Imperial Oil reports $392M first-quarter profit, raises quarterly dividend

Imperial Oil raises dividend

Imperial Oil Ltd. had a first-quarter profit of $392 million compared, with a loss of $188 million a year earlier, and has raised its dividend.

The company says it will pay a quarterly dividend of 27 cents per share, up from 22 cents.

The increased payment to shareholders came as Imperial says its profit amounted to 53 cents per diluted share for the quarter ended March 31 compared with a loss of 25 cents per share a year ago.

Revenue totalled nearly $7 billion for the quarter, up from $6.69 billion in the first three months of 2020.

Imperial says production averaged 432,000 gross oil-equivalent barrels per day,, its highest first-quarter production in 30 years and up from 419,000 barrels per day in the same period of 2020.

Refinery throughput averaged 364,000 barrels per day, compared with 383,000 a year earlier.

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