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Imperial Oil posts higher Q1 profit of $946M, revenues also go up

CALGARY - Imperial Oil Ltd. (TSX:IMO) says it earned a first-quarter net profit of $946 million, or $1.11 per share, up 19 per cent from $798 million, or 94 cents per share, in the same quarter in 2013.

Revenue and other income increased to $9.22 billion compared with $8.01 billion year-over-year for Canada's largest petroleum refiner.

Gross production averaged 330,000 oil-equivalent barrels per day, up 46,000 barrels versus 2013, primarily due to production from its Kearl oil sands project.

Imperial Oil said its first-quarter capital and exploration expenditures totalled $1.2 million, primarly at Kearl and Cold Lake Nabiye projects, which are heading toward completion.

In March, Calgary-based announced it had agreed to sell some of its producing oil and gas assets in Western Canada for $855 million to Whitecap Resources Inc. (TSX:WCP).

The Canadian Press

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