Wedoany.com Report-Nov. 4, Imperial Oil Ltd reported average production of 462,000 gross barrels of oil equivalent per day (boepd) in Q3 2025, marking its highest quarterly output in over 30 years. Kearl recorded a record 316,000 bpd gross production, contributing 224,000 bpd to Imperial’s net output. Cold Lake, fully owned by Imperial, produced 150,000 bpd, up from 147,000 bpd in Q3 2024. The company’s share of Syncrude averaged 78,000 bpd, slightly lower than 81,000 bpd a year earlier.

The Canadian oil sands producer reported 462,000 gross barrels of oil equivalent per day in average production in the third quarter.

Despite production gains, net profit for July–September fell to CAD 539 million ($497 million), down CAD 698 million year-on-year. Imperial cited a non-cash impairment of the Calgary Imperial Campus (CAD 406 million pre-tax) and a previously announced restructuring charge (CAD 330 million pre-tax) as primary factors. On September 29, the company unveiled a restructuring plan expected to reduce its workforce by roughly 20% by 2027, cut annual expenses by CAD 150 million by 2028, and consolidate operations to key sites.

Refinery throughput averaged 425,000 bpd, up from 389,000 bpd in Q3 2024, achieving 98% capacity utilization while progressing planned turnaround work at Sarnia. Oil product sales totaled 464,000 bpd, slightly down from 487,000 bpd in Q3 2024, mainly due to lower supply and wholesale volumes. Petrochemical sales increased to 173,000 metric tons from 76,000 metric tons a year ago. Net natural gas production decreased to 28 million cubic feet per day (MMcfd) from 30 MMcfd.

Revenue for Q3 2025 reached CAD 12.05 billion, down from CAD 13.26 billion in Q3 2024, as lower oil product volumes offset higher margins, and bitumen and synthetic crude price realizations declined. Excluding nonrecurring items, net income totaled CAD 1.09 billion, down CAD 143 million from the prior year. Adjusted earnings per share came to CAD 2.17. Cash flow from operating activities rose to CAD 1.8 billion from CAD 1.49 billion a year earlier. Imperial closed the quarter with CAD 1.86 billion in cash and cash equivalents and maintained its dividend at 72 Canadian cents per share.

Chair, President, and CEO John Whelan said: “Our operations delivered strong results across the board, as we continued to execute on our strategy to maximize value from our assets by growing volumes at lower unit cash costs, and returning surplus cash to our shareholders in a timely manner.” He highlighted that the quarter included the company’s “heaviest planned turnaround in both our upstream and downstream businesses,” demonstrating operational resilience.

Overall, Imperial Oil achieved record production and strengthened cash generation, while managing nonrecurring charges and advancing strategic restructuring to enhance efficiency and long-term value for shareholders.