Imperial Oil's stock fell sharply by 5.01% during pre-market trading on Friday, following the release of the company's first-quarter financial results.
The decline comes after Imperial Oil reported quarterly earnings that fell short of analyst expectations. The company posted earnings per share of CA$1.94, missing the FactSet consensus estimate of CA$2.30. Compared to the same period last year, net income dropped to CA$940 million from CA$1.29 billion.
While upstream production showed a slight increase, refinery throughput averaged 384,000 barrels per day, down from 397,000 in the prior year due to unplanned downtime and a coker outage at Syncrude Canada. Cash flows from operating activities also declined significantly to CA$756 million from CA$1.53 billion a year earlier.
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