Imperial Oil's Q2 Net Income More Than Doubles

By Ahmed Jamerson • Friday, July 31 10:54 • Permanent Link

Imperial Oil reported second-quarter net income of C$2.19 billion, more than doubling from C$949 million a year earlier, as higher commodity prices lifted results across its business.

Earnings per diluted share rose to C$4.52 from C$1.86. For the first six months, net income reached C$3.13 billion, up from C$2.24 billion, and diluted earnings per share climbed to C$6.46 from C$4.38.

Cash flow from operating activities totaled C$2.70 billion in the quarter, up from C$1.47 billion in the second quarter of 2025. Excluding working capital, operating cash flow was C$2.52 billion versus C$1.41 billion a year earlier. For the first half, operating cash flow rose to C$4.27 billion from C$3.18 billion, while excluding working capital it increased to C$3.76 billion from C$2.72 billion.

Capital and exploration spending in the quarter was C$531 million, up from C$473 million a year earlier. Over six months, spending reached C$1.01 billion, compared with C$871 million.

Upstream production averaged 414,000 gross oil-equivalent barrels per day, down from 427,000 in the prior-year quarter. At Kearl, total gross production was 257,000 barrels per day, down from 275,000, with Imperial’s share at 182,000 barrels per day versus 195,000. Cold Lake rose to 149,000 barrels per day from 145,000. Syncrude contributed 73,000 barrels per day, down from 77,000.

Refinery throughput fell to 331,000 barrels per day from 376,000, and utilization dropped to 76% from 87%. Petroleum product sales declined to 446,000 barrels per day from 480,000.

Chemical net income increased to C$65 million from C$21 million. Corporate and other swung to a C$39 million profit from a C$58 million loss.

Imperial returned C$421 million to shareholders in dividends in the quarter, up from C$367 million a year earlier, and lifted its quarterly dividend to C$0.87 per share from C$0.72. The company did not repurchase shares in the quarter, but renewed its buyback program to allow repurchases of up to 24.18 million shares and said it plans to accelerate purchases and complete the program before year-end. Following these announcements, the company's shares moved -1.46%, and are now trading at a price of $126.925. If you want to know more, read the company's complete 8-K report here.

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