prices in the quarter, as an OPEC-led
production cut and a rebound in demand slowly erode a global
But the company's production fell in the latest quarter.
Imperial's gross output averaged 378,000 barrels of oil
equivalent per day (boepd) in the first quarter, lower than the
421,000 boepd the company produced a year earlier.
The Calgary-based company, which is 69.6 percent owned by
Exxon Mobil Corp, said net income was C$333 million
($244 million), or 39 Canadian cents per share, in the quarter,
compared with a loss of C$101 million, or 12 Canadian cents, a
Total revenue jumped 37 percent to C$7.16 billion, while the
company's total expenses rose 25.4 percent to C$6.74 billion.
Analysts had expected a profit of 40 Canadian cents per
share and revenue of C$8.14 billion.
($1 = 1.3638 Canadian dollars)
(Reporting by Ahmed Farhatha in Bengaluru and Nia Williams in
Calgary; Editing by Shounak Dasgupta)