Canada's Imperial Oil Q3 revenue misses expectations on higher commodity prices

Imperial Oil

30/10/2026 12:06

Overview
Canada oil producer's Q3 revenue missed analyst expectations
Net income for Q3 rose sharply year-over-year
Company returned C$2.5 bln to shareholders via dividends and buybacks

Outlook
Imperial targets 2026 Kearl gross production of 280,000 barrels per day
Company expects Strathcona refinery utilization to improve by year end
Imperial anticipates completing accelerated share repurchases under NCIB by year end

Result Drivers
HIGHER COMMODITY PRICES - Co said increased net income was primarily driven by higher commodity prices and downstream volumes
RENEWABLE DIESEL - Investment in Strathcona refinery's renewable diesel facility contributed to downstream earnings
REFINERY DOWNTIME - Unplanned downtime, pipeline outage and planned turnarounds reduced refinery throughput and utilization

Company press release: ID:nBwsGpx3a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Miss
C$16.21 bln
C$19.06 bln (3 Analysts)
Q3 EPS
 
C$5.11
 
Q3 Net Income
 
C$2.45 bln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 8 "hold" and 9 "sell" or "strong sell"
The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."
Wall Street's median 12-month price target for Imperial Oil Ltd is C$154.50, about 15.9% below its October 29 closing price of C$183.62
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago

Reuters Recommended Reads
Oct 29 - Canada's Teck Resources Q3 revenue beats on higher output, copper prices
Oct 30 - BP tops Q3 profit expectations on higher refining margins and trading
Oct 29 - France's TotalEnergies Q3 adjusted net income rises on refining, LNG boost

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)