Imperial Oil's Q1 Profit Drops, Upstream Output Rises

0:00It's May 1st. This is Canada News Today, driven by AI. Imperial oil just posted their first quarter-profit at $940 million, a drop from $1.29 billion in the same period. Last year, that breaks down to $1.94 per diluted share compared to $2.52 before. Revenue came in at $12.45 billion, slightly off from $12.52 billion a year ago. From the production side, upstream output averaged 419,000 gross oil equivalent barrels per day, edging up from 400, 18,000 barrels last year. Things held steady there, showing some resilience in their core operations. Refinery saw a lower throughput at 384,000 barrels per day, down from 397,000, with capacity. Utilization slipping to 88% from 91%. Those might feel the pinch from that dip in refining efficiency. The main culprits were unplanned downtime, and a key outage at Sincrood's Coker Unit,

1:03which mess with their synthetic crude feedstock supply. That kind of hiccup hits hard in a tight market. Overall, Imperial's navigating choppy waters, but steady upstream gains offer a silver lining as they push forward into the year.