Imperial Oil Has Good 3rd Quarter
CBJ — Energy company Imperial Oil earned just under $750 million in its fiscal third quarter, marking a two-fold increase in profit from 2017.
In fact, the profit works out to 94 cents per share for the quarter ending Sept. 30, compared with a profit of $371 million or 44 cents per share for the same quarter last year.
Imperial’s downstream division, which includes refining and sales, pulled in $502 million compared with $292 million for the third quarter last year.
Downstream profits were up despite a $33-million impairment charge related to the Ontario government’s revocation of its cap and trade carbon emission regulations.
The company also hit record gross production of 244,000 barrels per day at its Kearl oilsands operation, a 20% increase from the previous record.