Company: IMO
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000049938-25-000070
Chunk: 5

Company: IMPERIAL OIL LTD
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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 $10.51 per barrel, primarily driven by lower WTI partially offset by an improved Synthetic/WTI spread.

Volume - Higher volumes were driven by higher production at Syncrude, Kearl and Cold Lake.

Royalty - Lower royalties were primarily driven by lower commodity prices.

Other - Primarily due to favourable foreign exchange impacts of about $200 million.

Marker prices and average realizations

                                                Nine Months              
  Canadian dollars, unless noted                       2025        2024  
 ─────────────────────────────────────────────────────────────────────────
  West Texas Intermediate (US$ per barrel)            66.65       77.59  
  Western Canada Select (US$ per barrel)              55.70       62.15  
  WTI/WCS Spread (US$ per barrel)                     10.95       15.44  
  Bitumen (per barrel)                                69.68       75.60  
  Synthetic crude oil (per barrel)                    92.44      102.95  
  Average foreign exchange rate (US$)                  0.71        0.74  

¹ non-GAAP financial measure - see non-GAAP financial measures and other specified financial measures for definition and reconciliation

  IMPERIAL OIL LIMITED  

Production

                                                                   Nine Months            
  thousands of barrels per day                                            2025      2024  
 ──────────────────────────────────────────────────────────────────────────────────────────
  Kearl (Imperial's share)                                                 200       195  
  Cold Lake                                                                150       145  
  Syncrude (a)                                                              76        73  
  Kearl total gross production (thousands of barrels per day)              282       275  

(a)In 2025, Syncrude gross production included about 2 thousand barrels per day of bitumen and other products (2024 - 1 thousand barrels per day) that were exported to the operator's facilities using an existing interconnect pipeline.

Downstream

Net income (loss) factor analysis

millions of Canadian dollars

Margins - Higher margins primarily reflect improved market conditions.

Other - Primarily due to unfavourable wholesale volume impacts of about $70 million, higher operating expenses of about $70 million driven by higher energy costs, and unplanned downtime of about $60 million, partially offset by lower turnaround impacts of about $100 million.

Refinery utilization and petroleum product sales

                                                  Nine Months            
  thousands of barrels per day