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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.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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