Imperial Oil Ltd. announced a decrease in third-quarter profits compared to the previous year despite achieving record production levels at its Kearl oilsands operations. The company disclosed earnings of $539 million or $1.07 per diluted share for the quarter ending on Sept. 30, down from $1.24 billion or $2.33 per diluted share in the same period a year ago. Total revenue and other income for the quarter stood at $12.05 billion, a decline from $13.26 billion in the corresponding quarter last year.
After adjustments for a $306 million after-tax non-cash impairment charge and a $249 million after-tax restructuring charge this year, Imperial reported earnings of $2.17 per diluted share for the latest quarter compared to $2.33 per diluted share in the prior year. The company highlighted that its upstream production reached 462,000 gross oil-equivalent barrels per day, marking the highest quarterly production in over three decades, up from 447,000 barrels per day in the third quarter of 2024.
In the downstream sector, throughput averaged 425,000 barrels per day during the quarter, an increase from 389,000 barrels per day a year ago, with overall refinery capacity utilization rising to 98% from 90%. Petroleum product sales averaged 464,000 barrels per day, lower than the 487,000 barrels per day recorded in the same quarter last year.