.png)
General view of the Imperial Oil refinery, located near Enbridge’s Line 5 pipeline in Sarnia, Ontario, Canada March 20, 2021. REUTERS/Carlos Osorio/File Photo July 28 (Reuters) – Canada’s Imperial Oil (IMO.TO) reported a 72% drop in second-quarter profit on Friday as maintenance activity hit production while a slump in energy prices further dented earnings. Imperial, majority-owned by Exxon Mobil Corp (XOM.N) , joined global peers in reporting a decline in profit after oil prices dropped in the second quarter from a year earlier, pressured by a banking crisis in which several large lenders failed and fears of a looming recession crimped demand. Advertisement · Scroll to continue Calgary-based Imperial said average realized prices for Western Canada Select, the benchmark Canadian crude, fell 39% to $58.49 per barrel while second-quarter upstream production declined 12% to 363,000 barrels of oil equivalent per day (boepd), hurt by maintenance-related stoppages. The company’s crude utilization stood at 90% in the reported quarter, lower than last year’s 96% due to the impact of a planned turnaround at its Strathcona refinery in Alberta, which pushed quarterly total downstream throughput lower by 6% to 388,000 barrels per day (bpd). Advertisement · Scroll to continue "While we still […]
CamTrader offers a preview only. View original article. www.reuters.com
