Imperial Oil Q3 Earnings: Record Output Offset by Charges, Stock Dips
Imperial Oil Ltd. reported mixed third-quarter results, with record production clashing against restructuring costs. The energy producer pumped 462,000 barrels per day—a company milestone—while generating $1.8 billion in operating cash flow. Net income reached $539 million, though one-time charges including a $330 million restructuring hit and $406 million impairment dragged on performance.
Despite declaring a $0.72 per share dividend, shares closed 2.96% lower at C$124.05. The decline reflects market skepticism about sustainability as downstream earnings ($444 million) and chemical earnings ($21 million) showed modest sequential improvement. Capital expenditures totaled $505 million, signaling continued investment in high-return assets.