Imperial Oil Limited (TSX:IMO) reported a first quarter profit beat on Friday with lower upstream realizations and refining margins offset by higher output and strong refining performance. The Calgary, Alberta-based petroleum company reported a net profit of $1.25 billion or $2.13 per share, up from $1.17 billion or $1.75 per share in the same quarter in 2022. Analysts had been expecting earnings per share of $1.94, according to Refinitiv. Production averaged 413,000 gross-oil equivalent barrels per day with capacity utilization of 96%, up from 380,000 in the same quarter a year earlier.