Imperial Oil Q2 Profit Soars
(RTTNews) - Imperial Oil Ltd. (IMO, IMO.TO) reported on Friday that second-quarter net income soared to C$2.41 billion or C$3.63 per share from C$366 million or C$0.50 per share in the prior-year quarter.
Total revenues and other income for the quarter soared to C$17.31 billion from C$8.05 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of C$1.41 per share on revenues of C$6.8 billion for the quarter. Analysts' estimates typically exclude special items.
The company's production averaged 413,000 gross oil-equivalent barrels per day in the quarter, highest second quarter in over 30 years, up from 401,000 barrels per day in the same period of 2021.
Upstream production for the quarter averaged 413,000 gross oil-equivalent barrels per day, the highest second quarter in over 30 years, and downstream throughput averaged 412,000 barrels per day in the quarter, with refinery capacity utilization at 96 percent, , fourth consecutive quarter above 90 percent.
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