Imperial Oil Earnings Plummet By 72% On Turnaround, Lower Prices

Canada’s Imperial Oil reported on Friday a 72% annual plunge in net income for the second quarter amid lower commodity prices and significant turnaround activities in both the upstream and downstream divisions. Imperial Oil, majority-owned by U.S. supermajor ExxonMobil, posted a net income of US$510 million (C$675 million) for the second quarter, down from US$1.8 billion (C$2.4 billion) for the same period of 2022. The net income in the April-June 2023 quarter was also halved from the income for the first quarter of 2023, hit by…