Canada's Imperial Q2 net income more than doubles yr/yr

Imperial Oil

31/07/2026 13:04

Overview
Canada oil and gas producer's Q2 net income and EPS more than doubled yr/yr
Upstream production fell yr/yr due to lower Kearl and Syncrude volumes
Company renewed share buyback, plans to accelerate repurchases to finish program in 2026

Outlook
Imperial lowers 2026 refinery throughput guidance to 370,000-380,000 bpd from 395,000-405,000 bpd
Company cuts 2026 refinery utilization outlook to 85%-88% from 91%-93%
Imperial plans to accelerate share repurchases, targeting completion of NCIB program before year end

Result Drivers
HIGHER COMMODITY PRICES - Co said increased marker prices for bitumen and synthetic crude oil drove earnings growth
LOWER UPSTREAM VOLUMES - Co attributed reduced Kearl production to absence of exceptional high-quality ore and Syncrude production to extreme rainfall
DOWNSTREAM TURNAROUND IMPACTS - Planned turnaround work and unplanned downtime at Strathcona refinery reduced throughput and utilization

Company press release: ID:nBw6rRLWla

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
 
C$4.52
 
Q2 Net Income
 
C$2.19 bln
 

Analyst Coverage
The current average analyst rating on the shares is "sell" and the breakdown of recommendations is 1 "strong buy" or "buy", 6 "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$150.00, about 17.1% below its July 30 closing price of C$180.84
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 22 three months ago

Reuters Recommended Reads
July 29 - Cenovus raises 2026 production outlook as quarterly profit more than triples
July 29 - Canada's Surge Energy Q2 revenue rises 48%, net income more than doubles on the back of oil, NGL price surge
July 29 - Canadian oil heads to Japan for the first time in over a year as Iran war tightens Middle East supplies 

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.)