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Imperial Oil's Q1 Net Income Falls YoY

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-- Imperial Oil's (IMO.TO) net income dropped year over year in the first quarter, the company said Friday.

Imperial Oil booked a net income of C$940 million, or $1.94 per share, falling from $1.29 billion, or $2.52 per share, in the year-ago period.

Analysts expected Imperial Oil's earnings at $2.30 per share, according to FactSet.

Revenue slipped to $12.45 billion from $12.52 billion while expenses increased to $11.21 billion from $10.83 billion.

Upstream production stood at 419,000 gross oil-equivalent barrels per day in the first quarter, rising from 418,000 gross oil-equivalent barrels per day in the year-ago period.

"Against a backdrop of significant volatility in global commodity markets, we remain committed to our long-standing corporate strategy of maximizing the value of our existing assets while progressing advantaged growth opportunities," Chairman, President and Chief Executive Officer John Whelan said.

Imperial Oil declared a dividend of $0.87 per share for the second quarter, unchanged from the first quarter. The dividend is payable July 1 to shareholders of record as of June 4.

The company plans to renew its normal course issuer bid in June.

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