Imperial profits drop
Jul 27, 2012 at 5:46 am in Business, News by tyler.king
Canada’s second-biggest oil company posted a 13 percent drop in second quarter profits.
Imperial Oil says that’s because of weaker oil prices and maintenance costs at refineries and its oil sands operations.
Imperial’s net income fell from 726 million a year ago to 635 million this year.
Prices for its bitumen fell 17 percent to 56.90 a barrel, and maintenance work at Syncrude and Cold Lake cut into those profits.
Overall oil and gas production was down 5.2 percent.
Published July 27, 2012