Imperial Oil reports 1st-quarter profit up from last year as revenues increase
Imperial Oil Ltd. reported a first-quarter profit of $1.29 billion, up from $1.20 billion in the same quarter last year.
The company says the profit amounted to $2.52 per diluted share for the quarter ended March 31, up from $2.23 per diluted share a year earlier.
The result came as Imperial's total revenue and other income amounted to $12.52 billion for the quarter, up from $12.28 billion in the same quarter last year.
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Imperial says upstream production in the quarter averaged 418,000 gross oil-equivalent barrels per day, down from 421,000 gross oil-equivalent barrels per day a year earlier.
Downstream throughput in the quarter averaged 397,000 barrels per day, with overall refinery capacity utilization of 91 per cent, compared with 407,000 barrels per day and 94 per cent utilization a year ago.
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Chief executive Brad Corson says Imperial's upstream business continued to benefit from improved egress and narrower heavy oil differentials, while downstream profitability 'continued to reflect the structural advantages of the Canadian market.'
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