Imperial Oil (IMO.TO) rose 2.8% at last look Friday in NYSE American pre-market trading as the company reported higher net income in the first quarter.
The company posted net income of $1.29 billion, or $2.52 per share, increasing from $1.20 billion, or $2.23 per share, and above the analysts' consensus earnings per share estimate of $2.17 compiled by FactSet.
Revenue rose to $12.52 billion from $12.28 billion, below analysts' forecast of $13.46 billion.
"Imperial delivered strong financial results in the first quarter, highlighting the resilience of our integrated business model," said Brad Corson, chairman and CEO.
The company produced 418,000 gross barrels of oil equivalent per day (boe/d), falling from 421,000 boe/d.
"The Upstream business continued to benefit from improved egress and narrower heavy oil differentials, while our Downstream profitability continued to reflect the structural advantages of the Canadian market," Corson said.
Imperial Oil declared a dividend of $0.72 per share in the second quarter, payable July 1 to shareholders of record on June 4.
The company said it plans to renew its normal course issuer bid in June.
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