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CS - Imperial's Q1 upstream earnings jump as downstream lags - May 2019
An increase in production and stronger bitumen prices in Q1 led to stronger upstream earnings for Imperial Oil, but the company’s downstream sector was hurt by a decline in throughput and narrower margins.The government-mandated production cuts slashed the company’s refinery margins, which more than offset the effect of stronger prices that boosted upstream profits. Imperial's net income in Q1 fell to $293 million, down from $516 million one year ago. Upstream profits rose to $58 million in Q1, reversing a $44 million......
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