Aug 2 (Reuters) - Canada's Imperial Oil (IMO.TO) , opens new tab on Friday reported a 68% jump in second-quarter profit, as the integrated oil firm was helped by higher crude prices and production.

Extension of a production cut by OPEC+, forecast of strong travel demand and hopes of interest rate cuts by the U.S. Federal Reserve helped lift crude prices nearly 7% in the April-June quarter compared to last year.

Upstream production rose 11.3% to 404,000 gross barrels of oil equivalent per day (boepd), its highest second-quarter production in over 30 years, after adjusting for the divestment of XTO Energy, the company said.

Separately, Imperial's majority shareholder and oil and gas major Exxon Mobil (XOM.N) , opens new tab beat Wall Street's expectations for second-quarter profit earlier in the day, helped by an increase in oil production.

The Calgary-based company said its net profit rose to C$1.13 billion ($814.30 million), or C$2.11 per share, in the quarter ended June 30, from C$675 million, or C$1.15 per share, last year.

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https://www.reuters.com/business/energy/imperial-oil-posts-higher-quarterly-profit-2024-08-02/