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
- 0080 Turnbull Clarence 25 years0080 Turnbull Clarence 25 years
- 0078 LHOS 20240078 LHOS 2024
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0076 Latus only0076 Latus only
- 0063 Turnbull Excavating hiring crusher0063 Turnbull Excavating hiring crusher
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0058 Royal Helium Steveville opens anonymous rocket0058 Royal Helium Steveville opens anonymous rocket
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 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 services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001