Imperial Oil reported second-quarter net income of $2.190 billion, up $1.241 billion from a year earlier, driven by higher commodity prices. The company lowered its full-year downstream throughput guidance by approximately 6% to a range of 370,000 to 380,000 barrels per day, citing rail congestion at its Strathcona refinery, unplanned downtime at Nanticoke, and a prioritization of renewable diesel production. Upstream production averaged 414,000 gross oil-equivalent barrels per day, and management now expects full-year upstream production to be toward the low end of its guidance range. Imperial also announced plans to accelerate its share repurchase program, targeting the completion of its entire normal course issuer bid allowance by year-end. Cash flow from operations reached $2.704 billion, and the company declared a third-quarter dividend of $0.87 per share.
Imperial Oil LtdLowered downstream throughput guidance by 6% due to rail congestion and unplanned downtime.
