Imperial Oil profit halves due to charge on Nova Scotia refinery

CALGARY — Imperial Oil Ltd. says its net income was $327-million in the second quarter, a decline from $635-million in the year-earlier period.The main reason cited by the Calgary-based company was a $264-million non-cash charge related with its conversion of a refinery in Dartmouth, N.S.The Halifax-area refinery is to be converted into a fuels terminal.Imperial is one of Canada’s largest oil and gas companies, active in exploration, production, refining and retailing.Its net income per common share was 38 cents, which was below analyst estimates of 85 cents per share.On an adjusted basis, it had 34 cents per share of earnings compared with an analyst estimate of $1 per share. read more

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