reported higher fourth-quarter profit on Tuesday compared with a year earlier, helped by elevated energy prices and tight global supplies.
Benchmark oil prices cooled from the 14-year highs they reached in the first half of 2022, but were still 9 per cent higher year-over-year during the quarter as Western sanctions contained Russian supply and OPEC+ made steep cuts to production. Imperial said its upstream production for the fourth quarter averaged 441,000 gross oil-equivalent barrels per day , down from 445,000 boepd in the same quarter a year earlier.
The producer and refiner’s crude capacity utilization was 101 per cent, its highest ever, resulting in total throughput of 433,000 barrels per day for the fourth quarter. Calgary-based Imperial reported net income of C$1.7-billion , or C$2.86 per share, for the three months ended Dec. 31, up from C$813-million or C$1.18 per share, a year earlier.
Good. It is a business after all and employs 5500 people in Canada, not counting all the businesses that are supported by its existence.
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Source: TerraceStandard - 🏆 24. / 68 Read more »