Imperial Oil announced its third quarter 2024 financial and operating results, reporting estimated net income of $1,237 million, a decrease from $1,601 million in the third quarter of 2023. Diluted earnings per share were $2.33, down from $2.76 year-over-year. Cash flows from operating activities were $1,487 million, or $1,797 million excluding working capital impacts.
The company achieved its highest third-quarter upstream production in over 30 years, averaging 447,000 gross oil-equivalent barrels per day. Kearl's total gross production matched its third-quarter record at 295,000 barrels per day, with Imperial's share at 209,000 barrels per day. Cold Lake production averaged 147,000 barrels per day, supported by Grand Rapids solvent-assisted SAGD technology, which produced 15,000 barrels per day throughout the quarter and averaged 20,000 barrels per day in September.
Imperial returned a total of $1,528 million to shareholders during the quarter through dividend payments and accelerated share repurchases under its normal course issuer bid (NCIB) program. The company also declared a fourth-quarter dividend of 60 cents per share and stated plans to complete its full NCIB by year-end. Construction continued on Canada’s largest renewable diesel facility at the Strathcona refinery.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.