Imperial Oil quarterly profit nearly triples on surging crude prices

div classBodysc17zpet90 cdBBJodivpReuters – Imperial Oil Ltd on Friday reported firstquarter profit that nearly tripled, as the Canadian oil major benefited from soaring oil prices.p

pDuring the quarter, global crude prices soared to their highest in nearly 14 years as sanctions on major oil exporter Russia over its invasion of Ukraine fueled concerns about already tight supplies.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pImperial, which is majorityowned by Exxon Mobil Corp, said its quarterly gross upstream production averaged 380,000 oilequivalent barrels per day boepd, down from 432,000 boepd a year earlier when it recorded its highest firstquarter production in 30 years.p

pThe Canadian oil company said its production took a hit from extreme cold weather and unplanned downtime at Kearl, Imperials huge oil sands mine in northern Alberta.p

pTotal gross production at Kearl averaged 186,000 boepd.p

pThe Calgary, Albertabased company posted net earnings of C1.17 billion 917.94 million, or C1.75 per share, from C392 million 307.55 million, or 53 Canadian cents per share, a year ago. The company said this was its highest firstquarter earnings in over 30 years.p

pImperials results mirror those of its rival Cenovus Energy Inc. Cenovus posted a sevenfold jump in quarterly profit that surpassed Wall Street estimates and nearly tripled its dividend.p

p1 1.2746 Canadian dollars