Imperial Oil Earnings Surpass Estimates in Q3, Revenues Miss

Imperial Oil Limited (IMO) reported third-quarter 2024 adjusted earnings per share of $1.71, which beat the Zacks Consensus Estimate of $1.48. This increase was driven by higher production at Kearl, strong operational efficiencies and a year-over-year reduction in total expenses. However, the bottom line declined from the year-ago quarter’s $2.06 due to lower realized prices for bitumen, synthetic oil and conventional crude.Revenues of $9.7 billion missed the Zacks Consensus Estimate of $11.3 billion. The t ...