Imperial Oil 4Q Profit Down as Crude Price Slides

By Adriano Marchese

Imperial Oil profit fell sharply in the fourth quarter as lower crude oil prices dragged in the period.

The integrated energy company posted on Friday a decline in net income to 492 million Canadian dollars ($364.7 million), or C$1.00 a share, down from C$1.23 billion, or C$2.37 a share, in the comparable quarter a year ago.

Imperial Oil said that the decline was largely due to lower upstream realizations, as the price of crude oil decreased from the previous quarter due to global supply outpacing demand which led to the company building up its inventory.

The company also noted that the price gap between Canadian heavy oil and U.S. crude widened because demand for heavy crude dipped at this time of year while supplies of Western Canadian Select--a critical heavy crude oil benchmark--or WCS, increased.

Adjusted earnings were C$1.97 a share. According to FactSet, analysts were expecting C$1.88 a share.

Cash flows from operating activities rose to C$1.92 billion, up from C$1.79 billion.

Upstream production in the quarter was 444,000 gross oil-equivalent barrels per day, missing analyst forecasts of 462,000 barrels a day.

Downstream refinery capacity utilization was at 94%. Downstream throughput in the quarter averaged 408,000 barrels a day, affected by the planned turnaround and additional maintenance at Sarnia, in its eastern manufacturing hub, it said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

January 30, 2026 08:48 ET (13:48 GMT)