Bloomberg News

Imperial Third-Quarter Profit Increases on Production Gains

October 27, 2011

Oct. 27 (Bloomberg) -- Imperial Oil Ltd., the Canadian company that’s 70 percent owned by Exxon Mobil Corp., said third-quarter profit rose as crude production increased.

Net income climbed to C$859 million, or $1.01 a share, from C$418 million, or 49 cents, a year earlier, Calgary-based Imperial said in a statement on CNW newswire today.

Total daily crude production rose 9.7 percent to 249,000 barrels a day from 227,000 a year earlier.

Imperial’s production increased after maintenance at its Syncrude Canada Ltd. oil-sands operation and pipeline disruptions caused output to decline a year earlier. The company owns the Syncrude stake as well as its own oil-sands, gas- production and petrochemical operations.

The company also operates a network of retail gasoline stations across Canada under the Esso brand.

The earnings were announced before regular trading began in Canadian markets. Imperial rose 1 percent to C$41.93 in Toronto yesterday. The stock has three buy, eight hold and three sell ratings from analysts.

--Editors: Jasmina Kelemen, Tina Davis

To contact the reporter on this story: Jeremy van Loon in Calgary at jvanloon@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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