Imperial Oil Posts Higher Q2 Profit on Crude Price Swings and Supply Disruptions

Deep News07-31 21:02

Imperial Oil reported a significant surge in second-quarter profit, driven by crude supply volatility and price increases linked to Middle East conflicts, which offset a decline in production. The Canadian energy company posted net earnings of C$2.19 billion (approximately US$1.56 billion), or C$4.52 per share, compared to C$949 million (C$1.86 per share) in the same period last year.

The company benefited from crude price increases and volatility stemming from the Middle East war and subsequent tensions, including conflicts involving the US and Israel with Iran. Cash flow from operating activities stood at C$2.7 billion, up from C$1.47 billion a year earlier.

Total revenue rose to C$16.06 billion from C$11.23 billion in the prior year, surpassing expectations of C$15.51 billion. Upstream production fell to 414,000 barrels of oil equivalent per day, down from 427,000 barrels per day last year, due to lower output. Refinery throughput decreased to 331,000 barrels per day from 376,000 barrels per day as capacity utilization declined.

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