08:53 AM EST, 01/31/2025 (MT Newswires) -- Imperial Oil ( IMO ) was at last look up near 0.8% in US premarket trade on Friday as it recorded a big earnings beat for the fourth quarter, and increased its dividend by 20% to reflect confidence in its plans as the company enters 2025.

While the company's net income fell to $1.225 billion, or $2.37 per share, from $1.365 billion, or $2.47 per share, it still easily beat the FactSet consensus estimate of $2.02 per share.

Among other highlights, capital expenditures declined to $423 million from $469 million; it had cash flows from operating activities of $1,789 million and cash flows from operating activities excluding working capital of $1,650 million.

IMO reported Kearl quarterly production of 299,000 total gross oil-equivalent barrels per day (212,000 barrels Imperial's share), and highest-ever full year total gross production of 281,000 barrels per day (200,000 barrels Imperial's share). It also reported Cold Lake quarterly production of 157,000 gross oil-equivalent barrels per day and full year production of 148,000 barrels per day, supported by strong Grand Rapids performance.

Also it had quarterly Upstream production of 460,000 gross oil-equivalent barrels per day, and highest annual production in over 30 years of 433,000 barrels per day; and "strong" Downstream operating performance with refinery capacity utilization of 95% for the quarter and 92% for the year, at the high end of guidance.

"Our robust financial results in 2024 were driven by outstanding operational performance. I'm proud of Imperial's ability to deliver on all of its 2024 volume commitments including a new annual production record at Kearl. Downstream and Cold Lake performances were both at the upper end of our guidance, which was supported by excellent turnaround execution and strong Grand Rapids production," said Brad Corson, Imperial Oil's ( IMO ) chairman, president and CEO.

The company declared a cash dividend of $0.72 per share, increasing 20% from $0.60 per share.

"Our 20% increase in the dividend reflects confidence in our plans as we enter 2025 with strong operational momentum underpinned by upstream production growth, strong downstream utilization and a continued focus on expense reduction," Corson said.