Imperial Oil Ltd. reported a first-quarter profit of $940 million, down from $1.29 billion in the same period last year, as lower crude oil prices and narrower refining margins weighed on results.
The Calgary-based energy company said the profit amounted to $1.70 per diluted share for the quarter ended March 31, compared with $2.32 per diluted share a year earlier.
Revenue for the quarter totaled $10.3 billion, down from $11.8 billion in the first quarter of 2025.
Imperial Oil's upstream production averaged 403,000 gross oil-equivalent barrels per day, up from 396,000 barrels per day in the same period last year. However, the company said lower benchmark crude prices and a weaker Canadian dollar affected earnings.
Refining throughput averaged 403,000 barrels per day, down from 414,000 barrels per day a year ago, with capacity utilization at 89% compared with 92%.
Imperial Oil also reported a net loss of $156 million in its chemicals segment, attributed to lower margins.
Despite the profit decline, the company declared a quarterly dividend of 60 cents per share, up from 57 cents per share in the prior year.
"While our financial results were lower than the strong performance in the first quarter of 2025, we continued to deliver safe and reliable operations and advanced our strategic priorities," said Imperial Oil chairman and CEO Brad Corson in a statement.
The company's results come amid a volatile oil market, with global crude prices falling from highs seen in 2025. Imperial Oil's stock closed down 1.2% on Thursday at $72.45 on the Toronto Stock Exchange.
Analysts had expected earnings of $1.65 per share, according to consensus estimates compiled by Bloomberg. The company's adjusted profit of $1.70 per share beat expectations.
Imperial Oil, which is majority-owned by Exxon Mobil Corp., operates refineries in Alberta and Ontario, as well as the Kearl oil sands project and the Cold Lake heavy oil facility.
