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Imperial Oil's Q2 net income jumps YOY due to effects of Alberta tax cuts

Canada's Imperial Oil Ltd. on Aug. 2 reported a second-quarter GAAP net income of C$1.21 billion, or C$1.57 per share, for the second quarter, topping C$196.0 million, or 24 Canadian cents per share, a year ago.

The second-quarter results include a largely non-cash impact of C$662 million associated with the Alberta corporate income tax rate decrease, the company said.

Total revenues and other income reached C$9.26 billion during the quarter, down slightly from C$9.54 billion in the prior-year period.

Revenue was driven by the downstream segment, which brought in C$6.88 billion for the quarter, declining from C$7.22 billion a year earlier.

The Exxon Mobil Corp. majority subsidiary posted gross production of 400,000 barrels of oil equivalent per day during the quarter, up from 336,000 boe/d in the prior-year period.

The company also purchased about 9.8 million shares for C$368 million in the second quarter, including shares purchased from Exxon.