Imperial Oil reported third‑quarter 2025 financial results, with net income of $539 million (U.S. GAAP), down $698 million from $1,237 million in the same period a year earlier.
Earnings per share on a diluted basis were $1.07, compared with $2.33 in Q3 2024, a decline of $1.26. Net income excluding identified items was $1,094 million, down $143 million from $1,237 million in Q3 2024, with diluted EPS of $5.46 versus $6.66.
The year‑over‑year decline was largely driven by a C$306 million after‑tax non‑cash impairment of the Calgary Imperial Campus and a C$249 million after‑tax restructuring charge, in addition to lower oil prices and higher operating costs.
Total revenue fell to $12.05 billion from $13.26 billion in Q3 2024, reflecting a miss on the revenue forecast. Upstream production reached 462,000 gross oil‑equivalent barrels per day, the highest quarterly level in more than 30 years, while downstream refinery utilization was 98 %.
Management highlighted the company’s ongoing restructuring, including a planned 20 % workforce reduction by the end of 2027 and the eventual closure of most Calgary operations, as part of a strategy to lower unit cash costs and return surplus cash to shareholders.
Imperial Oil distributed $1,835 million to shareholders through dividends and share repurchases in Q3 2025, and declared a Q4 2025 dividend of 72 cents per share.
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