Imperial Oil profit more than doubles on crude price rally

Oct 29 (Reuters) – Canada’s Imperial Oil Ltd (IMO.TO) said its third-quarter profit more than doubled from the prior quarter on Friday, boosted by a rally in global crude prices, higher output and increased demand for motor fuels.

Oil prices have rallied nearly 63% so far this year, with benchmark Brent crude near multi-year highs, fueled by a strong rebound in consumption as economies gradually open up post the pandemic, amid an ongoing global energy squeeze.

The company’s production stood at 435,000 barrels of oil equivalent per day, up about 8% from the second quarter.

Imperial said throughput at its refineries averaged 404,000 barrels per day, compared with 332,000 bpd in the second quarter.

Capacity utilization was 94%, the highest quarterly number in nearly three years.

Calgary-based Imperial, which is majority-owned by Exxon Mobil Corp (XOM.N), said its net income rose to C$908 million ($735.34 million), or C$1.29 per share, in the quarter ended Sept. 30, from C$366 million, or 50 Canadian cents per share, in the second quarter.

($1 = 1.2348 Canadian dollars)