(Reuters) – Imperial Oil Ltd , Canada’s No.2 integrated oil producer and refiner, reported a lower-than-expected quarterly profit, hurt by the slump in crude prices. Global oil prices have nearly halved in the past year, hurting oil and gas companies and forcing them to cut expenditure and jobs. Imperial, majority owned by Exxon Mobil Corp , said on Friday that its capital expenditure fell about 41 percent to C$819 million
Graphic shows the national average price for a gallon of regular gasoline.; 1c x 3 inches; 46.5 mm x 76 mm;
Canada’s largest real estate investment trust RioCan said on Friday it is exploring a potential sale of its assets in the United States, valued by analysts at between $2 billion and $2.25 billion. The company, which acquired most of its assets on the cheap in the midst of the global financial crisis, said it has benefited from the growth in the value of its U.S. portfolio and the cash flow
US stocks traded mixed Friday after ExxonMobil and Chevron profits slumped on falling crude oil prices, dragging down the Dow, as investors digested a slew of corporate earnings reports. About 50 minutes into trade, the Dow Jones Industrial Average was down 26.36 points (0.15 percent) at 17,719.62. The broad-market S&P 500 was flat (0.00 percent) at 2,108.63, while the tech-rich Nasdaq Composite Index gained 6.60 (0.13 percent) at 5,135.39.
Hurt by falling oil prices, Chevron said Friday that its second-quarter net income plunged 90 percent from the same period a year ago. Shares of Chevron Corp. fell nearly 4 percent in morning trading Friday. …
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