News Formal

Imperial Oil Books Lower Q3 Earnings as Crude Prices Drop

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 25 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 68%

Imperial Oil Nyheter

Earnings,Canada,Upstream

Canadian producer Imperial Oil reported on Friday a decline in third-quarter earnings amid lower crude prices and refinery activity

, which more than offset the highest Q3 production in more than 30 years. Imperial Oil’s net income came in at US$888.6 million C$1.237 billion for the third quarter, down from US$1.15 billion C$1.601 billion for the same period last year. Imperial Oil, majority owned by U.S.

The Canadian WTI/WCS spread remained stable in the third quarter and narrowed versus the 2023 full-year average,” Imperial Oil said, commenting on the recent business environment. Refining margins fell from a year ago and from the second quarter as “increased supply outpaced global demand,” the company said. Average bitumen and synthetic crude oil realizations decreased in Q3, primarily driven by lower marker prices and a decline in the WTI crude benchmark, Imperial Oil noted.

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 34. in SE
 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

TotalEnergies Warns Low Refining Margins Will Hit Q3 EarningsTotalEnergies expects lower third-quarter earnings due to weak refining margins and lower oil prices.
Källa: OilandEnergy - 🏆 34. / 68 Läs mer »

BP’s refining business sees lower margins as global oil demand stallsBoth Shell and Exxon Mobil have also warned that lower refining margins will hit profits for the third quarter of the year.
Källa: ShropshireStar - 🏆 98. / 51 Läs mer »

Lower Oil Prices Drag Equinor's Q3 Earnings Below EstimatesEquinor reported lower-than-expected profits in Q3 2024 due to lower oil prices and production, despite gains from rising natural gas prices.
Källa: OilandEnergy - 🏆 34. / 68 Läs mer »