Imperial Oil posts 7% fall in quarterly profit

Imperial's net income fell to C$366 million ($294.16 million), or 50 Canadian cents per share, in the second quarter ended June 30, from C$392 million, or 53 Canadian cents per share, in the previous quarter.

Canada's Imperial Oil Ltd reported a near 7% fall in second-quarter profit on Friday on a sequential basis, impacted by planned turnaround activity and weaker realized margins in the downstream.

Although global oil demand has seen an uptick this year, fresh lockdowns and restrictions in some parts of the world to deal with rising cases from the delta variant of the coronavirus have dented hopes. Downstream recorded net income of C$60 million in the second quarter, compared with net income of C$292 million in the first quarter, the company said.

Calgary-based Imperial, which is majority-owned by Exxon Mobil Corp, said its production averaged 401,000 barrels of oil equivalent per day (boepd) in the quarter ended June 30, down about 7% from the first. Imperial's net income fell to C$366 million ($294.16 million), or 50 Canadian cents per share, in the second quarter ended June 30, from C$392 million, or 53 Canadian cents per share, in the previous quarter. ($1 = 1.2442 Canadian dollars)