Imperial Oil Higher 2Q Production Drives Profit, Revenue
By Adriano Marchese
Imperial Oil profit rose as higher production drove revenue growth in the second quarter.
The Exxon Mobil-controlled Canadian energy company on Friday posted net income of 1.13 billion Canadian dollars ($814.5 million), or C$2.11 a share, up from C$675 million, or C$1.15 a share, in the comparable quarter a year ago.
According to FactSet, analysts were expecting C$1.96 a share.
Total revenue rose to C$13.38 billion from C$11.82 billion, ahead of analyst expectations of a rise to C$13.13 billion.
Imperial Oil reported average upstream production of 404,000 gross oil-equivalent barrels per day, up from 363,000 barrels a day a year earlier. Petroleum product sales were 470,000 barrels per day, down from 475,000 barrels a day.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
August 02, 2024 09:42 ET (13:42 GMT)
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