Imperial Oil Reports Strong Q1 EPS Growth, Record Bitumen Production At Kearl Site, Raises Quarterly Dividend By 14%

Imperial Oil Ltd IMO reported Q1 2023 EPS of C$2.13, higher than C$1.75 a year ago.
Net income rose to C$1.25 billion from C$1.17 billion a year ago, with strong operating performance across all businesses.
Total revenue stood at C$12.1 billion vs. C$12.7 billion a year ago.
Upstream production averaged 413,000 barrels of crude oil equivalent per day compared to 380,000 barrels of crude oil equivalent per day a year ago.
The record first quarter production at the Kearl site and improved production at Cold Lake and Syncrude sites benefited the upstream production.
Downstream throughput averaged 417,000 barrels per day (vs. 399,000 a year ago), with a capacity utilization rate of production of 96% and sales of petroleum products of 455,000 barrels per day (vs. 447,000 in the prior year).
Downstream business benefitted from the addition of the Dartmouth rail diesel facility.
Average bitumen realized prices fell by C$39.03 per barrel Y/Y to C$50.33 per barrel and synthetic crude oil sales price fell by C$14.79 per barrel Y/Y to C$102.45 in Q1 due to the continued widening of the WTI/WCS differential in January and February 2023.
Cash flow used in operating activities stood at C$(821) million (vs. cash generated by operating activities of C$1.91 billion a year ago) and includes an income tax catch-up payment of C$2.1 billion.
Capital and exploration expenditures rose to C$429 million from C$296 million a year ago.
Dividend: IMO raised its quarterly dividend by 14% to C$0.50 per share. The company paid C$266 million in dividends to shareholders in Q1.
Price Action: IMO shares are trading higher by 0.20% at $51.26 on the last check Friday.

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Comments