February 2, 2016 / 1:22 PM / 2 years ago

Imperial Oil profit misses estimate as plunging crude weighs

President and CEO Rich Kruger of Imperial Oil addresses shareholders during the company's annual general meeting in Calgary, Alberta, April 30, 2015. REUTERS/Todd Korol

(Reuters) - Imperial Oil Ltd (IMO.TO), Canada’s No.2 integrated oil producer and refiner, reported a lower-than-expected quarterly profit, hurt by a prolonged slump in crude oil prices.

Imperial, like most its peers, endured a torrid fourth quarter in which global oil prices continued to slide.

Exxon Mobil Corp (XOM.N), which owns 69.6 percent of Imperial, also reported a 58 percent drop in quarterly profit on Tuesday.

Imperial said gross production averaged 400,000 barrels of oil equivalent per day, up from 315,000 a year earlier.

The company sold its bitumen from oil sands for an average price of C$22.82 per barrel, compared with C$52.37 per barrel a year earlier.

Synthetic crude selling prices fell 31.1 percent to an average of C$56.56 per barrel, the company said.

Imperial said net income fell to C$102 million ($72.9 million), or 12 Canadian cents per share, in the fourth quarter ended Dec. 31, from C$671 million, or 79 Canadian cents per share, a year earlier.

Analysts had expected a profit of 30 Canadian cents per share, according to Thomson Reuters I/B/E/S.

The Calgary-based company’s revenue fell 22.5 percent to C$6.23 billion.

Reporting by Anet Josline Pinto and Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila

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