Imperial Oil profits soar during the second quarter on asset sales

CALGARY – Imperial Oil Ltd. (TSX:IMO) says its second-quarter profits soared as it brought in proceeds from asset sales.

The Calgary-based oil and gas firm, majority owned by U.S. major ExxonMobil Corp., said net income was $1.23 billion during the second quarter, up from $327 million a year earlier.

On a per-share basis, the profit amounted to $1.45 per share, up from 38 cents.

During the quarter, Imperial booked a $478-million gain from selling its interests in several conventional producing assets.

Gross production was up about four per cent to 287,000 barrels of oil equivalent per day.

Production from Imperial’s Kearl oilsands mine averaged 73,000 barrels per day during the second quarter. The numbers were dragged down by a period of planned maintenance in April, but by June rates were up to 85,000 barrels per day — still shy of the mine’s planned 110,000-barrel-per-day capacity.

A project to expand Kearl by another 110,000 barrels per day is about 90-per cent complete and tracking ahead of schedule, Imperial said.