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Canada’s Imperial Oil shares rose on Friday as investors focused on plans to renew share buybacks, despite quarterly earnings slumping 72% year-on-year as maintenance activity hit production amid a drop in energy prices. Imperial, majority-owned by Exxon Mobil, joined global peers in reporting a decline in second-quarter profits after oil prices fell in the second quarter, pressured by a banking crisis in which several large lenders failed and fears of a looming recession crimped demand. The Calgary-based company’s earnings, however, met or exceeded analysts’ expectations, and painted an optimistic picture for the second half of the year. Top business headlines, all in one place RELATED STORIES S&P/TSX composite rises Friday on energy, tech gains, U.S. markets also rise Enbridge’s pipeline construction in Minnesota ruptured an aquifer. Officials say it’s the 4th time Economy grew in May despite wildfire effects, looks to have slowed in June: StatCan Canada plans to finalize emissions cap by mid-2024, minister says Shell earnings top US $5B. But that’s nearly half what it pulled in months ago Ottawa reveals conditions for allowing future fossil fuel subsidies The information you need to know, sent directly to you: Download the CTV News App "While we still have […]
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