UPDATE 2-Imperial Oil posts surprise loss on impact of Alberta wildfires

Fri Jul 29, 2016 9:49am EDT
 
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* Says Alberta wildfires reduced net income by C$170 mln

* Adjusted loss C$0.22/share vs est. EPS C$0.03

* Says Alberta wildfires reduced output by 60,000 bpd

* Q2 gross production dips 4 pct to average 329,000 boepd (Adds analysts' estimate, details on bitumen production)

July 29(Reuters) - Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, reported a surprise quarterly loss due to the impact of wildfires in Fort McMurray, Alberta.

Imperial, in which Exxon Mobil Corp holds a 69.6 percent stake, said its gross production averaged 329,000 barrels of oil equivalent per day (boepd) in the second quarter, compared with 344,000 boepd a year ago.

The Alberta wildfires reduced output by about 60,000 barrels per day and net income by an estimated C$170 million, Imperial said on Friday.

Like many of its peers operating in northern Alberta's oil sands, Imperial was forced to shut down its Kearl project in May as a precaution against the wildfires.

However, Imperial's share of output from Kearl shot up nearly 20 percent to 110,000 barrels per day of bitumen in the second quarter.   Continued...