Imperial Oil Raises Its Quarterly Dividend 26%
The Calgary-based oil producer said that its board of directors has approved a quarterly dividend payment of 34 cents per share from the current payment of 27 cents. The new dividend takes effect on April 1.
The dividend hike came along with quarterly results that showed Imperial Oil's cash flow in the fourth quarter soared to $1.63 billion from $316 million a year earlier. Meanwhile, the company swung to a net profit of $813 million from a net loss of $1.15 billion in the previous year.
On a per-share basis, Imperial Oil earned $1.18 per share. Analysts who cover the company, on average, were anticipating $1.36 in per-share earnings.
In a news release, Imperial Oil said its fourth-quarter production averaged 445,000 of oil-equivalent barrels per day, compared to 460,000 barrels per day a year earlier.
The company said production at the Kearl oil sands mine fell in the quarter due to extreme cold weather. Likewise, weather and unscheduled maintenance held back output at the Syncrude oil sands operations, where Imperial owns a 25% stake.
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