Imperial Oil reports $77-million second-quarter loss, revenue up from year ago

CALGARY – Imperial Oil Ltd. (TSX:IMO) reported a smaller second-quarter loss compared with a year ago due to higher oil prices and reduced refinery turnaround activity.

The company says it lost $77 million or nine cents per diluted share in the quarter compared with a loss of $181 million or 21 cents per diluted share a year ago.

Revenue totalled $7.03 billion for the quarter, up from $6.25 billion.

Imperial said production averaged 331,000 gross oil-equivalent barrels per day, up from 329,000 barrels per day in the same period last year.

Production at the Kearl and Syncrude oilsands projects was higher compared with a year ago due to the Alberta wildfires last year.

However, that was offset by the absence of production at its Norman Wells operation in the Northwest Territories due to the continued shutdown of Enbridge’s Line 21 export pipeline.