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Imperial Oil Ltd. saw a significant spike in net income in its second quarter, which reached $1.13 billion.
The Calgary-based company says those results compared with a net income of $675 million a year prior.
The increase seen in the period ended June 30 amounted to earnings of $2.11 per share on a diluted basis compared with $1.15 per share in the second quarter of 2023.
Total revenue and other income totalled $13.38 billion, up from $11.82 billion a year prior.
Imperial says production averaged 404,000 gross oil-equivalent barrels per day in the quarter, up from 363,000 a year earlier.
Refinery throughput for the quarter averaged 387,000 barrels per day, compared with 388,000 barrels per day a year prior.
This report by The Canadian Press was first published Aug. 2, 2024.
Comments
In 2023, the Government of Canada provided at least $18.553 billion in financial support to fossil fuel and petrochemical companies. This includes $8 billion in loan guarantees for the TransMountain expansion pipeline, $7.339 billion in public financing through crown corporation Export Development Canada, and over $1.3 billion for carbon capture and storage projects. Subsidies for carbon capture are likely to increase significantly in 2024.
Over the last four years, the federal government's total financial support to the oil and gas industry was at least $65 billion. That level of support could have fully funded every major wind and solar project in Canada from 2019-2021 twelve times over....Environmental Defence
Time for the greedy pigs at Imperial Oil to pay back some of that subsidy to the Canadian tax payers.