High Oil Prices and Limited Supplies Boost Imperial Oil’s Q4 Profit

On Tuesday, Canadian oil company Imperial Oil Ltd. announced a larger profit for the company’s fourth quarter when compared to the same period a year ago, mainly due to higher energy prices and limited global supply.

Imperial Oil generated $1.7 billion, or $2.86 per share, for the quarter that ended Dec. 31, up from $813 million, or $1.18 per share, last year.

As International sanctions restricted Russian supply and OPEC+ made significant cuts in output, benchmark oil prices fell from the 14-year highs they hit in the first half of 2022. However, they were 9% higher year-over-year for the quarter.

According to Imperial Oil, their upstream production averaged 441,000 gross oil-equivalent barrels per day (boepd) for the fourth quarter, down from 445,000 boepd during the same quarter in last year.

The company’s crude capacity utilization was 101%, its best ever, resulting in fourth-quarter throughput of 433,000 bpd.

Original source material for this article taken from here