NEWS: Imperial Oil reports $908M Q3 profit compared with $3M a year ago

CALGARY — Imperial Oil Ltd. earned a third-quarter profit of $908 million as it reported its highest production for the quarter in more than 30 years and benefited from higher oil prices.

The company says the profit amounted to $1.29 per diluted share for the quarter ended Sept. 30 compared with a profit of $3 million or zero cents per diluted share in the same quarter last year.

Revenue and other income totalled $10.23 billion, up from $5.96 billion a year ago.

Imperial says production averaged 435,000 gross oil-equivalent barrels per day for the quarter, up from 365,000 in the same period of 2020, helped by strong operating performance and the absence of planned turnaround activity.

Refinery throughput averaged 404,000 barrels per day, up from 341,000 barrels per day in the third quarter of 2020.

The company’s upstream business earned $524 million in the quarter compared with a loss of $74 million a year ago, while its downstream business earned $293 million compared with a profit of $77 million in the same quarter last year. Chemical net income was $121 million in the third quarter, up from $27 million.

This report by The Canadian Press was first published Oct. 29, 2021.

Companies in this story: (TSX:IMO)

The Canadian Press

News from © The Canadian Press, 2021. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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