Imperial Oil says profit down 21% on bitumen discount

Stockhouse Editorial
0 Comments| April 25, 2013

Imperial Oil Ltd. (TSX: T.IMO, Stock Forum) on Thursday said its first-quarter net income was down 21% from a year ago, mainly because of a wider discount on the price of bitumen produced at its Cold Lake oilsands operation.

The company's profit fell by $217 million to $798 million, or 94 cents per share, down from $1.19 or about $1 billion a year earlier, the company said in a press release.

Imperial Oil shares rose 0.92% to $40.46 Thursday, leaving the company with a market cap of $34.3 billion, based on 847.6 million shares outstanding. The 52-week range is $48.32 and $38.58.

Rate this article
3 stars




No comments yet. Be first to comment!

Leave a Message

You must be logged in to access this feature.