Imperial Oil hit by $1.17 billion charge over abandoned assets in Alberta

Imperial Oil Ltd posted a loss of $1.15 billion, or $1.56 per share, for the fourth quarter ended Dec. 31. Imperial Oil Ltd, one of Canada’s biggest crude producers and refiners, on Tuesday swung to a quarterly loss, hit by impairment charges of $1.17 billion related to abandoned assets in Alberta. The Calgary, Alberta-based company posted a loss of $1.15 billion, or $1.56 per share, for the fourth quarter ended Dec. 31, from a profit of $3 million, or breakeven per share, in the third quarter. © Thomson Reuters 2021

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