Imperial Oil Ltd., Canadian unit of ExxonMobil Corp., reports a doubling of third quarter profits over 1999 to $374 million (Can.) from $191 million. The Toronto-based integrated company, which could attain profits of more than of $1 billion for the year, attributed the gains to higher oil and gas prices and improved refinery margins.
Earnings for the first 9 months of 2000 were $928 million. Analysts estimate the company could earn $1.3 billion this year. Its best previous earnings year was $847 million in 1997.
Imperial CEO Bob Peterson said strong international markets for crude oil and natural gas, improved industry refining margins, and a solid operating performance were responsible for the gains.
Imperial said third-quarter cash flow increased to $433 million from $270 million and revenue rose 31% to $4.59 billion in the quarter. The company said earnings from its Calgary-based resource division rose 69% in the third quarter over the same period in 1999 to $336 million.
The company reported natural gas production rose 12% to 516 MMcfd in the third quarter, but oil production fell 16% to 227,000 b/d because of problems at some oil projects in western Canada.