Imperial Oil reported second quarter 2026 revenue of C$16.1 billion and earnings per share of C$4.52. While EPS significantly surpassed analyst estimates, driven by higher commodity prices, a key production metric missed expectations and the company lowered its full-year guidance for its downstream operations.
Key Highlights
- Net income of C$2.2 billion more than doubled from C$949 million in the prior-year period, with diluted EPS of C$4.52 easily beating estimates.
- Gross production at the Kearl oil sands site averaged 257,000 barrels per day, missing the consensus forecast of 285,000 bpd, which the company attributed to the "absence of exceptional high-quality ore grade."
- Full-year 2026 guidance for refinery throughput was lowered to a range of 370,000-380,000 barrels per day from 395,000-405,000 bpd, citing unplanned downtime and logistical challenges.
- The company plans to accelerate its share repurchase program, targeting completion of its 5% normal course issuer bid before year-end 2026.