Imperial Oil profits decline in Q2 driven by lower refining margins, maintenance work

Brad Corson, Imperial’s president and CEO and Simon Younger, Sr. VP of Upstream visited Cold Lake where they saw Imperials our newest plant – Nabiye. Nabiye has been producing since 2015 and will be key to its Grand Rapids project. Twitter/Imperial Oil.

CALGARY — Imperial Oil Ltd. reported it earned $675 million in its second quarter, down from $2.41 billion in the same quarter a year earlier, driven by lower refining margins and planned maintenance work.

The company says its profit amounted to $1.15 per diluted share for the quarter, down from $3.63 per diluted share a year earlier, while total revenue and other income amounted to $11.82 billion, down from $17.31 billion for the same period in 2022.

Production averaged 363,000 gross oil-equivalent barrels per day, down from 413,000 in the same quarter last year.

Meanwhile, refinery throughput averaged 388,000 barrels per day, compared with 412,000 a year ago, as refinery capacity utilization fell to 90 per cent compared with 96 per cent a year earlier.

Imperial chairman, president and chief executive Brad Corson says the company’s Strathcona Renewable Diesel project, which will be Canada’s largest renewable diesel facility, passed a significant milestone in May with contractors starting construction work.

He says it remains on track for a 2025 startup and is expected to produce more than one billion litres of renewable diesel annually.

This report by The Canadian Press was first published July 28, 2023.

Companies in this story: (TSX:IMO)

The Canadian Press

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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