Imperial Oil Q3 Net Income Jumps to C$2.454 Billion as Downstream Earnings Rise

Imperial Oil’s third-quarter net income more than quadrupled from a year earlier as downstream earnings climbed, even as gross oil-equivalent production fell because of lower output and planned maintenance. For the quarter ended Sept. 30, the Canadian oil company recorded net income of C$2.454 billion, up from C$539 million in the same period last year. Diluted earnings were C$5.11 per share, compared with C$1.07. Revenue and other income totaled C$16.205 billion, up from C$12.049 billion. Downstream net income increased to C$1.555 billion from C$444 million. Imperial attributed the gain primarily to higher margins and improved market conditions.

Source: TokenPost