CALGARY — Imperial Oil Ltd. reported a fourth-quarter profit of $271 million, down from $853 million in the same quarter last year.
The company says the profit amounted to 36 cents per diluted share for the quarter ended Dec. 31, compared with a profit of $1.08 per diluted share a year earlier.
Revenue and other income totalled $8.16 billion for the quarter, up from $7.89 billion.
Profit at the company’s downstream operations totalled $225 million compared with $1.14 billion a year earlier due to lower margins and planned turnaround activities.
However, profit at Imperial’s upstream operations amounted to $96 million in the quarter compared with a loss of $310 million in the final quarter of 2018.
Production averaged 398,000 gross oil-equivalent barrels per day in the quarter, compared with 431,000 barrels per day in the same period of 2018.
This report by The Canadian Press was first published Jan. 31, 2020.
Companies in this story: (TSX:IMO)
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