Imperial Oil Q3 Profit Soars; Boosts Dividend 29%

(RTTNews) - Imperial Oil Ltd. (IMO, IMO.TO) reported on Friday that third-quarter net income soared to C$2.03 billion or C$3.24 per share from C$908 million or C$1.29 per share in the prior-year quarter.

Excluding items, adjusted net income was $1.82 billion in the third quarter of 2022, up from $908 million in the same period of 2021.

Total revenues and other income for the quarter surged to C$15.22 billion from C$10.23 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of C$2.72 per share on revenues of C$18.82 billion for the quarter. Analysts' estimates typically exclude special items.

The company's production averaged 430,000 gross oil-equivalent barrels per day in the quarter, down from 435,000 barrels per day in the same period last year.

Upstream production for the quarter averaged 430,000 gross oil-equivalent barrels per day, driven by strong production at Kearl and Cold Lake. Downstream refining throughput averaged 426,000 barrels per day in the quarter, with capacity utilization of 100 percent, the highest quarterly utilization in over 40 years.

The company also declared a 29 percent higher quarterly dividend of 44 cents per share on the outstanding common shares of the company, payable on January 1, 2023, to shareholders of record at the close of business on December 2, 2022

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