Imperial Oil Reports $949M Q2 Profit Amid Record Alberta Oil Sands Production

Imperial Oil reported a second-quarter net income decline to $949 million, down from $1.13 billion the previous year, primarily due to lower crude prices and reduced refinery throughput. Despite this, the company achieved record upstream production of 427,000 barrels per day, the highest for a second quarter in over 30 years, and successfully completed major planned turnarounds, reflecting strong operational performance. The company also announced the first production of renewable diesel from its new Strathcona plant, Canada's largest renewable diesel facility, marking a significant step in its sustainability efforts. Imperial Oil’s CEO highlighted that while the renewable diesel facility is operational, hydrogen supply constraints may affect its ramp-up speed. The company is accelerating share repurchases to support shareholder value amid market volatility and geopolitical challenges, including the impact of U.S. tariffs on Canadian oil imports. Overall, Imperial Oil is balancing increased production and sustainability initiatives with the ongoing volatility in commodity prices and geopolitical risks in the oil sector.