Imperial Oil reported its first quarter 2025 financial and operating results, achieving its highest-ever first quarter earnings with estimated net income of $1,288 million. This represents a $93 million increase from $1,195 million in the first quarter of 2024. Diluted earnings per share rose to $2.52, up from $2.23 year-over-year. Cash flows from operating activities were $1,527 million, or $1,760 million excluding working capital impacts.
Upstream production averaged 418,000 gross oil-equivalent barrels per day. Despite extreme cold weather and unplanned downtime impacting Kearl production, Grand Rapids solvent-assisted SAGD continued to exceed expectations, averaging 23,000 barrels per day and supporting Cold Lake's strong average gross production of 154,000 barrels per day. Downstream refinery capacity utilization was 91%, with throughput of 397,000 barrels per day.
Construction on Canada’s largest renewable diesel facility at the Strathcona refinery remained on track for a mid-2025 start-up. The company returned $307 million to shareholders through dividend payments and declared a second quarter dividend of 72 cents per share. Brad Corson announced his retirement, with John Whelan appointed President and anticipated to assume Chairman and CEO roles on May 8, 2025.
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