January 31, 2020 / 1:06 PM / 2 months ago

Imperial Oil's quarterly profit plunges 68% on lower refining margins

Jan 31 (Reuters) - Canada’s Imperial Oil Ltd reported a 68% fall in quarterly profit on Friday, as a rise in Canadian crude prices fueled by Alberta’s production cuts reduced the company’s refining margins.

The company, majority-owned by Exxon Mobil Corp, said net income fell to C$271 million ($206.21 million), or 36 Canadian cents per share, in the fourth quarter ended Dec. 31, from C$853 million, or C$1.08, a year earlier.

The company’s net production averaged 362,000 barrels of oil equivalent per day (boepd), down from 383,000 boepd a year earlier.

$1 = 1.3142 Canadian dollars Reporting by Shanti S Nair in Bengaluru; Editing by Vinay Dwivedi

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