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Imperial Oil Beats Profit Estimates on Stronger Refining Margins
Higher oil prices lifted Imperial Oil’s quarterly profit to $2.45 billion even as upstream output and refinery throughput declined.
- On Friday, Imperial Oil Ltd reported a third-quarter profit of $2.45 billion, up from $539 million a year ago, boosted by higher oil prices.
- Total revenue and other income reached $16.21 billion, up from $12.05 billion last year, as the Calgary, Alberta-based company benefited from stronger refining margins and improved product mix.
- Upstream production averaged 418,000 gross oil-equivalent barrels per day, down from 462,000 a year ago, primarily due to lower output at Kearl and planned turnarounds at Cold Lake and Syncrude.
- Refinery throughput averaged 381,000 barrels per day, down from 425,000, as unplanned downtime and a third-party pipeline outage reduced capacity utilization to 88 per cent from 98 per cent.
- Global energy disruptions from the Iran war and Middle Eastern and Russian infrastructure attacks have tightened fuel supplies, widening refining margins that offset Imperial's production declines.
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14 Articles
Winnipeg Free Press+7 Reposted by 7 other sources
Higher oil prices help Imperial Oil report $2.45B Q3 profit
CALGARY - Imperial Oil Ltd. reported a third-quarter profit of $2.45 billion, up from $539 million in the same quarter last year, boosted by higher oil prices.
·Winnipeg, Canada
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Coverage Details
Total News Sources14
Leaning Left5Leaning Right0Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 45%
C 55%
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