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Sep 30, 2025
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Imperial Oil Q3 2025 Earnings Report
Imperial delivered strong Q3 2025 results with record quarterly cash flow from operations, higher production, and robust downstream performance.
Key Takeaways
Imperial Oil reported Q3 2025 net income of $1.43 billion, supported by strong operating performance across its Upstream and Downstream segments. Cash flow from operations reached a record $2.56 billion, while total upstream production averaged 452,000 barrels per day, up 26,000 barrels per day year-over-year. Refinery throughput averaged 410,000 barrels per day, and petroleum product sales totaled 487,000 barrels per day. Capital expenditures were $526 million, reflecting continued investments in core projects.
Net income was $1.43 billion, driven by strong results in both Upstream and Downstream segments.
Upstream production averaged 452,000 barrels per day, up 26,000 barrels from Q3 2024.
Refinery throughput was 410,000 barrels per day with petroleum product sales of 487,000 barrels per day.
Cash flow from operations reached a record $2.56 billion, and the company returned $1.7 billion to shareholders.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Imperial expects continued strong performance in Q4 2025, with higher production from the Kearl and Cold Lake assets, sustained downstream utilization above 90%, and disciplined capital investment to support long-term growth.
Positive Outlook
- Kearl production expected to remain above 300,000 barrels per day.
- Cold Lake expansion and Grand Rapids project to support additional output.
- Strong refining margins expected to continue into Q4.
- Share buybacks to remain a key element of shareholder returns.
- Solid balance sheet to support future investments and dividends.
Challenges Ahead
- Potential volatility in crude prices may impact margins.
- Higher maintenance and turnaround activity expected in Q4.
- Inflationary pressures may elevate operating costs.
- Chemical segment profitability remains under pressure.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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