- Imperial Oil Ltd (NYSE:IMO) reported Q1 2023 EPS of C$2.13, higher than C$1.75 a year ago.
- Net income rose to C$1.25 billion from C$1.17 billion a year ago, with strong operating performance across all businesses.
- Total revenue stood at C$12.1 billion vs. C$12.7 billion a year ago.
- Upstream production averaged 413,000 barrels of crude oil equivalent per day compared to 380,000 barrels of crude oil equivalent per day a year ago.
- The record first quarter production at the Kearl site and improved production at Cold Lake and Syncrude sites benefited the upstream production.
- Downstream throughput averaged 417,000 barrels per day (vs. 399,000 a year ago), with a capacity utilization rate of production of 96% and sales of petroleum products of 455,000 barrels per day (vs. 447,000 in the prior year).
- Downstream business benefitted from the addition of the Dartmouth rail diesel facility.
- Average bitumen realized prices fell by C$39.03 per barrel Y/Y to C$50.33 per barrel and synthetic crude oil sales price fell by C$14.79 per barrel Y/Y to C$102.45 in Q1 due to the continued widening of the WTI/WCS differential in January and February 2023.
- Cash flow used in operating activities stood at C$(821) million (vs. cash generated by operating activities of C$1.91 billion a year ago) and includes an income tax catch-up payment of C$2.1 billion.
- Capital and exploration expenditures rose to C$429 million from C$296 million a year ago.
- Dividend: IMO raised its quarterly dividend by 14% to C$0.50 per share. The company paid C$266 million in dividends to shareholders in Q1.
- Price Action: IMO shares are trading higher by 0.20% at $51.26 on the last check Friday.
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