Company News

BUZZ-Imperial Oil: Up on record crude oil production

** Shares of Canadian oil co up ~6 percent in early trading on robust production from its largest project at Kearl in Northern Alberta

** Co’s Q3 adjusted EPS of 98 Canadian cents exceeds the 85 Canadian cents consensus EPS estimate, according to IBES data from Refinitive

** Output at Kearl surged 34 percent to 244,000 barrels per day (bpd), after struggling to hit full capacity since 2016

** Gross production up to 393,000 barrels of oil equivalent per day (boe/d) from 390,000 boe/d a year earlier

** Net income from refining jumped 72 pct to C$502 mln; chemicals business rose ~33 pct percent in 3Q

** Including Friday’s gains, stock has risen ~10 pct this year (Reporting by Arundhati Sarkar in Bengaluru)