Imperial Oil reports Q1 EPS C$1.94 vs. C$2.52 last year

Reports Q1 revenue C$12.4B vs. C$12.5B last year. Upstream production averaged 419,000 gross oil-equivalent barrels per day, up from 418,000 gross oil-equivalent barrels per day in the first quarter of 2025. Total gross bitumen production at Kearl averaged 259,000 barrels per day, up from 256,000 barrels per day in the first quarter of 2025, despite the impact of a third-party natural gas supply outage. Gross bitumen production at Cold Lake averaged 155,000 barrels per day, up from 154,000 barrels per day in the first quarter of 2025. The company’s share of gross production from Syncrude averaged 72,000 barrels per day, compared to 73,000 barrels per day in the first quarter of 2025. Lower volumes at Syncrude were driven by unplanned coker downtime, partially offset by improved mine reliability. Refinery throughput averaged 384,000 barrels per day, compared to 397,000 barrels per day in the first quarter of 2025. Capacity utilization was 88 percent, compared to 91 percent in the first quarter of 2025. Lower refinery throughput and capacity utilization were primarily due to unplanned downtime and a disruption of synthetic crude feedstock caused by Syncrude’s coker outage. Petroleum product sales were 441,000 barrels per day, compared to 455,000 barrels per day in the first quarter of 2025, mainly due to the lower volumes in the supply channel.