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Imperial Oil (IMO) investor relations material
Imperial Oil Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 net income was C$2.454B, up from C$539M; diluted EPS was C$5.11 versus C$1.07.
Operating cash flow was C$3.228B, or C$2.957B excluding working capital; record Downstream earnings benefited from stronger margins and product mix.
Upstream production and refinery utilization were constrained by third-party outages and turnarounds; management expects a strong Q4 with planned work complete.
Priorities remain profitable volume growth, structural cost improvements, cash generation, and returning surplus cash to shareholders.
Financial highlights
Revenue and other income was C$16.205B versus C$12.049B YoY; income before taxes was C$3.219B versus C$701M.
Net income was C$2.454B versus C$539M; excluding C$555M of Q3 2025 identified after-tax charges, prior-year net income was C$1.094B.
Operating cash flow was C$3.228B versus C$1.798B YoY; excluding working capital, it was C$2.957B versus C$1.600B.
Capital and exploration expenditures were C$668M versus C$505M YoY; free cash flow was C$2.566B versus C$1.316B.
Outlook and guidance
2026 Kearl production target reduced to 280,000 gross b/d following third-party disruptions; Cold Lake and Syncrude remain on track at the low end of Upstream guidance.
Q4 production is expected to benefit from completed turnarounds and no planned shutdowns; management targets a strong finish to 2026.
Kearl secondary recovery has started up, with growth to 300,000 b/d targeted for 2028; no major turnarounds are planned in 2027 or 2028.
Aspen pilot startup remains on track for early 2027; development timing depends on technology, economics, and fiscal conditions.
Strathcona rail-logistics debottlenecking is progressing, with enhanced refinery utilization anticipated by year-end.
- Q2 2026 net income rose to $2,190M, with strong cash flow and accelerated share buybacks.IMO
Q2 2026 - Record earnings, 20% dividend growth, and major renewable investments highlighted the meeting.IMO
AGM 2026 - Q1 2026 net income fell to $940M as higher costs and operational issues offset margin gains.IMO
Q1 2026 - Q4 net income was $492 million, with record output and a 20%+ dividend increase.IMO
Q4 2025 - 2025 outlook targets volume growth, cost reduction, and major project execution across all segments.IMO
Guidance - Record Q2 production and net income, strong cash flow, and accelerated share repurchases.IMO
Q2 2024 - Record upstream output and $1.5B returned to shareholders highlight strong Q3 results.IMO
Q3 2024 - Q1 2025 saw record net income, strong cash flow, and project progress during a CEO transition.IMO
Q1 2025 - Q4 net income hit CAD 1.2B, with record production and a 20% dividend increase.IMO
Q4 2024
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