Imperial Oil posts $181M loss tied to wildfires

• Imperial Oil had a $ 181- million loss in its second quarter, mostly due to the wildfires that raged through northern Alberta in May, sparking a massive evacuation and curtailing oilsands production.

The Calgary- based company says the wildfires accounted for $ 170 million of the reduction in its net income from last year’s second quarter, when the company was profitable.

It says the wildfires reduced its production by 60,000 barrels per day. Excluding the wildfires, it estimates production would have increased by 45,000 barrels per day or 13 per cent.

Imperial’s loss amounted to 21 cents per share and compared with a year- earlier profit of 14 cents per share or $ 120 million.

Total revenue also declined, falling by 14.4 per cent or nearly a billion dollars to $ 6.25 billion.