Imperial Oil 3Q Profit Slides as Lower Commodity Prices Hit Revenue

By Adriano Marchese

Imperial Oil on Friday reported a drop in third-quarter profit, as softer commodity prices put more pressure on revenue than expected.

The Canadian petroleum company reported a decline in net income to 1.6 billion Canadian dollars ($1.16 billion), or C$2.76 a share, compared with compared with C$2.03 billion or C$3.24 a share a year earlier.

According to FactSet, analysts were expecting a steeper decline to C$2.55 a share.

Imperial Oil said the lower income in the quarter was largely due to lower commodity prices.

Total revenues fell to C$13.92 billion from C$15.22 billion. Analysts had expected revenue to remain virtually flat at C$15.15 billion.

Production averaged 423,000 gross oil-equivalent barrels a day, down from an average of 430,000 barrels a day in the same period of last year, in line with expectations.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

October 27, 2023 08:33 ET (12:33 GMT)

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