Imperial Oil 1Q Net Income Falls

By Robb M. Stewart

Imperial Oil earnings in the latest quarter slipped thanks to a fall in downstream income that offset higher upstream production earnings.

The Exxon Mobil-controlled Canadian energy company's first-quarter net income slipped to 1.2 billion Canadian dollars ($874.9 million), or C$2.23 a share, from C$1.25 billion, or C$2.13, a year earlier.

The oil and gas producer's revenue edged up 1.3% to C$12.28 billion.

Imperial's upstream business recorded a 13% increase in revenue for the period and its downstream division saw a 1.2% increase, while and its chemicals operation logged a 3.2% drop in revenue.

Crude oil production averaged a net 416,000 barrels a day, up from 406,000 a year earlier, while natural gas output fell 25% to average 30 million cubic feet daily. Refinery throughput for the quarter was 407,000 barrels a day, down from 417,000 in the same period last year.

On an oil-equivalent basis, upstream production averaged 421,000 gross barrels a day, up from 413,000 last year but missing the 425,100 barrels that analysts polled by FactSet were expecting.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

April 26, 2024 08:41 ET (12:41 GMT)

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