Imperial Oil Limited (TSX:IMO) reported a first quarter profit beat on Friday with lower upstream realizations and refining margins offset by higher output and strong refining performance.
The Calgary, Alberta-based petroleum company reported a net profit of $1.25 billion or $2.13 per share, up from $1.17 billion or $1.75 per share in the same quarter in 2022. Analysts had been expecting earnings per share of $1.94, according to Refinitiv.
Production averaged 413,000 gross-oil equivalent barrels per day with capacity utilization of 96%, up from 380,000 in the same quarter a year earlier. This included record first quarter production at its Kearl asset of 259,000 gross barrels per day, Imperial Oil noted.
The company also raised its quarterly dividend to $0.50 per share, up 14% compared to $0.44 per share in the first quarter.
"Imperial’s strong financial results in the first quarter were underpinned by sustained high utilization rates across our refining network, as well as record first quarter production at Kearl that was supported by enhanced winter operating procedures," Imperial CEO Brad Corson said in a statement.
"Our strong operating performance ensured Imperial was well positioned to maximize value capture from the current business environment.”
Shares of Imperial Oil slid lower following its results, down 0.8% at C$68.94.
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