Imperial Oil 3Q Profit Climbs on Higher Bitumen Prices, Positive Market Conditions
By Adriano Marchese
Imperial Oil reported higher third-quarter profit, bolstered by higher bitumen prices and favorable market conditions, despite lower production and refinery throughput.
The energy company, majority-owned by ExxonMobil, on Friday posted net income of 2.45 billion Canadian dollars ($1.75 billion), or C$5.11 a share, up from C$539 million, or C$1.07 a share, in the comparable quarter a year ago, when it logged unfavorable identified items of $555 million.
Adjusted earnings, which excludes one-off items, came to C$5.11 a share. According to FactSet, analysts were expecting C$4.86 a share.
Total revenues and other income surged to C$16.21 billion from C$12.05 billion, in line with analyst forecasts.
The company noted that the quarter's results were driven by higher industry refining margins, higher bitumen realizations, and improved market conditions, which countered lower production and refinery throughput stemming from third-party pipeline outages and planned turnaround activities at its facilities.
Upstream production averaged 418,000 gross oil-equivalent barrels per day, compared with 462,000 barrels a day a year earlier.
Imperial noted that refinery throughput fell to 381,000 barrels of oil a day, with an 88% utilization, from 425,000 barrels a day and 98% utilization, largely due to planned turnaround at Sarnia, unplanned downtime and a third-party pipeline outage.
Due to the pipeline outage, the company expects its Kearl operations in Alberta to reach production of 280,000 barrels a day in 2026, of which 199,000 barrels will be Imperial's share.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 30, 2026 09:28 ET (13:28 GMT)
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