Company: IMO
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000049938-25-000045
Chunk: 5

Company: IMPERIAL OIL LTD
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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 anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.

  IMPERIAL OIL LIMITED  

Six months 2025 vs. six months 2024

                                                                       Six Months             
  millions of Canadian dollars, unless noted                                 2025       2024  
 ──────────────────────────────────────────────────────────────────────────────────────────────
  Net income (loss) (U. S. GAAP)                                            2,237      2,328  
  Net income (loss) per common share, assuming dilution (dollars)            4.38       4.34  

Upstream

Net income (loss) factor analysis

millions of Canadian dollars

Price - Average bitumen realizations decreased by $4.20 per barrel, primarily driven by lower marker prices partially offset by narrowing WTI/WCS spread and lower diluent costs. Synthetic crude oil realizations decreased by $8.96 per barrel, primarily driven by lower WTI partially offset by an improved Synthetic/WTI spread.

Volume - Higher volumes were primarily driven by Grand Rapids solvent-assisted SAGD and the timing of the annual coker turnaround at Syncrude.

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

Other - Primarily due to favourable foreign exchange impacts of about $170 million.

Marker prices and average realizations

                                                Six Months              
  Canadian dollars, unless noted                      2025        2024  
 ────────────────────────────────────────────────────────────────────────
  West Texas Intermediate (US$ per barrel)           67.52       78.77  
  Western Canada Select (US$ per barrel)             56.25       62.34  
  WTI/WCS Spread (US$ per barrel)                    11.27       16.43  
  Bitumen (per barrel)                               70.50       74.70  
  Synthetic crude oil (per barrel)                   93.14      102.10  
  Average foreign exchange rate (US$)                 0.71        0.74  

  IMPERIAL OIL LIMITED  

Production

                                                                   Six Months            
  thousands of barrels per day                                           2025      2024  
 ─────────────────────────────────────────────────────────────────────────────────────────
  Kearl (Imperial's share)                                                189       189  
  Cold Lake                                                               150       144