Imperial Oil reported Thursday that it earned almost $3.19 billion in 2007, the highest profit in the company's history, topping the previous record of $3.04 billion set a year earlier.
The company cited higher crude oil prices, stronger industry refining and marketing margins, favourable refinery operations and higher volumes from the Syncrude oilsands, in which it has a 25 per cent ownership stake. It also had higher gains from asset divestments.
Fourth-quarter earnings were $886 million, or 96 cents per share, up from $794 million, or 83 cents per share, for the same period a year ago.
"Overall, improving operations, a strong price environment and record production at both Cold Lake and Syncrude contributed to record earnings and shareholder returns that well exceeded the energy equity index," CEO Tim Hearn said in a release.
"Furthermore, progress was made on a number of fronts during the year: the balance sheet was strengthened and long-term investment opportunities were advanced, including regulatory approval for the proposed Kearl Oil Sands project and the addition of major acreage positions," Hearn said.
Annual revenue was $25 billion for 2007, up from $24.5 billion the previous year.
Calgary-based Imperial Oil, a subsidiary of ExxonMobil, is Canada's largest integrated oil company.
Shares of Imperial were up 65 cents or 1.3 per cent to $49.80 in afternoon trading on the TSX.
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