October 27, 2011 / 1:49 PM / 7 years ago

UPDATE 1-Imperial Oil Q3 profit rises on output, price

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Oct 27 (Reuters) - Imperial Oil Ltd’s quarterly profit more than doubled helped by higher crude price and production.

Net income for the third quarter was C$859 million ($847 million), or C$1.01 a share, compared with C$418 million, or 49 Canadian cents a share, a year earlier.

The average price of brent crude oil was $113.46 a barrel in the third quarter, up 48 percent.

Production rose 5 percent to average 296,000 barrels of gross oil-equivalent a day.

Upstream net income in the third quarter rose 53 percent, while downstream revenue rose 34 percent, and chemical revenue, the smallest contributor among the three, rose 61 percent.

Cash flow, a glimpse into the company’s ability to fund its development projects, from operating activities was C$1.66 billion, an increase of C$693 million from last year.

Shares of the company, which is majority-owned by Exxon Mobil Corp , were trading up 2 percent at C$42.92 on Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Supriya Kurane)

$1 = 1.014 Canadian Dollars

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