Imperial Oil posts 68 per cent jump in quarterly profit

Imperial Oil IMO-T on Friday reported a 68% jump in second-quarter profit, as the integrated oil firm was helped by higher crude prices and production.

Extension of a production cut by OPEC+, forecast of strong travel demand and hopes of interest rate cuts by the U.S. Federal Reserve helped lift crude prices nearly 7% in the April-June quarter compared to last year.

Upstream production rose 11.3% to 404,000 gross barrels of oil equivalent per day (boepd), its highest second-quarter production in over 30 years, after adjusting for the divestment of XTO Energy, the company said.

Separately, Imperial’s majority shareholder and oil and gas major Exxon Mobil beat Wall Street’s expectations for second-quarter profit earlier in the day, helped by an increase in oil production.

The Calgary-based company said its net profit rose to C$1.13 billion ($814.30 million), or C$2.11 per share, in the quarter ended June 30, from C$675 million, or C$1.15 per share, last year.