November 1, 2019 / 12:05 PM / 20 days ago

Imperial Oil's quarterly profit falls 43%

Nov 1 (Reuters) - Canada’s Imperial Oil Ltd reported 43% fall in quarterly profit on Friday as expenses rose and refining margins fell.

The company, majority-owned by Exxon Mobil Corp, said net income fell to C$424 million ($322.12 million), or 56 Canadian cents per share, in the third quarter, from C$749 million, or 94 Canadian cents, a year earlier.

The company’s gross production averaged 407,000 barrels of oil equivalent per day (boepd), up from 393,000 boepd in the year-prior quarter.

$1 = 1.3163 Canadian dollars Reporting by Shanti S Nair in Bengaluru and Nia Williams in Calgary; Editing by Vinay Dwivedi

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