CALGARY — Imperial Oil Ltd. raised its quarterly dividend by 20 per cent as it reported a fourth-quarter profit of $1.37 billion, down from $1.73 billion a year earlier.
The company said Friday shareholders will now receive a quarterly dividend payment of 60 cents per share, up from 50 cents per share.
The increased payment came as Imperial reported its profit amounted to $2.47 per diluted share for the quarter ended Dec. 31, down from a profit of $2.86 per diluted share a year earlier as it faced lower commodity prices.
“Our strong 2023 financial results were underpinned by solid operational performance across all of our businesses, highlighted by record production and substantial unit cost reductions at Kearl,” Imperial chairman and chief executive Brad Corson said in statement.
Revenue and other income totalled $13.11 billion, down from $14.45 billion in the last three months of 2022.
The company says upstream production in the quarter averaged 452,000 gross oil-equivalent barrels per day, up from 441,000 in the same period a year earlier.
Imperial said it was the highest quarterly production in over 30 years when adjusting for the sale of its stake in XTO Energy Canada in 2022.
Refinery throughput averaged 407,000 barrels per day compared with 433,000 barrels per day in the fourth quarter of 2022, while capacity utilization was 94 per cent compared with 101 per cent a year earlier.
The result followed the completion of a planned turnaround at Imperial’s refinery operations in Sarnia, Ont., that was finished ahead of schedule in October.
This report by The Canadian Press was first published Feb. 2, 2024.
Companies in this story: (TSX:IMO)
The Canadian Press
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