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Canada’s Imperial Oil Ltd. on Friday reported quarterly profit that more than doubled as production volumes rose and the company earned more from refining crude.

The company, which is majority owned by Exxon Mobil, has seen refining margins rise as cost of heavy crude has become cheaper compared with U.S. benchmark prices.

Net income from refining jumped 72 per cent to $502-million, while that from its chemicals business rose about 33 per cent in the quarter.

The company reported a net profit of $749-million, or 94 cents per share, in the third quarter ended Sept. 30, from $371-million, or 44 cents per share, a year earlier.

Imperial said gross production rose to 393,000 barrels of oil equivalent per day (boe/d) from 390,000 boe/d, a year earlier.

Parent Exxon’s quarterly profit topped analysts’ estimates on Friday, helped by higher prices received for its oil and natural gas.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 27/03/24 4:00pm EDT.

SymbolName% changeLast
IMO-T
Imperial Oil
+0.21%93.29
IMO-A
Imperial Oil Ltd
+0.07%68.65
XOM-N
Exxon Mobil Corp
+1.04%114.97

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