Canadian oil company reports revenue decline year over year

The Imperial Oil logo at the company's annual meeting in Calgary. THE CANADIAN PRESS/Jeff McIntosh

Imperial Oil Ltd. reported a first-quarter profit of $940 million, down from $1.29 billion in the same quarter last year.

The company says the profit amounted to $1.94 per diluted share for the quarter, down from $2.52 per diluted share in the first quarter of 2025.

Revenue totalled $12.45 billion, down from $12.52 billion a year earlier.

Upstream production averaged 419,000 gross oil-equivalent barrels per day, up from 418,000 in the first quarter of 2025.

Meanwhile, refinery throughput averaged 384,000 barrels per day, compared with 397,000 a year earlier, while capacity utilization was 88 per cent, compared with 91 per cent.

Imperial says the lower throughput and utilization was mainly due to unplanned downtime and a disruption of synthetic crude feedstock caused by Syncrude’s coker outage.

This report by The Canadian Press was first published May 1, 2026.