Company: IMO
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000049938-25-000070
Chunk: 3

Company: IMPERIAL OIL LTD
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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              64.97       75.27  
  Western Canada Select (US$ per barrel)                54.62       61.76  
  WTI/WCS Spread (US$ per barrel)                       10.35       13.51  
  Bitumen (per barrel)                                  68.22       77.24  
  Synthetic crude oil (per barrel)                      91.12      104.41  
  Average foreign exchange rate (US$)                    0.73        0.73  

Production

                                                                   Third Quarter            
  thousands of barrels per day                                              2025      2024  
 ────────────────────────────────────────────────────────────────────────────────────────────
  Kearl (Imperial's share)                                                   224       209  
  Cold Lake                                                                  150       147  
  Syncrude                                                                    78        81  
  Kearl total gross production (thousands of barrels per day)                316       295  

Higher production at Kearl was primarily driven by improved reliability and recovery.

Downstream

Net income (loss) factor analysis

millions of Canadian dollars

Margins - Higher margins primarily reflect improved market conditions.

Other - Includes lower turnaround impacts of about $70 million.

Refinery utilization and petroleum product sales

                                                  Third Quarter            
  thousands of barrels per day, unless noted               2025      2024  
 ───────────────────────────────────────────────────────────────────────────
  Refinery throughput                                       425       389  
  Refinery capacity utilization (percent)                    98        90  
  Petroleum product sales                                   464       487  

Higher refinery throughput was primarily due to lower turnaround impacts.

Lower petroleum product sales were primarily due to lower volumes in the supply and wholesale channels.

  IMPERIAL OIL LIMITED  

Chemicals

Net income (loss) factor analysis

millions of Canadian dollars

Corporate and other

                                      Third Quarter            
  millions of Canadian dollars                 2025      2024  
 ───────────────────────────────────────────────────────────────
  Net income (loss) (U. S. GAAP)              (654)      (23)  

Current quarter results include identified items1 of a $306 million after-tax ($406 million before-tax) non-cash impairment charge and a $249 million after-tax ($330 million before-tax) restructuring charge.

Liquidity and capital resources

                                                        Third Quarter                                       
  millions of Canadian dollars                                   2025