Imperial up despite upstream struggle

Reuters/Scanpix

Eoin O'Cinneide

 01 February 2013 13:31 GMT

Imperial Oil reached its second-highest full-year earnings total with a strong chemicals and downstream performance.

The Canadian company, majority owned by ExxonMobil, saw lower upstream realisations and smaller asset gains, however.

Net profit for the 12 months to the end of December was C$3.77 billion (US$3.77 billion) as compared with C$3.37 billion a year earlier.

Revenues inched up from C$30.71 billion to C$31.19 billion while expenses were actually reduced from C$26.31 billion to C$26.2 billion.

The bottom line was bolstered by stronger refining margins and lower royalty bills, but there were lower upstream sales and asset sale gains dropped by C$85 million.

The average price of oil and gas sold also dropped while there was a…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index