​Imperial reports lower Q1 profit, ‘significantly affected’ by curtailment

Inside facilities at Imperial Oil's Cold Lake thermal oilsands project. Image: Joey Podlubny/JWN

CALGARY — Imperial Oil reported a profit of $293 million or 38 cents per diluted share for the first quarter.

That compared with a profit of $516 million or 62 cents per share in the same quarter last year.

Rich Kruger, Imperial's chairman and chief executive, says Alberta's mandatory production curtailment order significantly affected the company's financial performance.

Kruger says improved upstream realizations were more than offset by reduced downstream margins.

Imperial's crude-by-rail shipments averaged 36,000 barrels per day in the first quarter, down from 146,000 barrels per day in the fourth quarter of 2018. During the first quarter, the company ramped down activity from 89,000 barrels per day in January to essentially zero in February, before resuming limited shipments in late March.

© 2019 The Canadian Press

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