Imperial Oil beats profit estimates on stronger refining margins
IMO•Imperial Oil reported third-quarter net income of C$5.11 per share, above analysts’ average estimate of C$4.70. Downstream earnings rose to C$1.56 billion from C$444 million a year earlier as refining margins improved.
1. Quarterly results
Imperial Oil reported net income of C$5.11 per share for the quarter ended September 30, beating analysts’ average estimate of C$4.70 per share. Stronger refining margins drove a sharp increase in downstream earnings, offsetting lower oil production.
2. Refining earnings rise
Third-quarter downstream earnings climbed to C$1.56 billion from C$444 million a year earlier, reflecting improved refining margins and a more favorable product mix. Disruptions to energy exports through the Strait of Hormuz and attacks on energy infrastructure in the Middle East and Russia tightened global fuel supplies, pushing up diesel, gasoline and jet fuel prices relative to crude oil.
