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Company News

Canada's Imperial oil posts Q2 loss on coronavirus-led oil downturn

July 31 (Reuters) - Canadian integrated energy company Imperial Oil Ltd posted a second-straight quarterly loss on Friday, hit by lower crude prices and refining margins as the COVID-19 pandemic dented demand for fuel and related products.

The Calgary, Alberta-based posted a loss of C$526 million ($391.86 million), or 72 Canadian cents per share, for the second quarter ended June 30, compared with a profit of C$1.21 billion, or, C$1.57 per share, last year.

Imperial’s quarterly average production for the quarter stood at 347,000 barrels of oil equivalent per day (boepd) down from 400,000 boepd a year earlier.

$1 = 1.3423 Canadian dollars Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel

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