Imperial Oil Ltd. (IMO.TO,IMO) Friday announced a surge in second quarter earnings compared to the prior year, supported by higher upstream production and other businesses, resulting in revenue growth, compared to the prior year. The company declared quarterly dividend of C$0.60 cents per share.
Quarterly earnings stood at C$1.133 billion or C$2.11 per share, compared to C$675 million or C$1.15 per share last year.
Revenue for the quarter increased to C$13.383 billion from C$11.819 billion in the previous month.
The company noted that the Upstream production in the second quarter averaged 404,000 gross oil-equivalent barrels per day, the highest second quarter production in over 30 years. At Kearl, quarterly total gross production averaged 255,000 barrels per day with, 181,000 barrels Imperial's share. The gross production at Cold Lake averaged 147,000 barrels per day, including about 3,000 barrels per day from Grand Rapids Phase 1.
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