Latest news with #BradCorson
Calgary Herald
06-05-2025
- Business
- Calgary Herald
Imperial Oil donates $37M research lab to SAIT, largest-ever corporate gift to an Alberta post-secondary
Imperial Oil Limited has gifted a $37-million research facility to the Southern Alberta Institute of Technology (SAIT), marking the single largest corporate gift to any post-secondary institution in Alberta, according to SAIT. Article content Article content The 40,000 square foot Imperial Energy Innovation Centre will support the expansion of SAIT's energy innovation applied research and aims to create opportunities for collaborative industry research and student training. Article content Article content 'Imperial established the first petroleum research facility in Canada more than a century ago, creating many of the processes and technologies foundational to oilsands development and used across the industry to this day,' said Brad Corson, Imperial's chairman and CEO, in a release. 'We are excited that this space will create new opportunities for collaborations within the innovation ecosystem here in Alberta and expand SAIT's programs and facilities to support the next generation of STEM professionals.' Article content Article content 'The new Imperial Energy Innovation Centre will help drive the next generation of energy research — fostering innovation and bringing together leading industry professionals with top researchers in their fields,' Ross said. Article content SAIT, one of Canada's top five research colleges, says the donation represents a 'powerful' integration of Imperial's extensive research in the field of oilsands recovery technology with SAIT's own research. Article content 'As a conductor driving applied research innovation with SAIT students, ARIS and industry, this facility will bring together leading researchers in petroleum engineering with the next generation of thinkers and innovators,' the release states. 'The Imperial Energy Research Centre will be a launchpad for solutions to in-field challenges and will enhance the forward movement of applied energy research that drives Canadian industry.' Article content We have BIG news! 🚨 SAIT has been donated a $37 million research lab facility from @ImperialOil in the single largest corporate gift to any post-secondary institution in Alberta. 👏 #HereAtSAIT #Research #SustainableEnergy — SAIT (@sait) May 6, 2025 Article content Imperial will continue to use the SAIT-operated facility to support its ongoing research focused on reducing the environmental impacts of its operations, the release states. Article content Imperial is Canada's largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer.
Global News
02-05-2025
- Business
- Global News
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. Get weekly money news Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Sign up for weekly money newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 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. Story continues below advertisement 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.'
Yahoo
02-05-2025
- Business
- Yahoo
Canada's Imperial Oil posts rise in quarterly profit on stronger refining margins
(Reuters) -Canadian oil producer Imperial Oil posted a rise in first-quarter profit on Friday, driven primarily by stronger margins in its refining and fuel sales business, sending its U.S.-listed shares up nearly 6% before the bell. Canadian producers have benefited from the completion of the Trans Mountain pipeline expansion project, which raised its capacity to 890,000 barrels per day. The pipeline offers producers the only export route to international markets bypassing the United States. "The upstream business continued to benefit from improved egress and narrower heavy oil differentials, while our downstream profitability continued to reflect the structural advantages of the Canadian market," CEO Brad Corson said. Imperial's results come amid a broader rebound in North American refining margins, as product demand remains resilient and supply remains tight due to global disruptions. Canada sends about 90% of its oil exports to the United States, mostly shipped via pipelines from the western province of Alberta to land-locked refiners in the U.S. Midwest. The future of this interdependence was thrown into turmoil after U.S. President Donald Trump announced tariffs on the country's neighbor in the north, a promise he briefly made good in February before rowing back most of the levies within a few days. Imperial Oil — majority owned by U.S. oil and gas major Exxon Mobil — reported petroleum product sales of 455,000 barrels per day during the first quarter, compared with 450,000 bpd a year ago. The Calgary, Alberta-based company said synthetic crude oil average realization rose to C$98.79 per barrel, from C$93.51 per barrel a year earlier. It, however, reported a fall in its upstream production, total throughput volumes and refinery utilization rate. Imperial's net income rose to C$1.29 billion ($933.23 million), or C$2.52 per share, during the quarter ended March 31, from C$1.2 billion, or C$2.23 per share, a year earlier. ($1 = 1.3823 Canadian dollars) Sign in to access your portfolio
Business Recorder
02-05-2025
- Business
- Business Recorder
Canada's Imperial Oil posts rise in quarterly profit on stronger refining margins
Canadian oil producer Imperial Oil posted a rise in first-quarter profit on Friday, driven primarily by stronger margins in its refining and fuel sales business, sending its U.S.-listed shares up nearly 6% before the bell. Canadian producers have benefited from the completion of the Trans Mountain pipeline expansion project, which raised its capacity to 890,000 barrels per day. The pipeline offers producers the only export route to international markets bypassing the United States. 'The upstream business continued to benefit from improved egress and narrower heavy oil differentials, while our downstream profitability continued to reflect the structural advantages of the Canadian market,' CEO Brad Corson said. Imperial's results come amid a broader rebound in North American refining margins, as product demand remains resilient and supply remains tight due to global disruptions. Canada sends about 90% of its oil exports to the United States, mostly shipped via pipelines from the western province of Alberta to land-locked refiners in the U.S. Midwest. The future of this interdependence was thrown into turmoil after U.S. President Donald Trump announced tariffs on the country's neighbor in the north, a promise he briefly made good in February before rowing back most of the levies within a few days. Imperial Oil — majority owned by U.S. oil and gas major Exxon Mobil — reported petroleum product sales of 455,000 barrels per day during the first quarter, compared with 450,000 bpd a year ago. The Calgary, Alberta-based company said synthetic crude oil average realization rose to C$98.79 per barrel, from C$93.51 per barrel a year earlier. It, however, reported a fall in its upstream production, total throughput volumes and refinery utilization rate. Imperial's net income rose to C$1.29 billion ($933.23 million), or C$2.52 per share, during the quarter ended March 31, from C$1.2 billion, or C$2.23 per share, a year earlier.
Hamilton Spectator
02-05-2025
- Business
- Hamilton Spectator
Imperial Oil reports Q1 profit up from last year as revenues increase
CALGARY - 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. 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. 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.' This report by The Canadian Press was first published May 2, 2025. Companies in this story: (TSX:IMO)
