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IMO
IMO Imperial Oil (IMO) Q2 FY25 earnings call
Imperial Oil delivered strong Q2 FY25 results, marked by record upstream production and the successful start-up of its renewable diesel facility. The company generated robust cash flow, enabling an accelerated share repurchase program, while navigating lower commodity realizations and downstream margin pressures. Management remains confident in its strategy, leveraging competitive advantages in technology and asset integration for future growth and shareholder returns.
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IMO operating KPIs by quarter
| KPI | This call Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|---|
| Capital expenditures Upstream | $353MIn the upstream, second quarter spending of $353 million focused on sustaining capital at Kearl, Syncrude and Cold Lake, and the downstream second quarter spending related primarily to our renewable diesel project at Strathcona.Source: earnings call transcript | $353MIn the Upstream, third quarter spending of $353 million focused on sustaining capital at Kearl, Cold Lake and Syncrude.Source: earnings call transcript | — | 0% |
| Production Upstream | 427K boe/dUpstream production for the quarter averaged 427,000 oil equivalent barrels per day, up 9,000 barrels per day versus the first quarter and up 23,000 barrels per day versus the second quarter of 2024.Source: earnings call transcript | 462K boe/dUpstream production for the quarter averaged 462,000 oil equivalent barrels per day, up 35,000 barrels per day versus the second quarter and up 15,000 barrels per day versus the third quarter of 2024.Source: earnings call transcript | 444K boe/dUpstream production for the quarter averaged 444,000 oil equivalent barrels per day, down 18,000 oil equivalent barrels per day versus the third quarter and down 16,000 versus the fourth quarter of 2024.Source: earnings call transcript | -3.9% |
| Oil production Kearl | 275K bbl/dKearl set a record -- second quarter production record, averaging 275,000 barrels per day gross, up 19,000 barrels per day versus the first quarter, and we beat our previous second quarter record by 20,000 barrels per day gross.Source: earnings call transcript | 316K bbl/dAt Kearl, the bar has been raised again with the team delivering 316,000 barrels per day gross, the highest quarterly production in the asset's history, a great step on our path towards reaching annual production of 300,000 barrels per day.Source: earnings call transcript | 274K bbl/dKearl's quarterly production was 274,000 barrels per day gross, down 42,000 barrels per day versus the record quarterly production in the third quarter.Source: earnings call transcript | -13.3% |
| Oil production Cold Lake | 145K bbl/dCold Lake production averaged 145,000 barrels per day, including 23,000 barrels per day from Grand Rapids.Source: earnings call transcript | 150K bbl/dCold Lake's production averaged 150,000 barrels per day, up 5,000 barrels per day versus the second quarter of 2025 and up 3,000 barrels per day versus the third quarter of 2024.Source: earnings call transcript | 153K bbl/dCold Lake's quarterly production averaged 153,000 barrels per day, up 3,000 barrels per day versus the third quarter of 2025.Source: earnings call transcript | +2% |
| Oil production Syncrude | 77K bbl/dImperial's share of Syncrude production for the quarter averaged 77,000 barrels per day, which was up 4,000 barrels per day versus the first quarter and up 11,000 barrels per day versus the second quarter of 2024.Source: earnings call transcript | 78K bbl/dImperial's share of Syncrude production for the quarter averaged 78,000 barrels per day, which was up 1,000 barrels per day versus the second quarter and down 3,000 barrels per day versus the third quarter of 2024.Source: earnings call transcript | 87K bbl/dImperial share of Syncrude production for the quarter averaged 87,000 barrels per day, which was up 9,000 barrels per day versus the third quarter and up 6,000 barrels per day versus the fourth quarter of 2024.Source: earnings call transcript | +11.5% |
| Refinery throughput | 376K bbl/dWe refined an average of 376,000 barrels per day, reflecting a utilization of 87%.Source: earnings call transcript | 425K bbl/dRefinery throughput averaged 425,000 barrels per day, equating to a refinery utilization of 98%.Source: earnings call transcript | 408K bbl/dIn the fourth quarter, we refined an average of 408,000 barrels per day, equating to a utilization of 94%.Source: earnings call transcript | -4% |
| Refinery utilization | 87%We refined an average of 376,000 barrels per day, reflecting a utilization of 87%.Source: earnings call transcript | — | 94%In the fourth quarter, we refined an average of 408,000 barrels per day, equating to a utilization of 94%.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.