Imperial Oil quarterly profit more than doubles amid tighter energy supply

Oct 28 (Reuters) – Imperial Oil Ltd (IMO.TO) reported a jump in third-quarter profit on Friday, on the back of higher energy prices amid tighter global supplies.

Oil companies are posting record profits amid higher prices and tight supplies on output cut decisions that were taken during the COVID-19 pandemic, as well as market disruption from the war in Ukraine.

Crude prices have recently cooled from 14-year peaks touched earlier in 2022, but were still more than 30% higher year-over-year during the quarter.

Imperial, which is majority owned by Exxon Mobil Corp (XOM.N), said its upstream production for the third quarter averaged 430,000 gross oil-equivalent barrels per day (boepd), up from 413,000 boepd in the second quarter.

The company also said its downstream quarterly refining throughput averaged 426,000 barrels per day (bpd), with capacity utilization of 100%, its highest in over 40 years.

The Calgary, Alberta-based company’s net earnings rose to C$2.03 billion ($1.49 billion), or C$3.24 per share, in the three months ended Sept. 30, from C$908 million, or C$1.29 per share, a year earlier.

($1 = 1.3603 Canadian dollars)