Imperial Oil expects higher upstream and downstream volumes in Q4 2026
IMO•Imperial Oil expects higher upstream and downstream volumes in Q4 2026 and says its Woodland pipeline outage lasted 18 days, curtailing refinery throughput by about 12,000 barrels per day during the quarter.
1. Q4 operating outlook
Imperial Oil expects higher upstream and downstream volumes in Q4 2026, reaffirmed its full-year downstream guidance range and said Kearl is positioned for a record run in the quarter, with a winter mining strategy in place.
2. Outage and projects
The company said a transformer failure at the Woodland pipeline caused an outage that temporarily halted production in Q3. The outage lasted 18 days and curtailed refinery throughput by about 12,000 barrels per day in the quarter. Imperial Oil’s CEO said the company is considering moving up the Aspen project’s final investment decision date to earlier this decade.
3. Capital and other updates
Imperial Oil said it is on track to complete its normal course issuer bid by year-end and return more surplus cash in early 2027. It also said Aspen, Clark Creek and Corner could help double gross upstream output over time, and that Kearl has no major turnarounds scheduled for 2027 or 2028.
