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Imperial Oil Ltd. reported its third-quarter profit fell compared with a year ago even as its Kearl oilsands operations saw record production.
The company says it earned $539 million or $1.07 per diluted share for the quarter ended Sept. 30 compared with a profit of $1.24 billion or $2.33 per diluted share a year earlier.
Total revenue and other income amounted to $12.05 billion for the quarter, down from $13.26 billion in the same quarter last year.
Excluding a $306 million after-tax non-cash impairment charge and a $249 million after-tax restructuring charge this year, Imperial says it earned $2.17 per diluted share in its latest quarter compared with $2.33 per diluted share a year ago.
Imperial says upstream production averaged 462,000 gross oil-equivalent barrels per day, the highest quarterly production in over 30 years, up from 447,000 in the third quarter of 2024.
Downstream throughput in the quarter averaged 425,000 barrels per day, up from 389,000 a year ago, as overall refinery capacity utilization was 98 per cent, up from 90 per cent. Petroleum product sales averaged 464,000 barrels per day compared with 487,000 in the same quarter last year.
The Canadian Press
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