IMO - Production Up Profit Down: Imperial Oil Navigates Seasonal Trends In Q1 | Benzinga
Imperial Oil Limited (NYSE:IMO) reported first-quarter FY24 EPS of C$2.23, higher than C$2.13 a year ago.
Net income declined to C$1.20 billion from C$1.25 billion a year ago, reflecting an expected seasonal decrease in Upstream production volume.
Total revenue and other income stood at C$12.3 billion vs. C$12.1 billion a year ago.
Upstream production averaged 421,000 gross oil-equivalent barrels per day, up from 413,000 gross oil-equivalent barrels per day a year ago. At Kearl asset, quarterly total gross production averaged 277,000 barrels per day (196,000 barrels Imperial’s share, the highest ever first-quarter production ...