Imperial Oil Q3 Profit Declines, But Results Beat View - Quick Facts

(RTTNews) - Imperial Oil Limited (IMO.TO, IMO) reported a 49 percent decline in profit for the third quarter from last year reflecting a loss at its upstream segment due to lower crude oil prices. However, results for the quarter beat analysts' estimates.

Third-quarter production averaged 386,000 gross oil-equivalent barrels per day, up 26 percent from the year-ago period and was at its highest level in more than a decade.

Imperial Oil declared a quarterly dividend of 14 Canadian cents per share on the outstanding common shares of the company, payable on January 1, 2016, to shareholders of record at the close of business on December 3, 2015. The fourth-quarter dividend remains unchanged from the third quarter dividend.

Third-quarter net income was C$479 million or C$0.56 per share, down from C936 million or C$1.10 per share, prior year.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of C$0.51 for the quarter. Analysts' estimates typically exclude special items.

Total revenues and other income decreased to C$7.16 billion from C$9.66 billion last year. Analysts expected revenue of C$7.02 billion for the quarter.