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 This material may not be published, broadcast, rewritten or redistributed.

• 0135 SASPO-2988_Self serve_2026_YouTube
  0135 SASPO-2988_Self serve_2026_YouTube
• 0121 Ministry of Energy and Resources April 2026
  0121 Ministry of Energy and Resources April 2026
• 0134 SASPO-2956_ Safety 2026
  0134 SASPO-2956_ Safety 2026
• 0133 LC Trucking hiring Class 1A Payden
  0133 LC Trucking hiring Class 1A Payden
• 0132 UMWA 2026
  0132 UMWA 2026
• 0129 Turnbull drivers operators
  0129 Turnbull drivers operators
• 0128 OSY Rentals updated
  0128 OSY Rentals updated
• 0126 Steel_Reef_Promo_
  0126 Steel_Reef_Promo_
• 0118 IBEW 30 sec
  0118 IBEW 30 sec
• 0114 Prospera Bold Vision
  0114 Prospera Bold Vision
• 0113 Miller Epic Cinematic Hollywood trailer
  0113 Miller Epic Cinematic Hollywood trailer
• 0102 Lori Carr Coal Extended
  0102 Lori Carr Coal Extended
• 0099 Mryglod Steel 1080p
  0099 Mryglod Steel 1080p
• 0095 Fast Trucking nearly 70 years good at it
  0095 Fast Trucking nearly 70 years good at it
• 0046 City of Estevan This is Estevan Teaser
  0046 City of Estevan This is Estevan Teaser
• 0077 Caprice Resources Stand Up For Free Speech
  0077 Caprice Resources Stand Up For Free Speech
• 0061 SIMSA 2024 For Sask Buy Sask
  0061 SIMSA 2024 For Sask Buy Sask
• 0051 JML Hiring Pumpjack assembly
  0051 JML Hiring Pumpjack assembly
• 0049 Scotsburn Dental soft guitar
  0049 Scotsburn Dental soft guitar
• 0032 IWS Summer hiring rock trailer music
• 0022 Grimes winter hiring
• 0018 IWS Hiring Royal Summer
• 0013 Panther Drilling PO ad 03 top drive rigs
• 0002 gilliss casing services
  0002 gilliss casing services
• 9002 Pipeline Online 30 sec EBEX
  9002 Pipeline Online 30 sec EBEX
• 9001