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Imperial Oil Beats Profit Estimates on Stronger Refining Margins
Stronger diesel, gasoline and jet fuel prices lifted downstream earnings to $1.56 billion, helping offset lower upstream production and beat analysts’ estimates.
- 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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26 Articles
26 Articles
On Friday, Imperial announced a profit of 2.45 billion in the third quarter, up from 539 million in the same quarter of last year, thanks to the rise in oil prices.
·Montreal, Canada
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Coverage Details
Total News Sources26
Leaning Left9Leaning Right1Center9Last UpdatedBias Distribution48% Left, 47% Center
Bias Distribution
- 48% of the sources lean Left, 47% of the sources are Center
48% Left
L 48%
C 47%
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