Climate: Guilbeault puts pressure on oil companies who announce big profits

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Climate: Guilbeault puts pressure on oil companies announcing big profits

Imperial has increased its dividend by 29% after the announcement of a profit of 2 billion dollars in the 3rd quarter.

Steven Guilbeault expects oil companies to announce record profits for the third quarter of 2022.

Environment Minister Steven Guilbeault sent a clear message to oil companies to invest their profits in clean technologies as one of these companies, Imperial, announced that it had doubled its profits.

Canadians see these profits and like us, they want to see them reinvested in developing a cleaner energy sector, not in buying back shares and sharing dividends, the minister said in a video posted on his social networks.

Steven Guilbeault says commitments from the six biggest oil companies to spend $24 billion on emissions reduction projects are a good start, but he wants to see concrete investments now.

The oil companies united under the name New Ways Alliance notably plan to establish a carbon capture and storage project, but the investment decision has not yet been taken more than a year after their association.

Steven Guilbeault's message comes as oil companies announce their third quarter financial results.

Thanks to high oil prices and strong production and refining returns, the Imperial posted net income of more than $2 billion, more than double its profit in the same period in 2021.

The company increased its dividend to shareholders by 29%. It also announced its intention to repurchase up to $1.5 billion in stock to further increase its value.

Paying a reliable and growing dividend and returning excess cash to shareholders remains a priority for us, Imperial Oil chairman and CEO Brad Corson said in a statement. .

The company's debt has been reduced by a billion dollars, notably thanks to the sale of its XTO Energy Canada asset to Whitecap Resources.

The company recalled its commitment to the New Routes Alliance as well as its project to build a renewable diesel complex near Edmonton. However, the funds for this project have not yet been released.

Other Canadian oil companies such as Suncor, Cenovus and Canadian Natural Resources will announce their financial results next week.< /p>

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