Imperial Oil's (IMO, IMO.TO) first-quarter earnings slid 21% to C$798 million, or C$0.94 a share, from C$1.02 billion, or C$1.19 a share, a year ago. On average, 9 analysts polled by Thomson Reuters expected earnings per share of C$0.90 for the quarter. Analysts' estimates typically exclude one-time items.
The company attributed lower earnings mainly to the impacts of lower liquids realizations of C$270 million, higher refinery and Syncrude maintenance effects of C$165 million and higher Kearl production readiness expenditures, which were partially offset by lower royalties of C$160 million and higher refining margins of C$125 million.
Upstream net income in the first quarter fell to C$300 million, from C$542 million, chiefly due to lower liquids realizations of about C$270 million.
On the other hand, quarterly GAAP total revenues and other income were C$8.01 billion, an increase compared with the prior-year figure of C$7.53 billion. Analysts estimated revenues of C$7.82 billion for the quarter.
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