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IMO Reports Q3 2025 Net Income of C$1,094 Million Excluding Identified Items

GoAI StockTrace
GoAI StockTrace
October 31, 2025

Imperial Oil (IMO.CA) reported estimated net income of C$539 million for the third quarter of 2025. Excluding identified items, estimated net income reached C$1,094 million, a decrease of 13.18% year-over-year from C$1,237 million in Q3 2024, but up from C$949 million in Q2 2025. This non-GAAP result exceeded the analyst EPS estimate of C$1.44, with an adjusted EPS of C$2.17, which represents a -6.87% decrease year-over-year from C$2.33 in Q3 2024. Cash flows from operating activities were C$1,798 million for the quarter.

 

Strong Operating Performance and Production Records

Imperial's operations delivered strong results across all segments, with Upstream achieving its highest quarterly production in over 30 years, reaching 462,000 gross oil-equivalent barrels per day. Kearl recorded its highest-ever quarterly total gross production averaging 316,000 barrels per day (224,000 barrels Imperial's share), driven by improved reliability and recovery.

 

Downstream operations also demonstrated robust performance, with refinery throughput averaging 425,000 barrels per day, resulting in an overall refinery capacity utilization of 98%. This represents an increase from 389,000 barrels per day and 90% utilization in Q3 2024, primarily due to lower turnaround impacts.

 

Strategic Restructuring and Shareholder Returns

During the quarter, Imperial returned C$1,835 million to shareholders through dividend payments and share repurchases under the accelerated normal course issuer bid (NCIB) program. The company declared a fourth-quarter dividend of C$0.72 per share.

 

In late September, Imperial announced restructuring plans to further improve performance by centralizing additional corporate and technical activities in global business and technology centers. These plans are designed to leverage advancing technology and global capability centers to maximize the value of existing assets, enhancing the company’s foundation for future growth and delivering long-term shareholder value.