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Imperial Oil reports fourth quarter loss, revenue down from year ago

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CALGARY, A.B. – Imperial Oil Ltd. reported a loss in its latest quarter as it was hit by non-cash charges related to its Horn River development and the Mackenzie gas project.

The company said Friday it lost $137 million or 16 cents per share in its fourth quarter.

The results included a $289-million charge related to Horn River and a $277-million hit associated with the Mackenzie gas project which it cancelled late last year.

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The loss for the quarter compared with a profit of $1.44 billion or $1.70 per share a year earlier when it had a gain of $988 million or $1.16 per share on the sale of its retail sites.

Total revenue and other income amounted to $8.08 billion, down from $8.44 billion in the fourth quarter of 2016.

For the full year, Imperial reported a profit of $490 million or 58 cents per share on $29.42 billion in revenue. That compared with a profit of profit of $2.17 billion or $2.55 per share on $27.35 billion in revenue in 2016.

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