Canada's Imperial Oil Q3 revenue misses expectations on higher commodity prices
IMO•Imperial Oil reported third-quarter revenue of C$16.21 billion, below the C$19.06 billion analyst estimate, while net income was C$2.45 billion. The company returned C$2.5 billion to shareholders through dividends and buybacks.
1. Quarterly results
Imperial Oil's third-quarter revenue missed analyst expectations. Net income rose sharply year over year to C$2.45 billion, and earnings per share were C$5.11. The company said higher commodity prices and downstream volumes primarily drove the increase in net income; investment in its Strathcona refinery's renewable diesel facility also contributed to downstream earnings.
2. Operations and outlook
Unplanned downtime, a pipeline outage and planned turnarounds reduced refinery throughput and utilization. Imperial targets 2026 gross production of 280,000 barrels per day at Kearl, expects Strathcona refinery utilization to improve by year end, and anticipates completing accelerated share repurchases under its NCIB by year end.
