CALGARY – Imperial Oil Ltd. says its fourth-quarter profit fell dramatically as a result of lower oil and gas prices, although some of its refinery and chemical operations weren’t affected to the same degree.
The company earned $102 million or 12 cents per diluted share in the fourth quarter, down from $671 million or 79 cents per diluted share.
The result included a $289-million net loss for Imperial’s upstream operations, which include oilsands, conventional oil and natural gas production.
Its downstream operations, which include refining and retailing operations, remained profitable, earning $352 million, but that’s down from $397 million.
Imperial’s petrochemical business earned $74 million, up from $63 million in the fourth quarter of 2014.
The Calgary-based subsidiary of ExxonMobil says its average realized price for a barrel of synthetic oil was down 31 per cent compared with a year ago, while it was down 56 per cent for a barrel of bitumen.
Its average realized price for natural gas was down 31 per cent per thousand cubic feet.