Imperial Oil Ltd. has reported 427,000 gross barrels of oil equal per day (boed) in common manufacturing for April-June, the corporate’s highest second-quarter output in over 30 years with Kearl recording its highest-ever Q2 gross manufacturing averaging 275,000 bpd of bitumen.
Nevertheless, Q2 internet revenue fell CAD 184 million ($133.43 million) year-on-year to CAD 949 million, or CAD 1.86 per share. The drop was primarily as a result of “decrease upstream realizations and downstream margin seize”, the Calgary, Canada-based built-in oil and gasoline firm, majority-owned by Exxon Mobil Corp., stated.
“We safely accomplished our heaviest deliberate turnaround quarter in each our upstream and downstream companies, positioning the corporate for a robust second half of the 12 months”, stated chair, president and chief govt John Whelan. “A major accomplishment was the work accomplished at Kearl which delivers on our plans to double turnaround intervals to an industry-leading 4 years”.
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The elevated manufacturing at Kearl, in comparison with 255,000 bpd gross in Q2 2024, was pushed by mine productiveness and higher reliability.
At Chilly Lake, Q2 bitumen manufacturing was 145,000 bpd gross. That was down from 147,000 bpd in Q2 2024 primarily as a result of manufacturing and steam cycle timing and turnaround impacts, partially offset by Grand Rapids solvent-assisted SAGD. A turnaround on the Mahkeses plant has now been accomplished.
In the meantime Syncrude manufacturing was 77,000 bpd gross. That was up from 66,000 bpd in Q2 2024 primarily because of the timing of an annual coker turnaround.
Downstream throughput was 376,000 bpd. Accounting for turnarounds at Nanticoke and Strathcona, which have now been accomplished, refinery capability utilization was 87 %. Refined merchandise gross sales totaled 480,000 bpd.
In July Imperial began operation at what it says is Canada’s greatest renewable diesel facility. The mission on the Strathcona refinery is designed to provide as much as 20,000 bpd of inexperienced diesel from native feedstocks.
Upstream internet revenue was CAD 664 million, down from CAD 799 million for Q2 2024 as decrease costs offset larger manufacturing.
“Common bitumen realizations decreased by CAD 17.20 per barrel, primarily pushed by decrease marker costs”, Imperial stated. “Artificial crude oil realizations decreased by CAD23.71 per barrel, primarily pushed by decrease WTI and a weaker Artificial/WTI unfold”.
Downstream internet revenue was CAD 322 million, up from CAD 294 million for Q2 2024 because of larger margins. The enlargement of the government-owned Trans Mountain pipeline enabled a rise in product gross sales.
In the meantime chemical compounds contributed CAD 21 million to Imperial’s internet revenue, down from CAD 65 million for Q2 2024 primarily as a result of decrease polyethylene margins.
Whole money circulation from working actions was CAD 1.47 billion, down from CAD 1.63 billion for Q2 2024. Money and money equivalents on the finish of Q2 2025 stood at CAD 2.39 billion. In the meantime whole debt was CAD 4 billion.
Imperial paid shareholders CAD 367 million in dividends throughout Q2. It declared a dividend per share of CAD 0.72 for Q3.
In June it stated it had obtained remaining authorization from the Toronto Inventory Trade for a brand new regular course issuer bid, permitting it to proceed its present share repurchase program.
“This system permits the corporate to buy as much as a most of 25,452,248 widespread shares in the course of the interval June 29, 2025 to June 28, 2026”, Imperial stated. It expects to redeem all of the shares earlier than 2025 ends.
“This most contains shares bought beneath the conventional course issuer bid from Exxon Mobil Corp.”, Imperial added. “As up to now, Exxon Mobil Corp. has suggested the corporate that it intends to take part to take care of its possession share at roughly 69.6 %”.
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