Imperial Oil Ltd. has announced a decline in third-quarter profits compared to the previous year, despite achieving record production levels at its Kearl oilsands facility. The company disclosed earnings of $539 million, equivalent to $1.07 per diluted share for the quarter ending on September 30, in contrast to the profit of $1.24 billion or $2.33 per diluted share reported a year earlier. Total revenue, including other income, stood at $12.05 billion for the quarter, down from $13.26 billion in the corresponding period last year.
Excluding a $306 million after-tax non-cash impairment charge and a $249 million after-tax restructuring charge for the current year, Imperial reported earnings of $2.17 per diluted share in the latest quarter, a decrease from $2.33 per diluted share a year ago. Upstream production averaged 462,000 gross oil-equivalent barrels per day, marking the highest quarterly production in over three decades, up from 447,000 barrels in the third quarter of 2024.
Downstream throughput for the quarter averaged 425,000 barrels per day, showing an increase from 389,000 barrels per day compared to the previous year, with an overall refinery capacity utilization rate of 98 percent, up from 90 percent. Petroleum product sales averaged 464,000 barrels per day, a decline from 487,000 barrels per day reported in the same quarter last year.