08:42 AM EDT, 08/01/2025 (MT Newswires) -- Imperial Oil ( IMO ) on Friday said its second-quarter profit fell 16% on lower oil prices.

The oil producer and refiner said it earned $949 million, or $1.86 per share, in the quarter, down from $1.13 billion, or $2.11, in the year-prior quarter but well ahead of the consensus estimate for a profit of $1.63 per share among analysts polled by FactSet.

Revenue also fell 16%, to $11.32 billion from $13.38 billion, while cash flow was down 10% to $1.47 billion.

Production from the company's oil sands projects in northern Alberta rose to 427,000 barrels per day from 404,000, while throughput at its refineries averaged 376,000 bpd, down from 387,000 bpd a year earlier due to some unplanned maintenance and planned maintenance turnarounds.

"We safely completed our heaviest planned turnaround quarter in both our Upstream and Downstream businesses, positioning the company for a strong second half of the year," chief executive John Whelan said.

The company said the drop in its second-quarter profit came on lower oil prices, as the average price for its oil-sands bitumen fell 21% to $65.82 per barrel from $83.02.

A day after U.S. President Donald Trump imposed 35% tariffs on imports from Canada not covered by existing trade agreements, Imperial said it is monitoring a volatile trade environment.

"The likelihood of the United States, Canada or their trading partners resuming tariffs, imposing new or revised reciprocal tariffs, export restrictions, or other forms of trade-related sanctions is highly uncertain. Additionally, significant uncertainty exists as to what effects these actions will ultimately have on Imperial, its suppliers and its customers," the company said.

Imperial renewed its normal-course issuer bid in June to repurchase and cancel up to 25.45-million shares over 12 months. However the company said it expects to purchase all the allowed amount by year end.

The company's shares closed down $1.15 to $115.53 Thursday on the Toronto Stock Exchange.