November 2, 2018 / 12:26 PM / 12 days ago

UPDATE 1-Imperial Oil profit more than doubles on higher refining income

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Nov 2 (Reuters) - Canada's Imperial Oil Ltd on Friday reported quarterly profit that more than doubled as production volumes rose and the company earned more from refining crude.

The company, which is majority owned by Exxon Mobil, has seen refining margins rise as cost of heavy crude has become cheaper compared with U.S. benchmark prices.

Net income from refining jumped 72 percent to C$502 million ($384.23 million), while that from its chemicals business rose about 33 percent in the quarter.

The company reported a net profit of C$749 million, or 94 Canadian cents per share, in the third quarter ended Sept. 30, from C$371 million, or 44 Canadian cents per share, a year earlier.

Imperial said gross production rose to 393,000 barrels of oil equivalent per day (boe/d) from 390,000 boe/d, a year earlier.

Parent Exxon's quarterly profit topped analysts' estimates on Friday, helped by higher prices received for its oil and natural gas. ($1 = 1.3065 Canadian dollars) (Reporting by John Benny in Bengaluru; Editing by Arun Koyyur)

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