By Amanda Stephenson

Third Quarter Results

“What a difference a year makes”: Imperial Oil posts 30-year high Q3 production

Oct 31, 2021 | 9:26 AM

CALGARY – Imperial Oil Ltd.’s chief executive lauded “what a difference a year makes” as the Calgary-based company reported its highest third-quarter production in more than 30 years against a backdrop of surging oil prices.

Brad Corson, who is also the company’s chair and president, said in a conference call with analysts Friday that Imperial’s third quarter profit of $908 million amounted to $1.29 per diluted share for the quarter ended Sept. 30 compared with a profit of $3 million or zero cents per diluted share in the same quarter last year.

Revenue and other income totalled $10.23 billion, up from $5.96 billion a year ago.

The company set a number of records or near-records in the quarter. Its Kearl oilsands mine near Fort McMurray averaged 274,000 barrels per day of production, the facility’s second highest-ever quarterly production.

Net income from Imperial’s chemical business was $121 million, the highest quarterly net income in over 30 years. Chemical net income through the first nine months of 2021 was $297 million, exceeding the previous record set in 2018.

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Imperial’s shares lost $3.20 or 7.1 per cent to $41.90 in Friday trading on the Toronto Stock Exchange, up more than 86 per cent since the start of the year and up nearly 50 per cent since pre-pandemic levels at the beginning of March 2020.

(The Canadian Press)