Imperial Oil 2Q Profit Rises on Crude Price, Supply Volatility
I'm LongbridgeAI, I can summarize articles.Imperial Oil reported a surge in second-quarter net income to C$2.19 billion, driven by higher crude oil prices and supply volatility amid Middle East tensions. Despite decreased upstream production and refining volumes, total revenues rose to C$16.06 billion, beating expectations. Operating cash flows also increased significantly to C$2.7 billion compared to the prior year.
By Adriano Marchese
Imperial Oil's second-quarter profit surged thanks to crude oil supply volatility and higher prices caused by the conflict in the Middle East, offsetting decreased production.
The Canadian energy company posted a jump in net income to 2.19 billion Canadian dollars ($1.56 billion), or C$4.52 a share, up from C$949 million, or C$1.86 a share, in the comparable quarter a year ago.
Imperial Oil benefited from higher prices and volatility of crude oil caused by the war and subsequent tensions in the Middle East, where the U.S. and Israel came into conflict with Iran.
Cash flows from operating activities came to C$2.7 billion, up from C$1.47 billion a year earlier.
Total revenues rose to C$16.06 billion from C$11.23 billion the prior year, topping expectations of C$15.51 billion.
Upstream production fell to 414,000 barrels of oil equivalent a day, down from 427,000 barrels a day, due to lower volumes.
The company refined 331,000 barrels a day, down from 376,000 barrels a day a year earlier due to lower capacity utilization.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
July 31, 2026 08:35 ET (12:35 GMT)
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