Imperial Oil reports $137M loss tied to Horn River, Mackenzie gas projects
Calgary-based company had profit of $490M last year
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.
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.
- MORE ALBERTA NEWS | 'Very dangerous' avalanche risk warnings issued for Rocky Mountain parks
- MORE ALBERTA NEWS | Nenshi calls B.C.'s proposed restriction on bitumen shipments a 'dangerous stunt'