Imperial Oil second quarter profit soars amid higher production and energy prices

CALGARY — Imperial Oil Ltd. recorded a meteoric rise in profit in its latest quarter amid soaring energy prices and higher production.

The Calgary-based company says its net income in the second quarter was $2.41 billion or $3.63 per share, more than six times higher than the $366 million or 50 cents per share it recorded in the same period of 2021. 

Total revenue and other income in the three months ended June 30 amount to $17.31 billion, compared with $8.05 billion last year. 

Imperial says its upstream production was 413,000 gross oil equivalent barrels per day, the highest second quarter in more than 30 years.

The company also announced a third quarter dividend of 34 cents per share.

Brad Corson, Imperial’s chairman, president and CEO, says the company’s results are underpinned by an ongoing focus on safe and reliable operations and commodity price strength.

This report by The Canadian Press was first published July 29, 2022.

Companies in this story: (TSX:IMO)

The Canadian Press