Imperial Announces 2018 Financial and Operating Results

Imperial Oil (TSX:IMO) announced 2018 financial and operating results.

Estimated full-year 2018 net income was $2,314 million, including strong fourth quarter results of $853 million despite a volatile business environment. 2018 results compare with net income of $490 million in 2017, which included upstream non-cash impairment charges of $566 million.

As quoted in the press release:

“Imperial has taken a strategic approach to increase downstream earnings with continued efforts to process more price-advantaged crudes and to increase process unit utilization and overall reliability. Additionally, we have achieved petroleum product sales levels not seen in decades, and now lead the industry in retail volumes,” said Rich Kruger, chairman, president and chief executive officer.

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