Imperial Oil's third-quarter profit beats on higher production
Adds background and details on results in paragraphs 2-5
Nov 1 (Reuters) -Canada's Imperial Oil IMO.TO reported a third-quarter profit ahead of analysts' estimates as higher production offset weakness in its refining business, sending the company's U.S.-listed shares up 1.5% before the bell on Friday.
Integrated oil companies have been grappling with weakness in their refining segments on worries about weaker-than-expected oil demand from China, with companies such as BP BP.L and TotalEnergies TTEF.PA posting sharply lower quarterly results.
However in the United States, higher output countered weakness in the pricing environment as well as refining margins, with both Exxon XOM.N, Imperial's majority shareholder, and Chevron CVX.N reporting a profit beat earlier in the day.
In July, U.S. imports of crude oil from Canada jumped to their highest on record, data from the Energy Information Administration showed.
Imperial Oil's overall production averaged 447,000 barrels of oil equivalent per day (boepd) in the third quarter, up from 423,000 boepd, helped by higher output at the company's Cold Lake and Syncrude oil sands sites in Alberta.
Meanwhile, the company's refinery throughput volumes fell to 389,000 barrels per day (bpd) from 416,000 bpd, reflecting the impact of turnaround activities at the Nanticoke and Strathcona refineries.
The company's refinery utilization in the third quarter fell to 90% from 96%.
Imperial Oil earned C$2.33 ($1.68) per share, beating the average analyst estimate of C$2.04, according to data compiled by LSEG.
($1 = 1.3909 Canadian dollars)
Reporting by Seher Dareen in Bengaluru; Editing by Shounak Dasgupta
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