February 22nd, 2024

Imperial Oil reports Q4 profit down from year earlier, raises quarterly dividend

By The Canadian Press on February 2, 2024.

Imperial Oil Ltd. raised its quarterly dividend by 20 per cent as it reported a fourth-quarter profit of $1.37 billion, down from $1.73 billion a year earlier. An Imperial Oil logo is shown at the company's annual meeting in Calgary on Friday, April 28, 2017. THE CANADIAN PRESS/Jeff McIntosh

CALGARY – Imperial Oil Ltd. raised its quarterly dividend by 20 per cent as it reported a fourth-quarter profit of $1.37 billion, down from $1.73 billion a year earlier.

The company says shareholders will now receive a quarterly dividend payment of 60 cents per share, up from 50 cents per share.

The increased payment came as Imperial reported its fourth-quarter profit amounted to $2.47 per diluted share for the quarter ended Dec. 31, down from a profit of $2.86 per diluted share a year earlier as it faced lower commodity prices.

Revenue and other income totalled $13.11 billion, down from $14.45 billion in the last three months of 2022.

The company says upstream production in the quarter averaged 452,000 gross oil-equivalent barrels per day, up from 441,000 in the same period a year earlier.

Refinery throughput averaged 407,000 barrels per day compared with 433,000 barrels per day in the fourth quarter of 2022, while capacity utilization was 94 per cent compared with 101 per cent a year earlier.

This report by The Canadian Press was first published Feb. 2, 2024.

Companies in this story: (TSX:IMO)

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