Oct 31 (Reuters) -

Canada's Imperial Oil ( IMO ) reported a

better-than-expected third-quarter profit on Friday, as record

production and refinery throughput offset lower crude prices.

Canadian oil sands producers such as Imperial Oil ( IMO ) have

remained resilient amid a global oil industry downturn,

supported by years of investment that have made them among North

America's lowest-cost producers.

Imperial, majority owned by Exxon Mobil ( XOM ), said its

upstream production for July-September rose 3.4% to 462,000

gross barrels of oil equivalent per day (boepd), the highest

quarterly output in over three decades.

This was driven by record production at its Kearl operations

and steady output from Cold Lake and Syncrude.

Imperial's downstream segment ran at 98% utilization, up

from 90% last year. Total throughput volumes also rose 9.3% to

425,000 bpd during the quarter.

Record upstream output, efficiency gains, and steady

refining performance have helped counter headwinds from tariffs

and weaker commodity prices.

Peer Cenovus Energy ( CVE ) posted a rise in quarterly

profit on Friday, also helped by record production and near-full

refinery utilization.

Global crude prices have slumped this year due to increased

output from the OPEC+ group of oil producers and trade policy

uncertainty. Western Canada Select crude fell 11.6% to $54.62

per barrel in the quarter.

For Imperial, the quarter included a C$306 million after-tax

non-cash impairment of Calgary campus and a C$249 million

after-tax restructuring charge.

In September, Imperial said it would cut its workforce by

about 20% by the end of 2027, part of a major restructuring that

would eventually shutter most of its presence in the oil-and-gas

city of Calgary.

The Calgary, Alberta-based company posted an adjusted profit

of C$2.17 per share for the quarter ended September 30, compared

with analysts' average estimate of C$1.92 per share, according

to data compiled by LSEG.

($1 = 1.4024 Canadian dollars)