By Robb M. Stewart
Imperial Oil's earnings dropped in the final quarter of last year as the Canadian energy company faced weaker commodity prices.
Net income fell to 1.37 billion Canadian dollars ($1.02 billion), or C$2.47 a share, in the fourth quarter, from C$1.73 billion, or C$2.86 a share, a year earlier.
The Exxon Mobil-controlled oil and gas producer's revenue was down 9.3% at C$13.11 billion, ahead of the C$13.09 billion mean forecast of analysts polled by FactSet. Imperial's upstream business recorded a slight rise in revenue for the period, while revenue fell for the downstream and chemicals operations.
Crude-oil production averaged a net 390,000 barrels a day, up from 372,000 barrels a day a year earlier, while natural gas output fell on-year to 29 million cubic feet daily from 37 million cubic feet. Refinery throughput for the quarter averaged 407,000 barrels a day, down from 433,000 barrels.
On an oil-equivalent basis, upstream production averaged 452,000 gross barrels a day, up from 441,000 barrels a day in the same period of 2022 and ahead of the 441,200 barrels the market was expecting.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
02-02-24 0837ET
