Imperial Oil reported first quarter 2026 revenue of C$12.4 billion and diluted EPS of C$1.94, compared to C$12.5 billion and C$2.52 in the prior-year period. The year-over-year decline in net income was driven by lower crude oil realizations and unfavorable foreign exchange impacts in the Upstream segment, partially offset by stronger Downstream results.
Key Highlights
- Upstream production averaged 419,000 gross oil-equivalent barrels per day, slightly up from 418,000 barrels per day year-over-year but missing analyst expectations.
- Kearl gross production of 259,000 barrels per day was impacted by a third-party natural gas supply outage, while Syncrude production was affected by unplanned coker downtime.
- Downstream refinery capacity utilization was 88 percent, down from 91 percent a year ago, impacted by unplanned downtime and feedstock disruptions from the Syncrude outage.
- The company returned C$350 million to shareholders through dividend payments during the quarter.