CALGARY — Imperial Oil Ltd. says it earned $366 million at the time of the quarter and a higher production to its point in 25 years for the same period.
The Calgary-based company says it earned 50 cents according to the consistent percentage in the quarter ended June 30, at a net loss of $526 million or 72 cents consistent with the consistent percentage in the same period in 2020.
However, its earnings from the time of the quarter declined to the first quarter of 2021, when it earned $758 million. Its cash flows from operating activities at the time of the quarter were $852 million, to $1,050 million in the first quarter of 2021.
Imperial attributed the decline to planned restructuring activity, declining margins and exchange rates.
The company claims that its production for the quarter time averaged 401,000 boe consistent with the day, producing the quarter moment in more than 25 years. It says its Kearl oil sands mine in northern Alberta ended a significant expected change in the quarter and also set a new monthly production record of 311,000 boe consistent with the day in June.
Imperial says the lingering effects of the weak business environment in 2020 and the COVID-19 pandemic continued to have a negative effect on the company’s monetary effects in the early part of 2021, but even stronger crude oil costs mean the outlook is improving.
“Imperial’s decisive steps in the pandemic to drive the company’s structural innovations have allowed the company to recover strongly,” Chief Executive Officer Brad Corson said in a statement.
“Imperial is enjoying significant momentum heading into this part of the year and is well placed to continue to deliver on its commitments. “
West Texas Intermediate averaged US$62. 22 consistent with the barrel in the first six months of 2021, versus US$36. 66 consistent with the barrel in 2020.
Corson says that with the primary changes at Kearl and the company’s Strathcona refinery completed, Imperial can expand production, expand refinery use and return cash to shareholders.
This report through The Canadian Press was first published on July 30, 2021.
Companies in this story: (TSX: IMO)