Canadian oil producer Imperial Oil posted a fall in fourth-quarter profit on Friday, as lower crude prices offset higher production and stronger refinery-capacity utilization.
Benchmark crude prices fell 3% in 2024.
The company still raised its quarterly dividend by 20% to between 60 and 72 Canadian cents per share.
Imperial’s upstream production for the October-December quarter was 460,000 gross barrels of oil equivalent per day (boepd), compared with 452,000 gross boepd during the same period last year.
Total throughput volumes, or the amount of crude processed, were up nearly 1% at 411,000 barrels per day (bpd). Refinery utilization stood at 95%, compared with 94% last year.
The Calgary, Alberta-based company said its net income fell to C$1.23 billion ($849.39 million), or C$2.37 per share, in the quarter ended Dec. 31, from C$1.37 billion, or C$2.47 per share, last year.
Imperial Oil is majority owned by U.S. oil and gas major Exxon Mobil.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Devika Syamnath)