Imperial Oil Books Lower Q3 Earnings as Crude Prices Drop

, which more than offset the highest Q3 production in more than 30 years. Imperial Oil’s net income came in at US$888.6 million C$1.237 billion for the third quarter, down from US$1.15 billion C$1.601 billion for the same period last year. Imperial Oil, majority owned by U.S.

The Canadian WTI/WCS spread remained stable in the third quarter and narrowed versus the 2023 full-year average,” Imperial Oil said, commenting on the recent business environment. Refining margins fell from a year ago and from the second quarter as “increased supply outpaced global demand,” the company said. Average bitumen and synthetic crude oil realizations decreased in Q3, primarily driven by lower marker prices and a decline in the WTI crude benchmark, Imperial Oil noted.

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