(Adds details on the results, CEO comment)
April 28 (Reuters) - Canada's Imperial Oil Ltd reported a first-quarter profit on Friday that beat analysts'
estimate, as higher production and refining throughput offset
easing of energy prices from last year's high levels.
Demand for fuel and refined products have remained robust
amid tight crude supplies. Signs of slowing inflation and
optimism around China's reopening have also lifted fuel demand.
"Imperial's strong financial results in the first quarter
were underpinned by sustained high utilization rates across our
refining network, as well as record first-quarter production at
(oil sand mine) Kearl," said Chief Executive Officer Brad
Corson.
The company's crude capacity utilization stood at 96%,
resulting in a total throughput of 417,000 thousand barrels per
day (bpd) for the reported quarter, higher than 399,000 bpd a
year earlier.
Refining margins remained high due to low inventory levels
of petroleum products, the company added.
Imperial, majority-owned by Exxon Mobil Corp , said
first-quarter upstream production averaged 413,000 gross barrels
of oil equivalent per day (boepd), up from 380,000 boepd.
The company also raised its quarterly dividend by 14% to 50
Canadian cents per share.
On an adjusted basis, the company earned C$2.13 cents per
share in the quarter, compared with estimates of C$1.94,
according to Refinitiv data.
Imperial also added monitoring at Kearl oil sands mine
continues to show there have been no impacts to local drinking
water sources and there is no indication of impact to wildlife.
Industrial wastewater containing toxins including arsenic
and dissolved iron has been seeping from tailings ponds at Kearl
since at least May last year.
($1 = 1.3646 Canadian dollars)
(Reporting by Ankit Kumar in Bengaluru; Editing by Krishna
Chandra Eluri)
