Imperial Oil beats profit estimates on stronger refining margins

The Calgary-based company reported net income of $5.11 per share for the third quarter, above analysts' average estimate of $4.70.

Downstream earnings, up from $444 million

1.56 $ billion

Downstream earnings climbed to $1.56 billion from $444 million a year earlier, offsetting lower oil production.

What is behind it

The Iran war has disrupted energy exports through the Strait of Hormuz, and attacks on Middle Eastern and Russian energy infrastructure have tightened supplies. That pushed up prices of diesel, gasoline and jet fuel relative to crude.