Imperial's Q1 Earnings Drop 58% On Slipping Production

摘要

In line with Canada's other senior producers, Imperial Oil Limited saw earnings fall sharply from last year's comparable figures, thanks to lower commodity prices and slightly lower volumes (see table). "Sharply lower oil and natural gas prices as a result of the global economic downturn produced lower earnings for the quarter, compared to the same period last year," said Bruce March, Imperial's chairman, president and chief executive officer in a prepared statement. "While downstream earnings were higher, the significant decline in commodity prices reduced our earnings overall."