Imperial Oil Posts Record Net Income of C$2.454 Billion in Third Quarter
Key Facts
Imperial Oil reported record net income of C$2.454 billion in the third quarter of 2026, according to the company's published results. Cash flow from operating activities was C$3.228 billion, or C$2.957 billion excluding the impact of working capital. The company also reported total upstream production of 418,000 oil-equivalent barrels per day. At its refineries, the downstream segment posted record quarterly earnings while operating at 88% of available capacity. These figures put upstream and downstream performance together at the forefront of the integrated company's results for the quarter.
Net income was higher than the C$2.190 billion the company recorded in the second quarter of 2026, when it reported C$949 million in the same quarter of 2025. Year over year, net income in the third quarter of 2025 had fallen to C$539 million, compared with C$1.237 billion in the third quarter of 2024. Imperial said its third-quarter 2025 results included a non-cash, after-tax impairment charge of C$306 million and restructuring charges of C$249 million. Before the current results were announced, Investing.com estimated earnings per share of C$4.74 and revenue of C$17.05 billion. That was higher than the C$4.52 per share and C$16.06 billion in revenue in the previous quarter, according to estimates published before the announcement.
Kearl's total production was 282,000 barrels per day in the third quarter, of which Imperial's share was 200,000 barrels per day. The Cold Lake project recorded total production of 139,000 oil-equivalent barrels per day. These figures represent disclosed components of upstream production, which totaled 418,000 oil-equivalent barrels per day. On the refining side, refinery utilization was 88%, while the segment posted record quarterly earnings. In its second-quarter update, the company had lowered its 2026 refinery utilization guidance to a range of 85–88%, from 91–93%, citing unplanned downtime and temporary rail logistics challenges at Strathcona.
Imperial said in its second-quarter results that crude oil prices rose compared with the first quarter of 2026, while the differential between Canadian WTI and WCS widened slightly. During the same period, the company said industry refining margins improved amid global supply disruptions in refined products. Its third-quarter 2025 report had linked the improvement in refining margins to strong seasonal demand and global diesel supply disruptions. These statements provide context for the company's announcement of record refining earnings in the current quarter, but the published facts do not specify each factor's contribution to this quarter's earnings. After its second-quarter results, Imperial had forecast that strong business volumes and second-half performance would support strong free cash flow generation.
Imperial Oil returned a total of C$2.506 billion to shareholders during the third quarter. The amount included C$420 million in dividends and C$2.086 billion in share repurchases. Repurchases therefore accounted for the largest share of the amount returned, according to the company's breakdown. In its second-quarter update, Imperial had pointed to an accelerated pace of share repurchases aimed at completing the program before year-end. The company lists the IMO ticker on the TSX and NYSE American, according to its investor relations page.
Imperial Oil shares closed at $130.87 on October 29, 2026, according to EL7 data. This reading identifies the closing price on that day only; the session's trading range was not established in the available facts. The company was scheduled to host its third-quarter results call on Friday, October 30, at 9 a.m. Mountain Time. The call was set to follow the release of the financial results and would give the company an opportunity to present them in a call dedicated to investors. The company's next estimated results date is January 29, 2027, according to its calendar of key dates.