The chief executive of Imperial Oil Ltd. says he is encouraged by discussions with the federal government regarding support for industry projects, as the company reported second-quarter results.
“When I think broadly about the outlook for future investment, I'm very encouraged by the constructive dialogue and level of engagement with the federal government and the work that is now ongoing to potentially support industry and major projects in Canada,” John Whelan said on the company’s earnings conference call.
His comments come after the Liberal government's passing of Bill C-5 in June, also known as the Building Canada Act, which gave Ottawa sweeping new powers to speed up permitting for nation-building initiatives.
Energy sector peer Cenovus Energy Inc. shared a similar outlook Thursday, saying it's cautiously optimistic on federal government's support for getting major infrastructure built. However, Cenovus added that regulatory barriers remain to building energy projects.
Imperial Oil says its net income was $949 million during its second quarter, down from $1.13 billion a year earlier.
Earnings per share amounted to $1.86 on a diluted basis, compared with $2.11 during the same period last year.
The Calgary-based energy company reported $11.23 billion in total revenue and other income during the quarter, down from $13.38 billion during the same quarter last year.
During the quarter, Imperial said it completed construction and commissioning on a renewable diesel facility located at its Strathcona refinery near Edmonton. The company said the facility is the largest of its kind in the country, and production started in July.
"We now plan to optimize production around supplier capabilities. This project, at its peak, generated close to 600 jobs and was completed safely while achieving industry-leading cost and schedule performance," Whelan said on the call.
"The project provides a new lower-emissions offering to Canada's transportation sector and aligns with our long-term strategy of advancing responsible energy solutions while delivering strong returns."
Imperial also said the Trans Mountain pipeline expansion helped its petroleum product sales during the quarter, which came in at 480,000 barrels per day, rising from 470,000 a year earlier.
The company says upstream production reached 427,000 gross oil-equivalent barrels per day, marking the highest second quarter in over 30 years.
Refinery throughput averaged 376,000 barrels per day during the quarter, compared with 387,000 barrels per day a year earlier.
Whelan said the company completed its heaviest planned turnaround quarter for both its upstream and downstream businesses.
This report by The Canadian Press was first published Aug. 1, 2025.
Companies in this story: (TSX:IMO)
Daniel Johnson, The Canadian Press
