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Imperial Oil (NYSE:IMO) +5.4% pre-market Friday after beating Q3 adjusted earnings expectations and saying it will launch a stock buyback program of as much as C$1.5B (~US$1.08B).
Majority owner Exxon Mobil (XOM) will make a proportionate tender to maintain its 69.6% stake in Imperial Oil (IMO) following completion of the issuer bid.
Q3 net income fell to C$1.6B, or C$2.76/share, from C$2.03B, or C$3.24/share, in the year-earlier quarter, but was above C$675M reported in Q2; quarterly cash flow from operating activities jumped to C$2.36B from C$885M in Q2.
Q3 upstream production fell slightly to 423K gross boe/day from 430K gross boe/day in the year-ago quarter; adjusting for the sale of XTO Energy Canada, Q3 output increased by ~5K gross boe/day.
The company’s average WTI prices for the quarter fell to $82.32/bbl from $91.43/bbl a year earlier.
Imperial (IMO) said gross production at the Kearl oil sands project in Alberta averaged 295K bbl/day (Imperial’s share is 209K bbl/day), the highest quarterly production in the asset’s history, and established a new single month production record in September of 322K bbl/day (Imperial’s share is 228K bbl/day).
Q3 refinery throughput averaged 416K bbl/day, down from 426K bbl/day in the year-ago quarter; capacity utilization was 96%, compared to 100% in Q3 2022.