Imperial Oil Surges on Higher Crude Prices, Beating Q2 Estimates

Imperial Oil, a Canadian oil producer, more than doubled its second-quarter profit and exceeded Wall Street estimates. The company's net income rose to C$2.19 billion, up from last year's C$949 million, with per-share profit of C$4.52 beating the average estimate of C$4.13.

The increase in profits was largely due to a surge in crude prices, which helped offset lower oil sands output and the impact of planned refinery maintenance. Imperial Oil reported higher benchmark crude prices boosted its realized prices, with synthetic crude realizations jumping more than 60 per cent year-over-year and Western Canada Select prices rising about 45 per cent.

CEO John Whelan expressed optimism about the potential for Canada's oil industry, citing a recent agreement between the federal government and the province of Alberta aimed at creating policy conditions that will spur production growth. Imperial Oil expects strong volumes and performance in the second half of 2026 after completing its heaviest maintenance quarter.