Imperial Oil announced today that sky rocketing earnings have pushed second quarter profits up by 55% to $837 million dollars.

The Calgary based oil company is sighting “high oil prices” coupled with “increased refining margins and lower taxes” for the huge jump in profits. 

According to Imperial Oil’s president and CEO Tim Hearn, a drop in exploration expenditure of $70 million (compared to the same period last year), also helped provide Imperial with such a healthy bottom line.

Background
Imperial Oil is one of Canada's largest producers of crude oil and natural gas and is also the country's largest refiner and marketer of petroleum products, sold primarily under the Esso and Mobil brand names.