Canada’s Imperial Oil Ltd (IMO.TO) reported higher fourth-quarter profit on Tuesday, helped by increased refining margins amid elevated energy prices and tight global supplies.

Calgary-based Imperial, which is majority-owned by Exxon Mobil Corp (XOM.N), reported net income of C$1.7 billion, or C$2.86 cents per share, for the three months ended Dec. 31, up from C$813 million or C$1.18 per share, a year earlier.