Imperial Oil Ltd. has reported CAD 1.29 billion ($932.94 million), or CAD 2.52 per diluted share, in net income for the first quarter (Q1), up CAD 93 million from the same three-month period last year despite lower upstream production.
Thanks to higher oil prices, revenue rose year-on-year to CAD 12.52 billion for the January-March 2025 period. “Average bitumen realizations increased by $8.75 [CAD] per barrel, primarily driven by the narrowing WTI/WCS [West Texas Intermediate/Western Canada Select] spread. Synthetic crude oil realizations increased by $5.28 per barrel, primarily driven by an improved Synthetic/ WTI spread”, the Canadian integrated oil company said in an online statement.
Upstream output averaged 418,000 barrels per day (bpd) gross, down from Q1 2024’s 421,000 bpd on the impact of weather and unplanned downtime.
However, Imperial increased petroleum product sales to 455,000 bpd in Q1 2025 from 450,000 in Q1 2024, even as throughput and capacity utilization fell year-on-year to 397,000 bpd and by 91 percent respectively. “Lower refinery throughput was primarily due to additional maintenance in the company’s eastern manufacturing hub”, it said.
“The Upstream business continued to benefit from improved egress and narrower heavy oil differentials, while our Downstream profitability continued to reflect the structural advantages of the Canadian market”, said chair and chief executive Brad Corson.
Corson will retire and be replaced by John Whelan from Thursday. Whelan is also president, having been appointed to the post April 1. Whelan returns to Imperial after serving as senior upstream vice president for Exxon Mobil Corp. since 2020.
Imperial’s chemicals segment contributed CAD 31 million in net earnings for Q1 2025, down from CAD 57 million for Q1 2024 due to weaker margins.
Cash flows from operating activities totaled CAD 1.53 billion for Q1 2025, up from CAD 1.08 billion for Q1 2024. Capital and exploration spending totaled CAD 398 million, down from CAD 496 million for Q1 2024.
Imperial kept its dividend at 72 Canadian cents per share for Q2 2025. In Q1 Imperial distributed dividends of CAD 307 million.
It ended the quarter with CAD 1.76 billion in cash and cash equivalents. Total debt stood at CAD 4 billion.
Looking forward Imperial acknowledged market uncertainty brought by the tariff war between Canada and the United States. “The global trade environment continues to be volatile”, it said. “The likelihood of the United States, Canada or their trading partners resuming tariffs, imposing new or reciprocal tariffs, export restrictions, or other forms of trade-related sanctions is highly uncertain”.
To contact the author, email jov.onsat@rigzone.com
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