Imperial Oil Posts $137M Loss
CBJ — Non-cash charges for Horn River and the Mackenzie gas project has led to Imperial Oil reporting a $137 million quarterly loss.
The complete quarterly 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, thus leading to the overall loss of $137 million.
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.