Imperial Oil Ltd’s fourth-quarter profit fell a worse-than-expected 19% as weak refining margins weighed on the bottom line, Canada’s No. 2 oil producer and refiner said on Tuesday. Imperial, majority-owned by U.S. oil major Exxon Mobil Corp, earned $534-million, or 62¢ a share, down from year-earlier $660-million, or 76¢ a share. Analysts, on average, had expected the company to earn 72¢ a share, according to Thomson Reuters I/B/E/S. Revenue was $5.9-billion, about flat with the fourth quarter of 2009. Companies such as Imperial with refining operations have been hit by shrinking profit margins due to slack demand for gasoline and diesel as well as rising crude oil prices. However, the company’s results were cushioned by its extensive production of heavy crude and oil sands.

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