(Calgary) Imperial Oil posted second-quarter profit of $675 million on Friday, down from $2.41 billion in the same period last year, which it attributed to a decline its refining margins and planned maintenance activities.
The company’s earnings per share were $1.15 for the quarter, compared with $3.63 in the prior second quarter, while total revenue reached $11.82 billion, compared with 17 .31 billion in the same period last year.
Meanwhile, refinery throughput fell to 388,000 barrels per day from 412,000 barrels per day last year, and capacity utilization fell to 90% from a was 96% in the previous second quarter.
Imperial Oil President and CEO Brad Corson said the Strathcona Renewable Diesel Project, which will become the largest renewable diesel complex in the country, has reached an important milestone, with major contractors beginning in may the construction of the complex.
According to Corson, the project is on track to start in 2025 and is expected to produce more than one billion liters of renewable diesel per year.