((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
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Canadian oil company Imperial Oil IMO.TO reported third-quarter profit that beat analysts' estimates as higher production offset weakness in its refining business, leading to a 1.5% rise. of stocks listed on a stock exchange in the United States before the close of trading on Friday.
Integrated oil companies have faced weakness in their refining segments due to concerns over weaker-than-expected oil demand from China, with companies including BP BP.L and TotalEnergies TTEF.PA posting sharply declining quarterly results.
However, in the United States, increased production offset weak refining prices and margins, with Exxon XOM.N, Imperial's majority shareholder, and Chevron CVX.N reporting improved profits earlier during the day.
In July, U.S. imports of crude oil from Canada reached their highest level on record , according to data from the Energy Information Administration.
Imperial Oil's overall production averaged 447,000 barrels of oil equivalent per day (boepd) in the third quarter, up from 423,000 boepd, driven by increased production from the Cold Lake oil sands and from Syncrude, Alberta.
Meanwhile, throughput at the company's refineries 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 rate fell from 96% to 90% in the third quarter.
Imperial Oil earned C$2.33 (1.68) per share, beating analysts' average estimate of C$2.04, according to data compiled by LSEG.
($1 = 1.3909 Canadian dollars)
