Canadian oil company Imperial Oil posted its highest-ever first-quarter earnings on Friday, driven primarily by stronger margins in its refining and fuel sales business. Imperial's strong results come amid a broader rebound in North American refining margins,

Imperial Oil Ltd. reported a first-quarter profit of $1.29 billion, up from $1.20 billion in the same quarter last year. The company says the profit amounted to $2.52 per diluted share for the quarter ended March 31, up from $2.23 per diluted share a year earlier.

Canadian producer Imperial Oil booked a higher net income for the first quarter from a year earlier as industry refining margins improved.