Imperial Oil's Q4 profit falls but beats estimates, shares -1.3%

Imperial Oil (IMO -1.3%) says Q4 earnings fell 2% to C$1.24/share vs. analyst consensus estimate C$0.92, while revenues rose to $8.3B from $7.8B in the year-ago quarter.

Total oil and natural gas production fell 1.8% Y/Y, with nat gas production falling around the world and oil output slipping in half the regions where 70%-owner Exxon Mobil operates.

IMO says its Kearl oil-sands expansion project remains on target for startup in 2015; the project is expected to produce 110K bbl/day, of which 78K is the company’s share.

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