The Imperial Oil logo is shown at the company's annual meeting in Calgary on April 28, 2017. THE CANADIAN PRESS/Jeff McIntosh
Imperial Oil Ltd. announced a profit of $1.20 billion for the first quarter, a slight decline from the $1.25 billion recorded in the same period last year. This translated to $2.23 per diluted share, compared to $2.13 per diluted share in the previous year's first quarter, primarily due to a higher number of shares outstanding last year.
Total revenue and other income for the quarter stood at $12.28 billion, showing a modest increase from $12.12 billion in the first quarter of 2023. The company reported an average production of 421,000 gross oil-equivalent barrels per day, a slight uptick from 413,000 barrels per day in the corresponding period the previous year.
However, refinery throughput experienced a decrease, averaging 407,000 barrels per day compared to 417,000 barrels per day in the first quarter of 2023. Refinery capacity utilization also saw a decline to 94 percent from 96 percent in the same period last year.
Overall, Imperial Oil's first-quarter performance indicates a stable financial position, albeit with some fluctuations in production and refining activities.
