Imperial Oil Ltd. raised its dividend nearly 16 per cent as it reported that its first-quarter profit fell compared with a year ago.
The Calgary-based energy company says it will now pay a quarterly dividend of 22 cents per share, up from 19 cents.
The increased payment to shareholders came as Imperial reported a profit of $293 million or 38 cents per diluted share for its first quarter.
That compared with a profit of $516 million or 62 cents per share in the same quarter last year.
Kruger says improved upstream realizations were more than offset by reduced downstream margins.