Imperial Oil Q4 Profit Declines, But Tops Estimates; Declares Dividend

(RTTNews) - Imperial Oil Ltd. (IMO, IMO.TO) reported on Friday that fourth-quarter net income declined to C$1.37 billion or C$2.47 per share from C$1.73 billion or C$2.86 per share in the prior-year quarter.

Total revenues and other income for the quarter decreased to C$13.11 billion from C$14.45 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of C$2.09 per share on revenues of C$14.96 billion for the quarter. Analysts' estimates typically exclude special items.

The company's production averaged 452,000 gross oil-equivalent barrels per day in the quarter, down from 441,000 barrels per day in the same period last year.

Separately, the company declared a 20 percent higher quarterly dividend of 60 cents per share on the outstanding common shares of the company, payable on April 1, 2024, to shareholders of record at the close of business on March 4, 2024.

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