Advertisement
Canada

Imperial Oil reports first quarter profit down from year ago, raises dividend

A flare stack lights the sky from the Imperial Oil refinery in Edmonton on December 28, 2018. THE CANADIAN PRESS/Jason Franson.
A flare stack lights the sky from the Imperial Oil refinery in Edmonton on December 28, 2018. THE CANADIAN PRESS/Jason Franson.

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.

READ MORE: Crude-by-rail exports fall in January as Alberta started production cuts

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.

READ MORE: Crude by rail volumes fall as Calgary-based Imperial Oil cuts Alberta shipments

Rich Kruger, Imperial’s chairman and chief executive, says Alberta’s mandatory production curtailment order significantly affected the company’s financial performance.

Story continues below advertisement

Kruger says improved upstream realizations were more than offset by reduced downstream margins.

Global News Redesign Global News Redesign
A fresh new look for Global News is here, tell us what you think
Take a Survey

Sponsored Stories