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