Imperial Oil 4Q Profit Dented by Weaker Prices
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
February 02, 2024 08:37 ET (13:37 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst