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Imperial Oil posts Q2 loss, nearly all from May wildfires

Jul. 29, 2016 3:57 PM ETImperial Oil Limited (IMO) Stock, IMO:CA StockIMOBy: Carl Surran, SA News Editor
  • Imperial Oil (IMO +0.4%) edges higher despite reporting a surprise Q2 loss, mostly due to May's wildfires in Alberta.
  • IMO, in which Exxon Mobil holds a 69.6% stake, says its Q2 gross production averaged 329K boe/day vs. 344K boe/day in the year-ago quarter, with the wildfires reducing output by ~60K boe/day and net income by ~C$170M (US$130.1M); excluding the fires, IMO estimates Q2 production would have increased by 45K boe/day, or 13%.
  • IMO says its Q2 operations also were hurt by planned maintenance at its Kearl and Syncrude oil sands operations, and its Strathcona refinery east of Edmonton and Nanticoke refinery on the shore of Lake Erie in Ontario.
  • IMO says it sold bitumen from oil sands for an average price of C$29.45/bbl during the quarter, nearly C$20/bbl lower than a year ago.

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