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Imperial Oil reports $188M first-quarter loss amid plunging oil prices

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Imperial Oil Ltd. reported a loss of $188 million in its first quarter as oil prices plunged in March due to the COVID-19 pandemic.

The company says the loss amounted to 25 cents per diluted share compared with a profit of $293 million or 38 cents per share in the same quarter last year. [ Sign up for our Health IQ newsletter for the latest coronavirus updates ] The loss for the quarter included $301 million in non-cash charges driven by the drop in oil prices, including $281 million due to a revaluation of inventory and $20 million associated with goodwill impairment.

Revenues and other income totalled $6.69 billion in the quarter, down from $7.98 billion in the first quarter of 2019. Production in the quarter averaged 419,000 barrels of

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