Canadian oil producer and refiner Imperial Oil Ltd on Friday reported a smaller-than-expected quarterly profit as higher costs and a marginal drop in production offset an increase in realized crude prices.
The company reported a net profit of C$371 million ($287.80 million), or 44 Canadian cents per share, in the third quarter ended Sept. 30. Analysts on average were expecting a profit of 46 Canadian cents per share, according to Thomson Reuters I/B/E/S. Imperial Oil posted a C$1 billion profit in the year-ago quarter due to a C$716 million gain from the sale of some of its retail sites. Total expenses rose 6.4 percent to C$6.7 billion in the latest quarter. Production dipped to average 390,000 gross oil-equivalent barrels per day in the latest quarter from 393,000 boepd a year earlier, but its realized crude oil price of C$49.03 per barrel was C$9 higher. In its refining business, Imperial Oil's throughput averaged 385,000 barrels per day, lower than the 407,000 barrels per day in the year-earlier quarter. Total revenue and other income fell to C$7.16 billion from C$7.44 billion. Exxon Mobil Corp , which has a majority stake in Imperial Oil, reported a 50 percent jump in profit to $3.97 billion in its third quarter. (Reporting by Karan Nagarkatti; Editing by Arun Koyyur and Savio D'Souza)