Imperial Oil Posts Loss Due to Impact of Alberta Wildfires
Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, reported a quarterly loss due to the impact of wildfires in Fort McMurray, Alberta.
Imperial, in which Exxon Mobil Corp holds a 69.6 percent stake, said its gross production averaged 329,000 barrels of oil equivalent per day (boepd) in the second quarter, compared with 344,000 boepd, a year ago.
The Alberta wildfires reduced output by about 60,000 barrels per day and net income by an estimated C$170 million, Imperial said on Friday.
Like many of its peers operating in northern Alberta's oil sands, Imperial was forced to shut down its Kearl project in May as a precaution against the wildfires.
Imperial is now ramping up Kearl to full capacity of 220,000 barrels per day.
The company reported net loss of C$181 million ($137.57 million), or 21 Canadian cents per share, in the second quarter ended June 30, compared with a profit of C$120 million, or 14 Canadian cents per share, a year ago.
Total revenue and other income fell 14.4 percent to C$6.25 billion in the quarter.
(Reporting by Swetha Gopinath and Nia Williams)
