Imperial Oil reports $1.2B Q1 profit, revenue up from a year ago
Imperial Oil Ltd. pushed its Kearl oilsands project to record production for its first quarter as it continues to ramp up output ahead of the opening of the Trans Mountain pipeline expansion.
The company averaged production of 277,000 barrels per day at the project, up about seven per cent from the same quarter last year.
“I'm very pleased to report that we sustained the strong operating momentum from the past several quarters,” chief executive Brad Corson told analysts on a conference call discussing the company's latest results on Friday.
Overall, Imperial's production rose by a more modest two per cent from last year to an average of 421,000 oil-equivalent barrels per day in its latest quarter as both Cold Lake and Syncrude saw production drop. Output was also off its highest-ever production of the equivalent of 452,000 barrels per day last quarter, due mostly to seasonal factors, Corson said.
Imperial, majority-owned by U.S. giant Exxon Mobil, has been working for some time to improve productivity and lower costs at Kearl, which is located north of Fort McMurray, Alta.
A major piece of that work was Imperial's multi-year effort to convert its entire fleet of heavy haul mining trucks at Kearl to fully autonomous operation. The company announced the completion of the initiative last fall.
The ramp up comes as the May 1 scheduled commercial start date for the Trans Mountain expansion approaches, which is helping lower the discount on Canadian crude, Corson said.
The narrowing differential between the U.S. benchmark WTI crude price and Canadian WCS helped offset a softening in oil prices, he said.
“A key factor is the approaching start up of TMX, which will provide significant additional capacity for egress out of the western Canadian basin,” Corson said.
The production and pricing changes led to a first quarter profit of $1.20 billion, down from its best-ever first quarter last year that had profits of $1.25 billion.
The company said the profit amounted to $2.23 per diluted share for the quarter ended March 31, up from $2.13 per diluted share in its first quarter last year when it had more shares outstanding.
Total revenue and other income amounted to $12.28 billion, up from $12.12 billion in its first quarter of 2023.
Refinery throughput for the quarter averaged 407,000 barrels per day, down from 417,000 barrels per day in the first quarter of 2023, while refinery capacity utilization was 94 per cent, down from 96 per cent.
This report by The Canadian Press was first published April 26, 2024.
CTVNews.ca Top Stories
Former homicide detective explains how police will investigate shooting outside Drake's Bridle Path mansion
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
Federal government grants B.C.'s request to recriminalize hard drugs in public spaces
The federal government is granting British Columbia's request to recriminalize hard drugs in public spaces, nearly two weeks after the province asked to end its pilot project early over concerns of public drug use.
Testifying in hush money trial, adult film actor Stormy Daniels describes first meeting Trump
Stormy Daniels took the witness stand Tuesday at Donald Trump's hush money trial, describing for jurors a sexual encounter the porn actor says she had in 2006 that resulted in her being paid off to keep silent during the presidential election 10 years later.
MPs agree Canadian gov't should improve new disability benefit
The federal government needs to safeguard the incoming Canada Disability Benefit from clawbacks and do more to ensure it actually meets the stated aim of lifting people living with disabilities out of poverty, MPs from all parties agree.
King Charles too busy to see son Prince Harry during U.K. trip
Prince Harry will not be seeing his father King Charles during his current visit to Britain as the monarch will be too busy, Harry's spokesperson said on Tuesday.
Boy Scouts of America changing name for first time in 114 years, aiming for inclusivity
The Boy Scouts of America is changing its name for the first time in its 114-year history and will become Scouting America. It's a significant shift as the organization emerges from bankruptcy following a flood of sexual abuse claims and seeks to focus on inclusion.
opinion Tom Mulcair: Trudeau's handling of Poilievre's 'wacko' House turfing a clear sign of Liberal desperation
When Speaker Greg Fergus tossed out Pierre Poilievre from the House last week, "those of us who have experience as parliamentarians simply couldn't believe our eyes," writes former NDP leader Tom Mulcair in his column for CTVNews.ca
Security guard shot, seriously injured outside of Drake's Toronto mansion
A security guard working at Drake’s Bridle Path mansion in Toronto was seriously injured in a shooting outside the residence early Tuesday morning, police said.
Katy Perry's mom was fooled by AI images of the singer at the Met Gala
Katy Perry did not attend the Met Gala on Monday, but some of the singer’s fans – and even her mom – thought she did.