Imperial Oil reports Q1 loss on lower oil price, offset in part by weaker loonie

Imperial Oil lost $101 million in its latest quarter, hurt by lower oil prices, offset in part by a weaker Canadian dollar.

The company says the loss amounted to 12 cents per share for the quarter, compared with a profit of $421 million or 50 cents per share in the same quarter last year.

• MORE BUSINESS NEWS | TransCanada profits plummet 35% compared to first quarter of last year
• MORE BUSINESS NEWS | Earls switch to U.S. supplier has Alberta ranchers bullish on market for 'humane' beef

Revenue and other income totalled $5.22 billion for the quarter, down from $6.2 billion a year ago.

The company says it is continuing to work to reduce costs.

Capital and exploration spending totalled $408 million, down from $1.05 billion from the first quarter of 2015.

Production averaged 421,000 gross oil-equivalent barrels per day, up 26 per cent from 333,000 in the same period of 2015.

Meanwhile, refinery throughput averaged 398,000 barrels per day, up from 393,000 barrels.