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Imperial Oil (IMO) investor relations material
Imperial Oil Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for Q2 2025 was $949 million, down from $1,133 million in Q2 2024, mainly due to lower upstream realizations and downstream margin capture.
Cash flows from operating activities were $1,465 million, compared to $1,629 million in Q2 2024, with $2,386 million in cash at quarter end.
Upstream production reached 427,000 boe/d, the highest Q2 in over 30 years, driven by record Kearl output.
Major milestones included completion of Canada’s largest renewable diesel facility at Strathcona and Lemming SAGD project progress.
Shareholder returns continued with $367 million in dividends and plans to accelerate share repurchases under the NCIB.
Financial highlights
Q2 2025 EPS (diluted) was $1.86, down from $2.11 in Q2 2024; capital expenditures totaled $473 million, up year-over-year.
Cash and cash equivalents increased to $2,386 million as of June 30, 2025.
Dividends paid in Q2 2025 totaled $367 million ($0.72 per share), up from $321 million ($0.60 per share) in Q2 2024.
Free cash flow for Q2 2025 was $993 million, down from $1,173 million in Q2 2024.
Chemical segment Q2 2025 net income was $21 million, down from $65 million, reflecting weaker polyethylene margins.
Outlook and guidance
No change to full-year CapEx guidance of $1.9B–$2.1B; higher H2 spending expected due to milestone payments.
Share repurchases under the NCIB are set to accelerate, targeting completion by year end.
Lemming SAGD project at Cold Lake is on track, with first oil expected late 2025 and ramp-up in 2026.
EBIRT pilot at Aspen lease remains on track for early 2027 startup.
Management continues to monitor global trade volatility, tariffs, and regulatory risks.
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