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Imperial Oil reports Q1 loss on lower oil price, offset in part by weaker loonie

CALGARY – Imperial Oil Ltd. (TSX:IMO) lost $101 million in its latest quarter, hurt by lower oil prices, but offset in part by a weaker Canadian dollar.

The company says the loss amounted to 12 cents per share for the quarter ended March 31 compared with a profit of $421 million or 50 cents per share in the same quarter last year.

Revenue and other income totalled $5.22 billion for the quarter, down from $6.2 billion a year ago.

Imperial also declared a second-quarter dividend of 15 cents per share, up a penny for the 14 cents paid for the first quarter.

The company says it is continuing to work to reduce costs. Capital and exploration spending totalled $408 million, down from $1.05 billion from the first quarter of 2015.

Production averaged 421,000 gross oil-equivalent barrels per day, up 26 per cent from 333,000 in the same period last year.

Meanwhile, refinery throughput averaged 398,000 barrels per day, up from 393,000 barrels.

“Recognizing the uncertain market conditions, particularly in the upstream, our focus remains on what we can control,” Imperial chairman and chief executive Rich Kruger said in a statement Friday.