High oil prices helped Imperial Oil (IMO) post its biggest profit in over 30 years during the first
quarter.
The Calgary-based oil producer said it earned $1.17 billion, or $1.75 per share, for the quarter
ended March 31, up from a profit of $392 million, or $0.53 per share, a year earlier.
Total revenue and other income amounted to $12.69 billion, up from $7 billion in the first three
months of 2021, as oil prices rose above $100 per barrel due to the war in Ukraine and global
market concerns about energy security.
However, production at Imperial Oil’s massive Kearl oilsands mine significantly missed analyst
expectations, as the company struggled with harsh winter conditions in northern Alberta. The
Kearl mine produced an average of 380,000 gross oil-equivalent barrels per day in Q1, down
from 432,000 in the same period of 2021.
Imperial Oil also announced plans to buyback up to $2.5 billion of its common shares this year.
And the company provided an update on the marketing of its interests in XTO Energy Canada,
which it owns jointly with ExxonMobil Canada (XOM). Through XTO, Imperial Oil owns more
than 260,000 hectares of assets in the Montney and Duvernay oil and gas-producing areas of
central Alberta.
Net production from these assets is about 140 million cubic feet of natural gas per day and
9,000 barrels of crude oil, condensate and natural gas liquids per day.
Imperial said refinery throughput averaged 399,000 barrels per day, up from 364,000 in the first
quarter of last year. Capacity utilization was 93%, up from 85% a year earlier.
