This post was originally published on this site
Benchmark oil prices cooled from the 14-year highs they reached in the first half of 2022, but were still 9% higher year-over-year during the quarter as Western sanctions contained Russian supply and OPEC+ made steep cuts to production. [O/R]
Imperial said its upstream production for the fourth quarter averaged 441,000 gross oil-equivalent barrels per day (boepd), down from 445,000 boepd in the same quarter a year earlier.
The producer and refiner’s crude capacity utilization was 101%, its highest ever, resulting in total throughput of 433,000 barrels per day (bpd) for the fourth quarter.
Calgary-based Imperial reported net income of C$1.7 billion ($1.26 billion), or C$2.86 per share, for the three months ended Dec. 31, up from C$813 million or C$1.18 per share, a year earlier.
Imperial Oil’s majority shareholder, Exxon Mobil (NYSE:XOM), posted an annual profit of $59 billion earlier today, setting a record for the Western oil industry.
($1 = 1.3448 Canadian dollars)
