Imperial Oil Crude Rally Boosts Profit to $2.19 Billion

Imperial Oil's quarterly profit more than doubled to $2.19 billion, exceeding Wall Street estimates as rising crude prices offset lower oil sands output and refinery maintenance.

The Canadian oil producer reported a net income of $2.19 billion in the second quarter, up from last year's $949 million. Per-share profit was $4.52, beating the average estimate of $4.13.

Imperial's realized prices jumped significantly, with synthetic crude realizations rising over 60% year-over-year and Western Canada Select prices increasing about 45%. However, total upstream production averaged 414,000 gross barrels of oil equivalent per day (boepd), down from 427,000 boepd a year earlier.

Refinery throughput fell to 331,000 barrels per day from 376,000 bpd, primarily due to planned turnaround work at Strathcona and unplanned downtime. Imperial lowered its 2026 refinery outlook, cutting expected throughput to 370,000-380,000 bpd from 395,000-405,000 bpd.