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Jun 30, 2025
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Imperial Oil Q2 2025 Earnings Report
Imperial Oil reported lower net income and revenues compared to the prior year, but achieved record upstream production and launched a major renewable diesel facility.
Key Takeaways
Imperial Oil saw reduced earnings and revenue in Q2 2025 due to lower commodity prices and downstream margins. However, the company recorded its highest second-quarter upstream production in over 30 years and successfully completed major turnaround projects.
Net income for Q2 2025 was CAD 949 million, down from CAD 1.13 billion in Q2 2024
EPS was CAD 1.86, reflecting reduced upstream realizations and margin capture
Upstream production reached 427,000 barrels per day, a 30-year high for Q2
Commissioned Canada’s largest renewable diesel facility at Strathcona refinery
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Imperial expects a stronger second half in 2025, supported by completed turnaround activities and the full ramp-up of the renewable diesel facility.
Positive Outlook
- Kearl’s turnaround completed, enabling higher output
- Renewable diesel facility operational, expected to deliver strong returns
- Upstream poised for higher production with improved reliability
- Cold Lake’s Grand Rapids SAGD project progressing toward first oil in late 2025
- NCIB share repurchase program to be accelerated and completed by year end
Challenges Ahead
- Weaker upstream and downstream pricing affected Q2 margins
- Refinery utilization slightly lower due to unplanned downtime
- Chemical segment profitability dropped due to low polyethylene margins
- No shares repurchased in Q2 despite NCIB renewal
Historical Earnings Impact
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Avg. Return Before/After Earnings
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