Imperial Oil Q2 Earnings Surge by 68%

Canadian producer Imperial Oil saw its net profit soar by 68% in the second quarter from year-ago levels as the highest second-quarter production in over 30 years and narrowing Canadian crude price discounts to the U.S. benchmark more than offset weaker refining results. Imperial Oil, majority owned by U.S. supermajor ExxonMobil, reported on Friday a net income of US$818 million (C$1.133 billion) for the second quarter, up from US$488 million (C$675 million) for the second quarter of 2023. Cash flow from operating activities also jumped as Imperial…