Imperial Oil Q1 Profit Triples

(RTTNews) - Imperial Oil Ltd. (IMO, IMO.TO) reported on Friday a first-quarter net income of C$1.17 billion or C$1.75 per share, the highest first quarter in over 30 years, sharply up from C$392 million or C$0.53 per share in the prior-year quarter.

Total revenues and other income for the quarter soared to C$12.69 billion from C$7.0 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of C$1.87 per share on revenues of C$13.53 billion for the quarter. Analysts' estimates typically exclude special items.

The company's production averaged 380,000 gross oil-equivalent barrels per day in the quarter, down from 432,000 barrels per day in the same period of 2021.

Upstream production for the first quarter averaged 380,000 gross oil-equivalent barrels per day and downstream throughput averaged 399,000 barrels per day in the first quarter, with utilization at 93 percent.

The company also said it plans to initiate a substantial issuer bid returning up to C$2.5 billion to shareholders in the second quarter of 2022.