By Robb M. Stewart
Imperial Oil's shares advanced Friday after the Canadian energy company's fourth-quarter production topped expectations and it boosted shareholder returns with a 20% increase to the quarterly dividend.
In morning trading, the shares were 2.9% higher at C$78.80 and outperforming a 0.7% decline for Toronto's benchmark S&P/TSX index. In New York, the stock was 2.5% stronger at $58.61.
The Exxon Mobil-controlled oil and gas's upstream production averaged 452,000 gross oil-equivalent barrels a day in the final three months of last year, up from 441,000 barrels a day a year earlier and ahead of the 441,200 barrels the market was expecting.
Net income fell to 1.37 billion Canadian dollars ($1.02 billion) from C$1.73 billion the year before, while revenue was down 9.3% at C$13.11 billion but ahead of the C$13.09 billion mean forecast of analysts polled by FactSet.
Imperial's dividend for the first quarter of this year will rise to C$0.60, equal to $2.40 a year and represents an annual yield of about 3.1% based on Thursday's closing price.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
02-02-24 1032ET