Oil & Gas
Imperial Oil exceeds profit forecasts as the crude rally boosts earnings
Imperial Oil, a Canadian oil company, more than doubled its second-quarter profits and beat Wall Street's estimates on Friday. A surge in crude oil prices helped offset lower oil sands production and the impact of planned refinery maintenance. Cenovus also reported a dramatic jump in its quarterly profit earlier this week and increased its production outlook. Higher crude prices boosted Canada's oil-sands industry despite output restrictions due to maintenance. Geopolitical tensions and uncertainty in the Middle East boosted oil prices, while global fuel supply disruptions improved refinery margins. The higher benchmark crude prices helped Imperial's realized prices. Synthetic crude realizations...