The earnings call highlighted strong operational performance in upstream production and financial results, despite some challenges in downstream earnings and higher capital expenditures. The company was able to offset lower commodity prices with operational efficiency and cost reductions. The introduction of new technologies and projects, such as the Strathcona renewable diesel project, indicate a forward-looking strategy. Overall, the sentiment of the call leans positive with strong production results and shareholder returns.

Company Guidance

During Imperial Oil's Q3 2024 earnings call, the company provided robust financial and operational guidance, highlighting several key metrics. The company reported earnings of $1.237 billion, with cash from operating activities reaching $1.797 billion, excluding working capital impacts. Upstream production achieved a record 447,000 oil-equivalent barrels per day, marking the highest third quarter production in over 30 years. Kearl's production hit 295,000 barrels per day gross, while Cold Lake averaged 147,000 barrels per day. The downstream segment maintained a strong performance with a refinery utilization rate of 90%, processing 389,000 barrels per day. The company also emphasized its continued commitment to shareholder returns, with a $0.60 per share dividend and progress on a share repurchase program. Capital expenditures in Q3 totaled $486 million, with a year-to-date total of $1.444 billion, slightly above the previous guidance. Looking ahead, Imperial Oil expressed confidence in maintaining a strong finish to the year, buoyed by strategic operational improvements and cost reductions.

Record Upstream Production

The company achieved total production of 447,000 gross oil-equivalent barrels per day in the third quarter, marking the highest third quarter production in over 30 years.

Strong Financial Performance

Earnings for the third quarter were $1.237 billion, with cash from operating activities of $1.797 billion when excluding the impact of working capital. Earnings year-to-date are slightly higher than last year and up 10% on a per share basis.

Reduction in Unit Costs

Upstream unit costs have been reduced by over USD 3 a barrel compared to year-to-date 2023. Kearl achieved unit cash operating costs of USD 17.51 per barrel, a reduction of almost USD 5 per barrel versus the second quarter.

Successful Refinery Operations

Refinery throughput averaged 389,000 barrels per day, equating to a refinery utilization of 90% for the quarter and a year-to-date utilization of 91%.

Dividend and Share Repurchase

The company increased its dividend for the 30th consecutive year and is on track to complete accelerated share repurchases, resulting in a 5% reduction in share count.

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Imperial Oil (TSE:IMO) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:IMO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 27, 2018	2018 (Q2)	- / 0.24	-0.09	366.67% (+0.33)	―	―
Nov 02, 2018	2018 (Q3)	- / 0.94	0.44	113.64% (+0.50)	―	―
Feb 01, 2019	2018 (Q4)	- / 1.08	0.52	107.69% (+0.56)	―	―
Apr 26, 2019	2019 (Q1)	- / 0.38	0.62	-38.71% (-0.24)	―	―
Aug 02, 2019	2019 (Q2)	- / 0.71	0.24	195.83% (+0.47)	―	―
Nov 01, 2019	2019 (Q3)	- / 0.56	0.94	-40.43% (-0.38)	―	―
Jan 31, 2020	2019 (Q4)	- / 0.36	1.08	-66.67% (-0.72)	―	―
May 01, 2020	2020 (Q1)	- / 0.16	0.38	-58.95% (-0.22)	―	―
Jul 31, 2020	2020 (Q2)	- / -0.72	0.71	-201.41% (-1.43)	―	―
Oct 30, 2020	2020 (Q3)	- / 0.00	0.56	―	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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TSE:IMO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 01, 2024	C$103.30	C$98.00	-5.13%
Aug 02, 2024	C$94.82	C$93.38	-1.52%
Apr 26, 2024	C$95.61	C$94.82	-0.82%
Feb 02, 2024	C$74.70	C$74.04	-0.89%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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