IMO:CC - Imperial Oil opens lower after mixed Q1; Kearl output hits all-time Q1 high

2023-04-28 09:57:11 ET

• Imperial Oil ( NYSE: IMO ) -2.2% in early trading Friday after reporting Q1 GAAP earnings that rose and revenues that fell compared to the year-earlier quarter.
• Q1 net income edged up to C$1.25B (~US$918.2M), or C$2.13/share, including ~C$150M of favorable foreign exchange effects, from C$1.17B, or C$1.75/share, a year ago, but revenues fell 4.5% Y/Y to C$12.1B, with declines across upstream and downstream operations.
• Q1 production rose nearly 9% to 413K gross boe/day from 380K in the same period last year, including output at the Kearl oil sands operation of 259K bbl/day, the highest-ever for a Q1 and up from 186K a year ago due to improved winter operating performance.
• Q1 refinery throughput increased 4.5% Y/Y to 417K bbl/day from 399K a year earlier, and refinery capacity utilization climbed to 96% from 93% in the same period last year.
• Imperial ( IMO ) raised its quarterly dividend to C$0.50/share from C$0.44/share.

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