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
- 0040 Southeast College safety tickets0040 Southeast College safety tickets
- 0036 Prairie Lithium - Chad Glemser 30 Sec
- 0033 Buffalo Potash Jared Small Footprint
- 0032 IWS Summer hiring rock trailer music
- 0029 Latus Viro updated Latus phone
- 0025 Kendalls
- 0026 Buffalo Potash Quinton Salt
- 0023 LC Trucking tractor picker hiring mix
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0019 Jerry Mainil Ltd hiring dugout
- 0018 IWS Hiring Royal Summer
- 0014 Buffalo Potash What if PO
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0006 JK Junior
- 0004 Royal Helium PO Ad 02