Planned maintenance activities at major upstream and downstream assets negatively affected Imperial Oil Ltd second-quarter earnings, the company said upon release of its quarterly earnings on July 27.
The Calgary-based oil and gas producer, a subsidiary of U.S. oil major Exxon Mobil Corp., reported a second-quarter GAAP net income of C$196 million, or 24 Canadian cents per share, much lower than the S&P Capital IQ consensus estimate of 59 cents per share, but still better than the C$77 million net loss, or a loss of 9 cents per share, reported during the corresponding period in 2017.
Total revenue for the period was C$9.54 billion, much higher than the C$7.03 billion noted during the second quarter of 2017. Capital and exploration expenditures for the quarter amounted to C$284 million also rising from the C$143 million reported for the same period in 2017.
The company's refinery throughput averaged 363,000 barrels per day, up from the 358,000 bbl/d noted in the second quarter of 2017. Petroleum product sales averaged 510,000 bbl/d compared to the 486,000 bbl/d posted in the same period of 2017. Gross crude oil and natural gas liquids production also saw a modest boost with 315,000 bbl/d reported for the quarter, up from 312,000 bbl/d noted for the corresponding period in 2017.
The firm also renewed its share purchase program which will allow it to buy 40 million shares over 12 months ending June 26, 2019. Under a prior program, which ended June 26, the company purchased 41 million shares for C$1.6 billion.