Imperial Oil Ltd. has raised its dividend as it reported a fourth-quarter profit compared with a loss a year ago tied to a billion-dollar non-cash charge.
The Calgary-based oil company increased its quarterly dividend by 26 per cent to 34 cents a share, up from 27 cents a share.
The company says it earned net income of $813 million or $1.18 per diluted share for the quarter ended Dec. 31, compared with a net loss of $1.15 billion or $1.56 per share in the same period of 2020.
Imperial says total revenue and other income amounted to $12.3 billion, up from $6.03 billion.
Overall production in the quarter averaged 445,000 gross oil-equivalent barrels per day, down from 460,000 barrels per day in the same period of 2020.
The company says the decreased production was primarily driven by extreme cold weather in December.
“This past year demonstrated the strength of Imperial’s integrated business model and the value we have created through structural cost reductions, relentless focus on reliable operations and capital-efficient growth in our core businesses,” Imperial chairman, president and CEO Brad Corson said in a statement.
Last year, Imperial Oil took a $1.17-billion non-cash charge in its fourth quarter related to Canadian unconventional natural gas assets it didn’t think it would ever develop.
This report by The Canadian Press was first published Feb. 1, 2022.
