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Imperial Oil Posts $516M Profit in First Quarter

Fort McMurray, AB, Canada / MIX 103.7
Imperial Oil Posts $516M Profit in First Quarter


Imperial Oil is starting 2018 off on the right foot.

In their first-quarter update in April, the oil giant posted a profit of $516 million.

This is an increase year-over-year as their net earnings for 2017 were $333 million.

Their Kearl mine, north of Fort McMurray, produced around 182,000 barrels per day – down from their 2018 expectations of 200,000.

Imperial notes with the additions of supplemental crushing capacity and flow distribution interconnects they’re expecting production to increase to 240,000 bbls/d by 2020.

As for Syncrude, the company averaged 65,000 bbls/d with their share – a decrease of roughly 1,000 barrels in the same period of 2017.