Imperial Oil reports Q1 profit up from year ago, raises quarterly dividend

CALGARY –

Imperial Oil Ltd. is elevating its quarterly dividend as it reported it earned $1.25 billion in its first quarter, up from $1.17 billion in the identical quarter a 12 months earlier.

The firm says it can now pay a quarterly dividend of fifty cents per share, up from 44 cents per share.

The elevated cost to shareholders comes as the corporate says its revenue amounted to $2.13 per diluted share for the quarter ended March 31, up from $1.75 per diluted share a 12 months earlier.

Total income and different earnings amounted to $12.12 billion, down from $12.69 billion within the first three months of 2022.

Production averaged 413,000 gross oil-equivalent barrels per day, up from 380,000 in the identical quarter final 12 months.

Meanwhile, refinery throughput averaged 417,000 barrels per day, up from 399,000 a 12 months in the past, as refinery capability utilization rose to 96 per cent in contrast with 93 per cent a 12 months earlier.

“Imperial’s strong financial results in the first quarter were underpinned by sustained high utilization rates across our refining network, as well as record first quarter production at Kearl that was supported by enhanced winter operating procedures,” stated Brad Corson, Imperial’s chairman, president and chief govt.

“Our strong operating performance ensured Imperial was well positioned to maximize value capture from the current business environment.”

This report by The Canadian Press was first revealed April 28, 2023