Imperial Oil Limited reported its financial results for the third quarter of 2025, revealing a net income of CAD 539 million, a decrease from CAD 1,237 million in the same quarter of 2024. The company's revenues for the quarter were CAD 11.994 billion, down from CAD 13.215 billion year-over-year. For the nine months ending September 30, 2025, Imperial's total revenues were CAD 35.668 billion, compared to CAD 38.812 billion in the previous year. The decline in revenue and profitability was attributed to lower average realizations for bitumen and synthetic crude oil, driven by decreased market prices.
In terms of operational performance, Imperial's upstream segment saw a decrease in average bitumen realizations by CAD 9.02 per barrel, while synthetic crude oil realizations fell by CAD 13.29 per barrel. Despite these challenges, production levels improved, with Kearl's output increasing to 316,000 barrels per day from 295,000 barrels per day in the previous year. The company also reported a refinery throughput of 425,000 barrels per day, up from 389,000 barrels per day, reflecting improved market conditions and reduced turnaround impacts.
Strategically, Imperial announced a restructuring plan aimed at enhancing operational efficiency, which includes workforce reductions expected to be completed by the end of 2027. This initiative resulted in a pre-tax charge of CAD 330 million in the third quarter. Additionally, the company recorded a non-cash impairment charge of CAD 406 million related to the planned sale of its Calgary Imperial campus, which has been classified as an asset held for sale. These identified items significantly impacted the company's net income for the quarter.
The company’s total assets as of September 30, 2025, stood at CAD 42.963 billion, slightly up from CAD 42.938 billion at the end of 2024. Shareholder equity increased to CAD 23.684 billion from CAD 23.473 billion, supported by ongoing share repurchase activities under its normal course issuer bid program. As of the end of the quarter, Imperial had 496.9 million common shares outstanding, down from 509.0 million a year earlier.
Looking ahead, Imperial Oil anticipates continued challenges due to fluctuating commodity prices and market conditions. However, the company remains committed to its strategic initiatives, including the acceleration of its share repurchase program and ongoing evaluations of capital activities. The management expressed confidence in the company's ability to navigate the current market environment while focusing on operational improvements and shareholder returns.
About IMPERIAL OIL LTD
Imperial Oil Limited is a leading Canadian integrated energy company engaged in exploration, production, refining, and marketing of crude oil, natural gas, and petrochemicals. Its core segments include upstream oil and gas development, downstream refining and distribution, and chemical manufacturing. Serving domestic markets, the company emphasizes lower-emission technologies and sustainable energy solutions, leveraging its extensive land holdings, advanced technologies, and strategic partnerships to maintain competitive advantage in Canada's energy sector.
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