Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

Imperial Oil beats profit estimates on stronger refining margins

By Reuters News

Oct 30 (Reuters) - Canadian energy company Imperial Oil IMO.TO beat Wall Street estimates for third quarter adjusted profit on Friday, as stronger refining margins drove a sharp increase in downstream earnings, offsetting lower crude production.

The Iran war has disrupted energy exports through the Strait of Hormuz, while attacks on Middle Eastern and Russian infrastructure have tightened global fuel supplies, widening refining margins across integrated producers.

The disruptions have pushed up prices of diesel, gasoline and jet fuel relative to crude oil, widening refining margins.

Benchmark Brent crude averaged about $89.27 per barrel during the July-to-September quarter, up more than 31% from a year earlier.

Imperial's third-quarter downstream earnings climbed to C$1.56 billion ($1.12 billion) from C$444 million a year earlier, reflecting improved refining margins and a more favorable product mix.

https://www.reuters.com/graphics/IMPERIALOIL-RESULTS/SHARES/jnvwoomgdvw/chart.png

Total throughput volumes, or the amount of crude processed, fell to 381,000 barrels per day during the third quarter from 425,000 bpd a year ago, hurt by unplanned downtime, a third-party pipeline outage and planned turnaround activity.

Petroleum product sales rose to 474,000 barrels per day from 464,000 bpd a year earlier, driven by higher export sales.

Quarterly upstream production averaged 418,000 gross barrels of oil equivalent per day (boepd), lower than 462,000 gross boepd a year earlier, due to lower production and planned turnarounds at its three Alberta assets.

The company also reduced its 2026 production target for its Kearl oil sands mine to 280,000 gross bpd, citing the impact of third-party disruptions earlier in the year.

Imperial, which is majority owned by US oil major ExxonMobil XOM.N, returned C$2.51 billion to shareholders through dividends and share buybacks during the quarter.

The Calgary, Alberta-based company posted an adjusted net income of C$5.11 per share for the quarter ended September 30, beating analysts' average estimate of C$4.70 per share, according to data compiled by LSEG.

($1 = 1.3959 Canadian dollars)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.
The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.
To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.
 

Cryptocurrency-related content is intended solely as news and market commentary. Crypto Derivatives are not available to Retail clients registered with Capital Com (UK) Ltd.