Imperial Oil Beats Profit Estimates
Imperial Oil posted a third quarter profit beat driven by stronger refining margins that offset lower crude production. Surging fuel prices boosted downstream earnings significantly. The company also returned capital to shareholders through buybacks.
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Imperial Oil posted an adjusted net income of C$5.11 per share for the third quarter, beating the average analyst estimate of C$4.70 per share. The Canadian energy producer capitalized on surging global refining margins that offset lower crude production volumes during the period. The earnings beat underscores how Middle Eastern and Russian infrastructure disruptions have tightened worldwide fuel supplies and widened product spreads.
