11:15 AM EST, 12/12/2024 (MT Newswires) -- (Adds detail and updates shares.)

Imperial Oil ( IMO ) released Thursday its guidance for 2025 for its oil-sands assets and refining operations.

The company expects to report upstream production of 433,000 to 456,000 barrels of oil equivalent per day (boe/d) in 2025. It averaged production of 447,000 boe/d in the third quarter of this year.

It also sees 2025 throughput at its refineries to be around 410,000 barrels per day, up from 389,000 bpd in the third quarter, with utilization of around 95%'

Imperial estimated its capital and exploration expenditures in the range of $1.9 billion to $2.1 billion.

"Our 2025 plan builds on our momentum and positions the company to achieve even stronger operating performance with higher volumes and lower unit cash costs at Kearl and Cold Lake," said Brad Corson, Imperial Oil's ( IMO ) chief executive.

"Our strategic investments and continued focus on profitable volume growth, lowering costs and driving efficiencies have enhanced Imperial's ability to increase free cash flow1 over a range of business conditions," Corson added.

National Bank of Canada reiterated its sector-perform rating and $133.00 price target for Imperial Oil ( IMO ) shares following the guidance.

Imperial Oil ( IMO ) shares were last seen down $4.94 to $99.08 on the Toronto Stock Exchange.