Imperial Oil’s quarterly profit nearly triples as company sees boost from soaring crude prices

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Imperial posted net earnings of $1.17-billion, or $1.75 per share, from $392-million, or 53 cents per share, a year ago

on Friday reported first-quarter profit that nearly tripled, as the Canadian oil major benefited from soaring oil prices.

During the quarter, global crude prices soared to their highest in nearly 14 years as sanctions on major oil exporter Russia over its invasion of Ukraine fuelled concerns about already tight supplies., said its quarterly gross upstream production averaged 380,000 oil-equivalent barrels per day , down from 432,000 boepd a year earlier when it recorded its highest first-quarter production in 30 years.

The Canadian oil company said its production took a hit from extreme cold weather and unplanned downtime at Kearl, Imperial’s huge oil sands mine in northern Alberta.The Calgary, Alberta-based company posted net earnings of $1.17-billion, or $1.75 per share, from $392-million, or 53 cents per share, a year ago. The company said this was its highest first-quarter earnings in over 30 years..

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and we are surprised?

Foreign oil company makes huge profit, Canadian bootlickers cheer!

oligarchs supported by the government. cafreeland JustinTrudeau theJagmeetSingh

This should be highly illegal, we should not allow companies to make these kinds of profits by gouging everyone in the process.

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