Imperial Posts $196M Second Quarter Profit

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Imperial Posts $196M Second Quarter Profit

Imperial Oil posted a strong profit in the second quarter of 2018.

The Calgary-based company earned $196 million in the last four months – compared to the net loss of $77 million in the same period of 2017.

As for production, the oil giant’s upstream gross oil-equivalent was 336,000 barrels per day, while refinery throughput averaged 363,000 barrels per day.

"Completion of the heavy maintenance schedule in the second quarter positions the company for strong operational performance in the second half of 2018," said Rich Kruger, chairman, president and chief executive officer.

Imperial says progress activities to enhance future operations continued last quarter, including construction to add supplemental crushing capacity at its Kearl site – north of Fort McMurray.
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