CALGARY - Imperial Oil Ltd. has ramped up crude-by-rail shipments to more than 100,000 barrels per day from zero in October and plans to continue to add railcars as profitability of the transportation option strengthens. Earlier this week, rival oilsands producer Cenovus Energy Inc. said it had met its year-end goal of taking its crude-by-rail shipments to 100,000 barrels per day, crediting a decision in Alberta to exempt rail-exported crude from production quotas. Imperial reported a fourth-quarter profit of $271 million, down from $853 million in the same quarter last year, as revenue and other income totalled $8.16 billion, up from $7.89 billion. Imperial reported a downstream profit of $225 million, compared with $1.14 billion a year earlier, due to lower margins and planned turnaround activities. Get more business in your inbox Get the business news and analysis that matters most every morning in our Star Business email newsletter.

Source: thestar January 31, 2020 14:28 UTC