Imperial Oil profit nearly halves due to oil price crash

Fri Oct 30, 2015 8:04am EDT
 
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Oct 30 (Reuters) - Integrated Canadian oil producer Imperial Oil Ltd, reported a 49 percent drop in quarterly profit, hurt by weak crude oil prices.

Net income fell to C$479 million ($364 million), or 56 Canadian cents per share, in the third quarter ended Sept. 30, from C$936 million, or C$1.10 per share, a year earlier.

The company, 69.6 percent owned by Exxon Mobil Corp, said revenue fell 26 percent to C$7.16 billion. ($1 = C$1.3162) (Reporting by Sneha Banerjee in Bengaluru; Editing by Savio D'Souza)