Imperial Oil Limited reported strong financial performance for the third quarter and the nine months ending September 30, 2024. The company achieved revenues of $13,215 million for the third quarter, with total revenues and other income reaching $13,259 million. For the nine-month period, revenues totaled $38,812 million, slightly lower than the $38,925 million reported in the previous year.
Total expenses for the third quarter were $11,656 million, leading to an income before income taxes of $1,603 million. The net income for the third quarter was $1,237 million, down from $1,601 million in the same quarter of 2023. This decline in net income was attributed to lower average realizations for bitumen and synthetic crude oil, which decreased by $8.81 and $8.57 per barrel, respectively, due to lower market prices. Despite this, net income for the nine months ended September 30, 2024, was $3,565 million, a slight increase from $3,524 million in the previous year.
The company reported a net income per common share of $2.33 for the third quarter and $6.66 for the nine-month period, compared to $2.76 and $6.04, respectively, in the prior year. Comprehensive income for the third quarter was $1,250 million, while total current assets increased to $9,407 million as of September 30, 2024, up from $8,298 million at the end of 2023.
Cash flows from operating activities for the third quarter were $1,487 million, a decrease from $2,359 million in the same quarter of 2023, primarily due to unfavorable working capital conditions. The company also reported cash and cash equivalents of $1,490 million at the end of the third quarter, compared to $2,716 million at the same time last year.
Strategically, Imperial Oil announced a new normal course issuer bid allowing the repurchase of up to 26,791,840 common shares, with Exxon Mobil Corporation intending to maintain its ownership at approximately 69.6%. Additionally, the company extended the maturity date of a long-term loan from ExxonMobil to June 30, 2035, and entered into a long-term purchase agreement worth approximately $2 billion in Q1 2024.
Overall, while Imperial Oil faced challenges with lower commodity prices impacting profitability, it maintained a solid financial position and continued to execute strategic initiatives to enhance shareholder value.
About IMPERIAL OIL LTD
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