“We've spent a lot of time in this country saying no to pipelines. “Canada could provide some catalyst to producing more of the oil the world desperately needs but we just don't have to take away capacity,” said McTeague. In Calgary, gas analyst Dan McTeague, president of Canadians for Affordable Energy predicts a seven-cent per litre increase at the pumps as of Saturday. Production averaged 380,000 gross oil-equivalent barrels per day in the quarter, down from 432,000 in the same period of 2021 due to extreme cold weather and unplanned downtime at the Kearl oil sands mine.Īnd if you thought being a billion dollars in the black over one quarter might spare motorists at the pumps, think again. Total revenue and other income amounted to $12.69 billion, up from $7 billion in the first three months of 2021. The company also announced plans to buy back up to $2.5 billion of its common shares. says it posted its highest first-quarter profit in over 30 years as it earned $1.17 billion, boosted by higher oil prices. With the price of a litre at the Calgary pump poised to jump this weekend, Imperial Oil Ltd.