Imperial Oil reports 43% drop in Q3 income driven by tight refinery margins

first_imgCompanies in this story: (TSX:IMO)The Canadian Press CALGARY — Imperial Oil Ltd. is reporting third-quarter net income fell 43 per cent to $424 million or 56 cents per share, compared with $749 million or 94 cents per share in the same period of 2018.The Calgary-based producer and refiner says cash generated from operating activities added up to $1.38 billion in the three months ended Sept. 30, up from $1.21 billion in the third quarter of 2018.Imperial missed analyst expectations for net income of $488 million or 70 cents per share but beat a cash flow forecast of $1.01 billion, according to financial markets data firm Refinitiv.- Advertisement -The biggest drag on earnings came from Imperial’s downstream operations, where net income slipped to $221 million from $502 million due to lower refinery profit margins and planned maintenance outages.On the upstream side, Imperial reported slightly lower income due to higher operating expenses and royalties — it noted lower volumes at its Kearl oilsands mine and Cold Lake bitumen works but higher volumes from the Syncrude mining facility, in which it holds a 25 per cent stake.Total production rose to 407,000 barrels of oil equivalent per day from 393,000 boe/d in the same period of 2018.Advertisement Crude-by-rail shipments averaged 52,000 barrels per day in the third quarter, compared to 64,000 bpd in the second quarter of 2019.“Imperial achieved its highest third quarter production in 30 years,” said CEO Rich Kruger in a statement.He is retiring at the end of the year and his role is to be assumed by Brad Corson.This report by The Canadian Press was first published Nov. 1, 2019.Advertisementlast_img read more

Michaels joins in retail boom

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORE11 theater productions to see in Southern California this week, Dec. 27-Jan. 2160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! PALMDALE — The bustling 10th Street West retail corridor is due to get a Michaels craft store and several new restaurants, city officials and developers say. The Michaels craft store will go into a renovated former Kmart store, and restaurants are planned in that center and elsewhere along 10th Street West between the Antelope Valley Mall and Technology Drive. “There’s an awful lot of demand here,” Mayor Jim Ledford said. “When you get a median income and cost of living like we have here, it spells disposable income.” The former Kmart shopping center at the northeast corner of 10th Street West and Rancho Vista Boulevard is getting a continued makeover that started with the opening of Wickes furniture store. Until the Wickes store opened in November, the building had stood vacant for three years. The building is part of a retail complex called Sierra Commons that is being developed by Grae Palmdale Rancho Vista LLC, the same firm that developed the Amargosa Commons shopping center a quarter-mile south. Sierra Commons will also be getting a Coffee Bean and Tea Leaf, a Pick Up Stix Asian food restaurant, Jared’s Jewelers, and a Pacific Dental office. Michaels and the other businesses will be open late this year. With the new additions, there is now roughly 20,000 square feet of space left to be leased, said Dan Otter, one of the project’s developers. A family-style buffet and grill restaurant called Golden Corral is planned on 2.5 acres south of Technology Drive east of 10th Street West. Construction is tentatively set to begin later this summer or early fall on the 11,000-square-foot building. Construction will take about five months. The restaurant is expected to employ 130 to 150 workers. A number of other restaurant chains continue to express interest in Palmdale in general and the Antelope Valley Mall area in particular. One possible addition to the mall is a BJ’s Restaurant and Brewhouse. A spokesman for the company said the Palmdale location is one it is interested in, but no lease agreement has been finalized. Likewise, Soup Plantation also is interested in Palmdale and has looked at sites, but no agreements have been signed. City officials said the On The Border Mexican restaurant chain is also interested in possibly locating a restaurant at the mall. Just to the east of Sierra Commons, on the south side of Rancho Vista Boulevard, a building that will house a Sherman Williams paint store and a Cycle Gear motorcycle accessory store is going up. About another 6,000 square feet remains to be leased, Otter said. — Jim Skeen, (661) 267-5743 [email protected]last_img read more


first_imgMET Eireann has warned that “significant accumulations” of snow will hit Donegal this weekend.The snowfall is predicted to hit the county on Saturday night and into Sunday, said a spokesman.The BBC however says we will get “significant snow” as early as Thursday night and into Friday with “a potential to cause travel problems.” It will probably be the first serious snowfall of this winter after some minor snowfalls – mainly on higher ground – earlier this week.“Rain will spread from the west on Saturday night with a high probability of snow overnight and some significant accumulations possible. There will be further wintry showers on Sunday,” was told.However the BBC in the North said tonight there would be significant snow falls on Thursday night and into Friday.There are current gale warnings for the county with wet and very windy weather throughout Wednesday. Similar weather is predicted for Thursday. But temperatures will plummet on Friday with Met Eireann saying there will be snow on higher ground over Donegal. There will be a sharp frost on Friday night, making road conditions treacherous overnight and again on Saturday – before those significant accumulations on Saturday night.© 2011, all Rights ReservedThe copying, republication or redistribution of Content, including by framing or similar means, is expressly prohibited by law.Follow us on us on Sell anything on www.donegaldailyclassifieds.comSIGNIFICANT SNOW ON WAY TO DONEGAL – MET EIREANN was last modified: December 7th, 2011 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:donegal snowdonegal weathergale warningsnow warninglast_img read more