Released November 04, 2025 | SUGAR LAND
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Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)
Starting operations in 2013, the Alberta-based facility has a peak design capacity of 380,000 barrels of heavy bitumen per day.
Downstream and refinery throughput averaged 425,000 barrels per day (BBL/d), up from 389,000 BBL/d year-on-year. Product sales, however, were lower due to supply-chain issues, the company said.
Imperial reported net income for the third quarter of USD$385 million, compared to US$677 million during the same period last year. Imperial already announced it would shed about 20% of its workforce by 2027 as part of a broad-based restructuring process. Exxon Mobil Corporation (\Spring, Texas), Imperial's parent company, also is cutting 4% of its workforce.
A corporate memo viewed by the Reuters news service said ConocoPhillips (Houston, Texas) also will cut staff from its Canadian operations by early November. And woes are not exclusive to Canada. While better than expected, Chevron (Houston) reported third-quarter earnings of $3.5 billion, compared with $4.5 billion during the same period last year.
"U.S. trade actions and related uncertainty are having severe effects on targeted sectors including autos, steel, aluminum, and lumber," the bank said. "As a result, (gross domestic product) growth is expected to be weak in the second half of the year."
The bank cut its lending rate by 25 basis points to 2.25%. Inflation is running at around 3% annually, above its 2% target rate.
While a year-on-year contraction is expected by next year, Canadian Prime Minister Mark Carney is looking for alternative trade opportunities overseas. Sparring with U.S. President Donald Trump over tariffs, Carney is working to double non-U.S. trade.
"The world is changing fast, and Canada must bet big -- on our people, our ideas, and our future," he said from the Asia-Pacific Economic Cooperation summit in South Korea. "That means making bold, generational investments here at home and forging new partnerships abroad."
The region accounts for US$185 billion in bilateral trade, making it Canada's second-largest trading partner after the United States.
By the Numbers
About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
Summary
Imperial Oil set a production record during the third quarter, but its financials took a hit relative to year-ago levels. Markets across North America remain rattled.Quarterly Production Was the Highest in 30 Years
Imperial Oil (Calgary, Alberta) said Friday that third-quarter 2025 production averaged 462,000 barrels of oil equivalent per day (boe/d), its highest quarterly level in more than 30 years. Much of the production strength came from the Kearl heavy crude oil facility, which churned out 316,000 boe/d during the quarter.Starting operations in 2013, the Alberta-based facility has a peak design capacity of 380,000 barrels of heavy bitumen per day.
Downstream and refinery throughput averaged 425,000 barrels per day (BBL/d), up from 389,000 BBL/d year-on-year. Product sales, however, were lower due to supply-chain issues, the company said.
Lots of Pressure in North American Markets
Canada boasts some of the largest crude oil deposits in the world. It's also the largest crude oil exporter to the United States, accounting for about 60% of foreign deliveries.Imperial reported net income for the third quarter of USD$385 million, compared to US$677 million during the same period last year. Imperial already announced it would shed about 20% of its workforce by 2027 as part of a broad-based restructuring process. Exxon Mobil Corporation (\Spring, Texas), Imperial's parent company, also is cutting 4% of its workforce.
A corporate memo viewed by the Reuters news service said ConocoPhillips (Houston, Texas) also will cut staff from its Canadian operations by early November. And woes are not exclusive to Canada. While better than expected, Chevron (Houston) reported third-quarter earnings of $3.5 billion, compared with $4.5 billion during the same period last year.
The Canadian Economy is Hurting
The global economy is facing pressure this year from tariff policies enacted by U.S. President Donald Trump. Last week, the Bank of Canada said the economy contracted by 1.6% during the second quarter amid low exports and a weak investment climate."U.S. trade actions and related uncertainty are having severe effects on targeted sectors including autos, steel, aluminum, and lumber," the bank said. "As a result, (gross domestic product) growth is expected to be weak in the second half of the year."
The bank cut its lending rate by 25 basis points to 2.25%. Inflation is running at around 3% annually, above its 2% target rate.
While a year-on-year contraction is expected by next year, Canadian Prime Minister Mark Carney is looking for alternative trade opportunities overseas. Sparring with U.S. President Donald Trump over tariffs, Carney is working to double non-U.S. trade.
"The world is changing fast, and Canada must bet big -- on our people, our ideas, and our future," he said from the Asia-Pacific Economic Cooperation summit in South Korea. "That means making bold, generational investments here at home and forging new partnerships abroad."
The region accounts for US$185 billion in bilateral trade, making it Canada's second-largest trading partner after the United States.
By the Numbers
- 462,000 boe/d for Imperial Oil sets a record.
- $385 million in net income marked a hefty loss.
- 20% of its workforce will be cut by 2027.
- Sector headwinds continue as job cuts mount.
- Imperial Oil said product sales were lackluster during the third quarter.
- Its parent company, Exxon, is already trimming payrolls.
About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
