Imperial Oil Q3 net income $1.237B ($2.33/sh); upstream production record highest in 30+ years

IMPERIAL OIL LTD

2024-Q3 EPS reported $6.66 revenue$38,925,000,000

Net income of $1,237M vs $1,601M in Q3 2023; EPS $2.33 diluted, down from $2.76.
Upstream production 447k boe/d (highest Q3 in 30+ yrs); Kearl 295k boe/d matches record; Cold Lake 147k boe/d with Grand Rapids averaging 20k boe/d in Sept.
Downstream throughput 389k bpd at 90% utilization; Nanticoke and Strathcona turnarounds completed ahead of plan and below budget.
Returned $1,528M to shareholders: $322M dividends + $1,206M accelerated share repurchases; Q4 dividend declared $0.60/sh.
Grand Rapids (first commercial solvent-assisted SAGD) ramping strong; Leming SAGD redevelopment startup expected in 2025 at ~9k bpd.

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