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ExxonMobil, Imperial Oil report financial results for Q4

by ChemOrbis Editorial Team -
  • 01/02/2017 (14:46)
According to media reports, American producer ExxonMobil and Canadian-based producer Imperial Oil, which was whose majority stake was owned by ExxonMobil, reported their financial results for Q4.

ExxonMobil reported earnings of $1.7 billion in Q4, indicating a net loss of $1.1 billion, or 40%, when compared to the same period of 2015. Sources from the company said the loss was due to the continuous downturn in commodity prices as well as an impairment charge of $2 billion. Excluding the impairment charge, the company’s quarterly earnings of $3.7 billion indicated an increase of $927 million on a yearly basis. Also, the company posted earnings worth $7.8 billion in 2016.

Meanwhile, Canada-based Imperial Oil posted a net profit of $1.10 billion, up from $78 million from the same period of 2015. The sharp increase in the company’s profit was attributed to the sale of its service stations, worth $756 million.
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