Imperial Oil posts $1.17B first-quarter profit, best in over 30 years

Imperial Oil. Graphic via The Canadian Press

CALGARY — Imperial Oil Ltd. says it posted its highest first-quarter profit in over 30 years as it earned $1.17 billion, boosted by higher oil prices.

The company also announced plans to buy back up to $2.5 billion of its common shares.

Imperial says the profit amounted to $1.75 per diluted share for the quarter ended March 31, up from a profit of $392 million or 53 cents per share a year earlier.

Total revenue and other income amounted to $12.69 billion, up from $7 billion in the first three months of 2021.

Production averaged 380,000 gross oil-equivalent barrels per day in the quarter, down from 432,000 in the same period of 2021 due to extreme cold weather and unplanned downtime at the Kearl oilsands mine.

Imperial says refinery throughput averaged 399,000 barrels per day, up from 364,000 in the first quarter of last year. Capacity utilization was 93 per cent, up from 85 per cent a year earlier.

This report by The Canadian Press was first published April 29, 2022.

Companies in this story: (TSX:IMO)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

• 0084 EMP Metals Pipeline Online
  0084 EMP Metals Pipeline Online
• 0053 Kingston Midstream Westspur Alameda Click
  0053 Kingston Midstream Westspur Alameda Click
• 0082 CsHM 2024 Pipeline
  0082 CsHM 2024 Pipeline
• 0077 Caprice Resources Stand Up For Free Speech
  0077 Caprice Resources Stand Up For Free Speech
• 0076 Latus only
  0076 Latus only
• 0061 SIMSA 2024 For Sask Buy Sask
  0061 SIMSA 2024 For Sask Buy Sask
• 0055 Smart Power Be Smart with your Power office
  0055 Smart Power Be Smart with your Power office
• 0051 JML Hiring Pumpjack assembly
  0051 JML Hiring Pumpjack assembly
• 0049 Scotsburn Dental soft guitar
  0049 Scotsburn Dental soft guitar
• 0046 City of Estevan This is Estevan
  0046 City of Estevan This is Estevan
• 0041 DEEP Since 2018 now we are going to build
  0041 DEEP Since 2018 now we are going to build
• 0032 IWS Summer hiring rock trailer music
• 0022 Grimes winter hiring
• 0021 OSY Rentals S8 Promo
• 0018 IWS Hiring Royal Summer
• 0013 Panther Drilling PO ad 03 top drive rigs
• 0011
• 0006 JK Junior
• 0002 gilliss casing services
  0002 gilliss casing services
• 9002 Pipeline Online 30 sec EBEX
  9002 Pipeline Online 30 sec EBEX
• 9001