OTTAWA (dpa-AFX) - Imperial Oil Ltd. (IMO, IMO.TO) reported a loss for the second quarter that narrowed from last year, reflecting higher crude prices and reduced refinery turnaround activity. However, results for the quarter missed analysts' estimates.
The company's net loss for the second quarter was C$77 million or C$0.09 per share, narrower than net loss of C$181 million or $0.21 per share in the year-ago period.
On average, analysts expected the company to report earnings of C$0.30 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues and other income for the quarter rose to C$7.03 billion from C$6.25 billion in the year-ago period. Analysts had a consensus revenue estimate of C$7.47 billion.
Production during the quarter averaged 331,000 gross oil-equivalent barrels per day, up from 329,000 barrels per day in the same period of 2016.
Imperial Oil declared a quarterly dividend of 16 cents per share on the outstanding common shares of the company, payable on October 1, 2017, to shareholders of record at the close of business on September 1, 2017.
This third-quarter 2017 dividend compares with the second quarter 2017 dividend of 16 cents per share.
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