Imperial Oil(US:IMO)2025-11-03 18:03Financial Performance - Net income for Q3 2025 was CAD 539 million, down 56.4% from CAD 1,237 million in Q3 2024, with diluted earnings per share decreasing from CAD 2.33 to CAD 1.07[52] - Net income excluding identified items for Q3 2025 was CAD 1,094 million, compared to CAD 1,237 million in Q3 2024[84] - Cash flows from operating activities for Q3 2025 were CAD 1,798 million, compared to CAD 1,487 million in Q3 2024, reflecting favorable working capital impacts[60] Production and Operations - Total production at Kearl increased to 316,000 barrels per day in Q3 2025, compared to 295,000 barrels per day in Q3 2024, driven by improved reliability[56] - Refinery throughput increased to 425,000 barrels per day in Q3 2025, up from 389,000 barrels per day in Q3 2024, with refinery capacity utilization rising to 98%[59] Market Conditions - Average bitumen realizations decreased by CAD 9.02 per barrel, while synthetic crude oil realizations fell by CAD 13.29 per barrel due to lower marker prices[53] - The average price of West Texas Intermediate (WTI) was USD 64.97 per barrel in Q3 2025, down from USD 75.27 per barrel in Q3 2024[55] Shareholder Returns - The company paid CAD 366 million in dividends during Q3 2025, with a per share dividend of CAD 0.72, up from CAD 0.60 in Q3 2024[61] - The company plans to accelerate share repurchases under its normal course issuer bid program, with a maximum of 25,452,248 common shares to be purchased by June 28, 2026[79] Risks and Uncertainties - Key risks include changes in global supply and demand for oil and gas, economic conditions, and regulatory events that could impact performance[87] - The company anticipates no material near-term financial impacts from recent trade-related actions announced by the United States[51] - The company emphasizes that forward-looking statements are based on current expectations and may differ materially from actual results due to various risks and uncertainties[86] - The company does not guarantee future performance and cautions against undue reliance on forward-looking statements[88] - Market risks for the nine months ended September 30, 2025, remain consistent with those discussed in the annual report for the year ended December 31, 2024[89]