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Imperial Oil net profit more than doubles on higher refining income

Gasoil News - Published on Tue, 06 Nov 2018

Image Source: Financial Post
Canada's Imperial Oil Ltd reported quarterly profit that more than doubled as production volumes rose and the company earned more from refining crude. The company, which is majority owned by Exxon Mobil, has seen refining margins rise as cost of heavy crude has become cheaper compared with US benchmark prices. Net income from refining jumped 72 percent to CAD 502 million, while that from its chemicals business rose about 33 percent in the quarter.

The company reported a net profit of CAD 749 million, or 94 Canadian cents per share, in the third quarter ended Sept. 30, from CAD 371 million, or 44 Canadian cents per share, a year earlier.

Imperial said gross production rose to 393,000 barrels of oil equivalent per day (boe/d) from 390,000 boe/d, a year earlier.

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Posted By : Joykumar Irom on Tue, 06 Nov 2018
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