Profits are up at Imperial Oil Ltd. compared to the same quarter last year. (Photo by THE CANADIAN PRESS)

Imperial Oil reports $853M Q4 profit, boosted by downstream operations

CALGARY — Imperial Oil Ltd. reported a profit of $853 million in the fourth quarter compared with a loss of $137 million in the same quarter a year earlier.

Imperial says the profit amounted to $1.08 per diluted share for the last three months of 2018 compared with a loss of 16 cents per diluted share in the fourth quarter of 2017, which included $566 million of upstream asset impairments.

Revenue and other income for the quarter totalled $7.89 billion, down from $8.08 billion in the last three months of 2017.

Imperial says its upstream operations lost $310 million in the fourth quarter, compared to a loss of $481 million in the same period of 2017.

Meanwhile, the company’s downstream operations earned $1.14 billion in the quarter, up from $290 million in the fourth quarter of 2017, boosted by stronger margins the absence of turnaround activities in the quarter.

For the full year, Imperial says it earned $2.31 billion or $2.86 per diluted share in 2018, up from $490 million or 58 cents per share in 2017.

Just Posted

Several Red Deer businesses are doing the downtown shuffle

Four businesses change locations and or name and re-open

Patient data stolen during theft at Red Deer hospital

Alberta Health Services is notifying 6,129 patients that their health information may… Continue reading

Some central Alberta bus drivers face zero tolerance for cannabis

While Canada’s transportation regulator tells flight crews to stay off weed for… Continue reading

Waskasoo Seepee Pow Wow returns to Red Deer

Grand entries at 1 and 6 p.m.

Pro-pipelines rally draws crowd to City Hall

Canadian Taxpayers Federation says Canada missing out on billions in revenue

Raptors announcer credited with calming massive crowd after shooting

TORONTO — The Toronto Raptors’ play-by-play announcer is winning widespread praise for… Continue reading

Massive crowds, security concerns prove to be issues at Raptors parade

TORONTO — A shooting that sparked a stampede at a massive rally… Continue reading

Toronto mayor gives Raptors star Kawhi Leonard key to city

Toronto Mayor John Tory tried to woo Kawhi Leonard by presenting him… Continue reading

Huawei says U.S. sanctions will cost it billions in revenue

SHENZHEN, China — Huawei’s founder said Monday that the Chinese telecom giant’s… Continue reading

Blackout in South America raises questions about power grid

BUENOS AIRES, Argentina — Te huge blackout that left tens of millions… Continue reading

Gloria Vanderbilt, heiress, jeans queen, dies at 95

NEW YORK — Gloria Vanderbilt, the intrepid heiress, artist and romantic who… Continue reading

Toronto mayor gives Raptors star Kawhi Leonard key to city

Toronto Mayor John Tory made his pitch to Raptors star Kawhi Leonard… Continue reading

Health: What you should know about low intensity light therapy

Years ago I nearly made a bad decision. I was asked to… Continue reading

Most Read