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The Imperial Oil logo is shown at the company’s annual meeting in Calgary, Friday, April 28, 2017. Article content Imperial Oil Ltd. reported it earned $675 million in its second quarter, down from $2.41 billion in the same quarter a year earlier, driven by lower refining margins and planned maintenance work. Article content The company says its profit amounted to $1.15 per diluted share for the quarter, down from $3.63 per diluted share a year earlier, while total revenue and other income amounted to $11.82 billion, down from $17.31 billion for the same period in 2022. Article content Production averaged 363,000 gross oil-equivalent barrels per day, down from 413,000 in the same quarter last year. Meanwhile, refinery throughput averaged 388,000 barrels per day, compared with 412,000 a year ago, as refinery capacity utilization fell to 90 per cent compared with 96 per cent a year earlier. Imperial chairman, president and chief executive Brad Corson says the company’s Strathcona Renewable Diesel project, which will be Canada’s largest renewable diesel facility, passed a significant milestone in May with contractors starting construction work. He says it remains on track for a 2025 startup and is expected to produce more than one billion […]
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