Imperial Oil
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Imperial Oil (IMO) investor relations material

Imperial Oil Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary30 Jan, 2026

Executive summary

  • Generated over CAD 1.9 billion ($1,918 million) in Q4 cash flow from operations and CAD 6.7 billion ($6,708 million) for the full year 2025.

  • Returned CAD 2.1 billion ($2,072 million) to shareholders in Q4 and CAD 4.6 billion ($4,581 million) for the year, including dividends and share buybacks.

  • Declared a Q1 2026 dividend of CAD 0.87 per share, a 20%+ increase and the largest in company history.

  • Achieved record annual upstream production of 438,000 gross oil-equivalent barrels per day, the highest in over 30 years.

  • Quarterly net income was $492 million; adjusted net income (excluding identified items) was $968 million.

Financial highlights

  • Q4 net income was $492 million; adjusted net income was $968 million, down year-over-year due to lower upstream realizations.

  • Q4 cash flows from operating activities were $1,918 million; normalized cash flow (excluding working capital and one-time items) was $1,585 million.

  • Q4 capital expenditures totaled $651 million, up from $423 million year-over-year; full-year CapEx was $2,027 million.

  • Q4 EPS was $1.00 (diluted), down from $2.37; adjusted EPS was $1.97.

  • Q4 free cash flow was $1,357 million; full-year free cash flow was $4,816 million.

Outlook and guidance

  • Confident in 2026 production guidance for Kearl (285,000–295,000 bpd) and path to 300,000+ bpd.

  • Cold Lake Mahihkan SA-SAGD project to start in 2029, targeting 30,000 bpd peak.

  • Leming SAGD project at Cold Lake ramping up to a peak of 9,000 bpd.

  • Norman Wells production cessation accelerated to end of Q3 2026 as asset reaches end of economic life.

  • Restructuring plan on track, targeting CAD 150 million in annual savings by 2028.

Future impact of Norman Wells cessation?
Strategy to lower upstream unit cash costs?
Downstream growth drivers beyond retail sites?
Kearl: Mitigate future extreme weather impacts?
Inventory optimization: Expected annual savings?
Mahihkan SA-SAGD: How does it leverage learnings?
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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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