Imperial Oil reports Q4 profit down from year earlier

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Imperial Oil Ltd. raised its quarterly dividend by 20 per cent because it reported a fourth-quarter revenue of $1.37 billion, down from $1.73 billion a yr earlier.

The corporate stated Friday shareholders will now obtain a quarterly dividend fee of 60 cents per share, up from 50 cents per share.

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The elevated fee got here as Imperial reported its revenue amounted to $2.47 per diluted share for the quarter ended Dec. 31, down from a revenue of $2.86 per diluted share a yr earlier because it confronted decrease commodity costs.

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“Our robust 2023 monetary outcomes have been underpinned by stable operational efficiency throughout all of our companies, highlighted by document manufacturing and substantial unit value reductions at Kearl,” Imperial chairman and chief govt Brad Corson stated in assertion.

Income and different revenue totalled $13.11 billion, down from $14.45 billion within the final three months of 2022.

The corporate says upstream manufacturing within the quarter averaged 452,000 gross oil-equivalent barrels per day, up from 441,000 in the identical interval a yr earlier.

Imperial stated it was the very best quarterly manufacturing in over 30 years when adjusting for the sale of its stake in XTO Power Canada in 2022.

Refinery throughput averaged 407,000 barrels per day in contrast with 433,000 barrels per day within the fourth quarter of 2022, whereas capability utilization was 94 per cent in contrast with 101 per cent a yr earlier.

The end result adopted the completion of a deliberate turnaround at Imperial’s refinery operations in Sarnia, Ont., that was completed forward of schedule in October.

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