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Imperial Oil (IMO) investor relations material

Imperial Oil Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary31 Oct, 2025

Executive summary

  • Q3 2025 net income was $539 million, down from $1,237 million in Q3 2024, primarily due to non-cash impairment and restructuring charges totaling $555 million after-tax.

  • Excluding identified items, Q3 2025 net income was $1,094 million, nearly flat year-over-year and up $145 million sequentially, reflecting strong operating performance.

  • Cash flows from operating activities reached $1,798 million in Q3 2025, up from $1,487 million in Q3 2024.

  • Achieved record upstream production at 462,000 boe/d, with Kearl setting a new record at 316,000 bbl/d and high refinery utilization.

  • Returned $1,835 million to shareholders via dividends and share repurchases in Q3 2025.

Financial highlights

  • Q3 2025 revenues were $12,049 million, down from $13,259 million in Q3 2024; Q3 net income was $539 million ($1.07/share), adjusted net income $1,094 million ($2.17/share).

  • Cash flows from operating activities for the nine months were $4,790 million, up from $4,192 million in the prior year.

  • Capital and exploration expenditures for Q3 2025 were $505 million, up from $486 million in Q3 2024.

  • Cash and cash equivalents at September 30, 2025, were $1,861 million.

  • Paid $366 million in dividends and repurchased 12.2 million shares for $1,469 million in Q3 2025.

Outlook and guidance

  • Full-year outlook remains consistent with prior guidance, with annual guidance for 2026 to be issued in mid-December.

  • Accelerated share repurchase program expected to complete by year-end 2025.

  • Leming SAGD project first oil anticipated in coming weeks, ramping to 9,000 barrels/day.

  • No material near-term financial impacts expected from recent U.S. and Canadian trade tariffs.

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Frequently asked questions

Imperial Oil Limited is an integrated energy company engaged in the exploration, production, and sale of crude oil, natural gas, and petroleum products. The company also operates refining and marketing businesses, producing fuels, lubricants, and petrochemicals for industrial and consumer use. It serves both domestic and international markets. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.

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