Imperial Oil ( (IMO) ) has released its Q3 earnings. Here is a breakdown of the information Imperial Oil presented to its investors.
Imperial Oil Limited is one of Canada’s largest integrated oil companies, operating in the petroleum refining, crude oil production, and petrochemical sectors. Known for its technological innovation, the company plays a significant role in responsibly developing Canada’s energy resources.
Imperial Oil has reported a robust third quarter for 2024, with a net income of $1,237 million, reflecting strong upstream production levels not seen in over 30 years. The company also announced significant shareholder returns, with $1,528 million distributed through dividends and share repurchases.
Key performance metrics include an impressive upstream production of 447,000 gross oil-equivalent barrels per day. The Kearl and Cold Lake operations contributed significantly, with Cold Lake showing a strong ramp-up of the Grand Rapids project. The company maintained a refinery capacity utilization of 90% despite planned turnaround activities. Imperial’s strategic initiatives included advancing its renewable diesel facility at Strathcona and maintaining a focus on cost-effective production and greenhouse gas intensity reduction.
Imperial Oil remains optimistic about its future, focusing on continued growth and shareholder returns. The company aims to complete its accelerated normal course issuer bid by year-end and continues to develop its renewable energy capabilities, positioning itself effectively for future market changes.
