Calgary-based Imperial posts record third-quarter profit of C$2.454 billion, with downstream earnings also at a record

Calgary-headquartered Imperial (TSX and NYSE American: IMO) reported on 30 October record third-quarter 2026 net income of C$2.454 billion, or C$5.11 per diluted share. The company said the result was up from C$2.19 billion in the second quarter of 2026, primarily driven by higher commodity prices and downstream volumes; it was also far above the C$539 million of a year earlier, though that quarter was weighed down by C$555 million of unfavourable identified items after tax.

How the segments performed

Upstream production averaged 418,000 gross oil-equivalent barrels per day in the quarter. Kearl total gross production averaged 282,000 barrels per day (200,000 barrels Imperial's share), including a full production shutdown for multiple days caused by a third-party pipeline outage; the company has consequently lowered its 2026 target for Kearl total gross production to 280,000 barrels per day. Cold Lake averaged 139,000 barrels per day including a planned turnaround, and Imperial's share of Syncrude production averaged 70,000 barrels per day. Downstream, refinery throughput averaged 381,000 barrels per day at 88% capacity utilization, down from 98% a year earlier, while the company said downstream earnings hit a quarterly record; petroleum product sales averaged 474,000 barrels per day, up from 464,000 a year earlier.

Cash and shareholder returns

Cash flows from operating activities were C$3.228 billion in the quarter, up from C$1.798 billion a year earlier. Imperial returned C$2.506 billion to shareholders in the quarter, through C$420 million in dividends and C$2.086 billion in share repurchases, ended the quarter with cash of C$2.9 billion, and declared a fourth-quarter dividend of 87 cents per share. Chairman, president and CEO John Whelan said the company's integrated business model continued to deliver strong results across all segments, and pointed to the Renewable Diesel facility at the Strathcona refinery delivering high-value, low-carbon, locally produced renewable diesel to Canadian markets. The company also assessed that US and Canadian tariff measures to date are not expected to have a material impact on its consolidated financial position.