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3d ago

Imperial Oil Posts Higher Q1 Profit Despite Slight Volume Declines

The company's integrated operations and improved market conditions drove C$1.29 billion in profit and C$12.52 billion in revenue for Q1 2025.

Imperial Oil Ltd. reported a first-quarter profit of $1.29 billion, up from $1.20 billion in the same quarter last year. The Imperial Oil logo at the company's annual meeting in Calgary on April 28, 2017. THE CANADIAN PRESS/Jeff McIntosh

Overview

  • Imperial Oil reported a Q1 2025 profit of C$1.29 billion, up from C$1.20 billion in Q1 2024, with earnings per share rising to C$2.52 from C$2.23.
  • Revenue increased to C$12.52 billion, a year-over-year gain from C$12.28 billion, supported by stronger refining margins and narrower heavy crude discounts.
  • Upstream production averaged 418,000 barrels of oil equivalent per day, a slight decline from 421,000 barrels in the same period last year.
  • Downstream throughput fell to 397,000 barrels per day with refinery utilization at 91%, compared to 407,000 barrels per day and 94% utilization in Q1 2024.
  • CEO Brad Corson credited improved egress, the Trans Mountain pipeline expansion, and Canadian market advantages for bolstering profitability across operations.