Imperial Oil's quarterly profit surges on Alberta tax benefit

Canada's Imperial Oil Ltd reported a more than six-fold rise in quarterly profit on Friday, helped by a C$662 million benefit from Alberta's corporate tax rate change.

Net profit rose to C$1.2 billion ($907.72 million), or C$1.57, in the second quarter ended June 30, from C$196 million, or 24 Canadian cents, a year earlier.

Production at the company, majority owned by Exxon Mobil Corp, rose to 400,000 barrels of oil equivalent per day (boe/d) from 336,000 boe/d, a year earlier.