Imperial Oil (IMO: Quote, IMO.TO) said first quarter profit rose to C$1.02 billion or C$1.19 per share from C$781 million or C$0.91 per share last year.
Earnings in the first quarter were higher than the same quarter in 2011 primarily due to stronger industry refining margins of about C$150 million and higher liquids realizations of about C$115 million. These factors were partially offset by higher royalty costs of about C$55 million and lower Syncrude volumes of about C$30 million.
On average, 9 analysts polled by Thomson Reuters expected the company to report earnings of C$1.00 per share. Analysts' estimates typically exclude special items.
Revenues and other income grew to C$7.53 billion from C$6.87 billion a year ago. Analysts expected revenues of C$7.59 billion.
Bruce March, chairman, president and chief executive officer of Imperial Oil, commented,
"Imperial Oil's earnings in the first quarter of 2012 were C$1,015 million, up 30 percent from the first quarter of 2011. Strong operating performance in all business segments allowed us to capture the benefits of both higher liquids realizations and strong mid-continent refining margins in the quarter..."
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by RTT Staff Writer
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