Imperial Oil Q3 Profit Down 38% On Lower Industry Refining Margins

(RTTNews) - Imperial Oil Ltd. (IMO, IMO.TO) reported a 38 percent fall in third-quarter GAAP net income to C$647 million, or C$0.76 per share, from the year-ago period's C$1.04 billion, or C$1.22 per share, hurt by significantly lower industry refining margins.

Quarterly upstream net income was C$604 million, C$106 million higher than the last year. Earnings increased chiefly due to higher liquids realizations of about $350 million, which was partially offset by lower volumes and higher costs at Syncrude, mainly as a result of planned maintenance activities, totaling about C$150 million and higher royalty costs of about C$85 million.

For the quarter, total revenues and other income improved year-over-year to C$8.59 billion, from C$8.34 billion. Gross production averaged 288,000 oil-equivalent barrels per day, up 3,000 barrels versus the same period in 2012.