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 in the asset’s history),
Downstream throughput averaged 407,000 barrels daily, reflecting Nanticoke’s highest first-quarter throughput. Refinery capacity utilization was 94%, and petroleum product sales were 450,000 barrels daily.
Average bitumen realized prices increased to C$66.56 per barrel from C$50.33 a year ago, and synthetic crude oil sales price declined to C$93.51 from C$102.45 the prior year.
Operating cash flow stood at C$1.08 billion, and capital and exploration expenditures came in at C$496 million in the quarter.
Dividend: The company paid C$278 million in dividends to shareholders in the quarter.
Imperial declared a second-quarter dividend of C$0.60 per share, payable on July 1 to shareholders of record as of June 3.
In March, the company said that the regulatory filings began for the proposed Pathways Alliance carbon capture and storage project, starting with transportation network applications.
Brad Corson, chairman, president and chief executive officer, said, “The regulatory applications represent an important milestone. Our industry has an important role to play in the energy transition, and Imperial remains well positioned to continue pursuing strategic opportunities to reduce emissions, provide economic benefits for local and Indigenous communities and deliver value for our shareholders.”
Also Read: IEA Slashes Oil Demand Forecast: Electric Vehicles and Slowdown Put Brakes on Growth
Price Action: IMO shares are trading lower by 0.60% at $70.84 at the last check Friday.
Photo via Shutterstock
