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The Globe and Mail

Imperial Oil results rise on strong market conditions

Bruce March, president and CEO of Imperial Oil, addresses the company's annual meeting in Calgary, Thursday, April 28, 2011.

Jeff McIntosh/Jeff McIntosh/THE CANADIAN PRESS

Major oil producer and refiner Imperial Oil's third-quarter profit more than doubled to $859-million as the company saw strong results from its Cold Lake and Syncrude oilsands operations.

Calgary-based Imperial said Thursday it earned $1.01 per share in the most recently concluded period, up from $418-million or 49 cents per share in the same period a year earlier.

"Strong market conditions were captured by our solid operating performance in the upstream, downstream and chemical sectors," president and CEO Bruce March said in a statement.

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"Another record quarterly production at Cold Lake and higher production at Syncrude contributed to an oil-equivalent production increase of five per cent over the third quarter of 2010. Less scheduled refinery downtime contributed to a significant improvement in downstream earnings in the third quarter compared to the second quarter of 2011."

Total revenues for the period rose to $7.9-billion from a year-before $5.9-billion. Cold Lake saw record quarterly production averaging 162,000 barrels a day, while Syncrude production Syncrude rose to 75,000 barrels from 66,000 barrels.

Analysts polled by Thomson-Reuters were on average expecting Imperial to earn 96 cents per share during the quarter and post revenues of about $8.2-billion.

Imperial, majority-owned by Houston-based energy heavyweight ExxonMobil Corp. , is in the midst of building its massive Kearl oilsands mine. The first 110,000-barrel-per day phase of that project is set to come on stream late next year.

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