Imperial Oil 2Q Profit Rises on Crude Price, Supply Volatility

Dow Jones07-31

Imperial Oil's second-quarter profit surged thanks to crude oil supply volatility and higher prices caused by the conflict in the Middle East, offsetting decreased production.

The Canadian energy company posted a jump in net income to 2.19 billion Canadian dollars ($1.56 billion), or C$4.52 a share, up from C$949 million, or C$1.86 a share, in the comparable quarter a year ago.

Imperial Oil benefited from higher prices and volatility of crude oil caused by the war and subsequent tensions in the Middle East, where the U.S. and Israel came into conflict with Iran.

Cash flows from operating activities came to C$2.7 billion, up from C$1.47 billion a year earlier.

Total revenues rose to C$16.06 billion from C$11.23 billion the prior year, topping expectations of C$15.51 billion.

Upstream production fell to 414,000 barrels of oil equivalent a day, down from 427,000 barrels a day, due to lower volumes.

The company refined 331,000 barrels a day, down from 376,000 barrels a day a year earlier due to lower capacity utilization.

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