Imperial Oil Ltd., the Canadian oilsands company of Exxon Mobil Corp., reported on Thursday that first-quarter profit fell by more than half as crude prices tumbled by over fifty percent.
Net income dropped to $421 million, or 50 cents a share, from $946 million, or $1.11, last year, the Calgary-based company said inside a statement on CNW Thursday. Excluding one-time items, per-share profit exceeded the 40 Canadian-cent average of 10 analysts\’ estimates published by Bloomberg.
Imperial, which operates oilsands mining facilities as well as refineries and Esso-brand gasoline stations in Canada, has stated it will continue plans to expand output despite falling crude prices.
West Texas Intermediate oil, the U.S. benchmark, averaged US$48.65 a barrel in the first quarter, down 51 percent from the year-earlier period.