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Imperial Oil Slips To Loss In Q4

Imperial Oil Ltd (IMO.TO) reported that its net loss for the fourth quarter of 2017 was C$137 million or C$0.16 per-share, compared to the net income of C$1.444 billion or C$1.70 per-share in the same period last year.

The latest-quarter result reflected impairment charges of C$289 million or C$0.35 per-share associated with the Horn River development and C$277 million or C$0.33 per-share associated with the Mackenzie gas project. The prior year result included a C$988 million gain from the sale of retail sites.

Upstream recorded a net loss in the fourth quarter of C$481 million, reflecting impairment charges of C$289 million associated with the Horn River development and C$277 million associated with the Mackenzie gas project. Excluding these impairment charges, fourth quarter 2017 net income was C$85 million, compared to net income of C$103 million in the same period of 2016. Results were negatively impacted by higher royalties of about C$100 million, lower Syncrude and Norman Wells volumes of about C$60 million, higher operating expenses at Kearl of about C$50 million and the impact of a stronger Canadian currency of about C$50 million. Results benefitted from the impact of higher Canadian crude oil realizations of about C$260 million.

Total revenues and other income for the quarter declined to C$8.077 billion from C$8.442 billion last year.

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