UPDATE 1-Canadas Imperial Oil swings to quarterly loss on impairment charges – Reuters

(Adds details on production, throughput, and background)

Feb 2 (Reuters) – Imperial Oil Ltd, one of Canada’s biggest crude producers and refiners, on Tuesday swung to a quarterly loss, dented by impairment charges of C$1.17 billion ($913.35 million)related to abandoned assets in Alberta.

Along with the rest of Canada’s oil and gas industry, the company endured a torrid 2020 in which the coronavirus pandemic crushed fuel demand.

Crude prices have since rebounded from historic lows and demand is slowly picking up, though the recovery remains tentative while many oil companies have been focused on repairing their balance sheets.

Imperial, majority owned by U.S. oil major Exxon Mobil Corp , said its refinery throughput averaged 359,000 barrels per day (bpd) for the fourth quarter ended Dec. 31, higher than 341,000 in the prior quarter.

Production came in at an average 460,000 barrels of oil equivalent per day (boepd) in the quarter, up 26% from previous quarter.

The Calgary, Alberta-based company posted a quarterly loss of C$1.15 billion, or C$1.56 per share, from a profit of C$3 million, or breakeven per share, in the third quarter.

$1 = 1.2810 Canadian dollars Reporting by Rithika Krishna, Editing by Sherry Jacob-Phillips

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