Company: IMO
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000049938-25-000045
Chunk: 6

Company: IMPERIAL OIL LTD
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 6
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  Syncrude (a)                                                             75        70  
  Kearl total gross production (thousands of barrels per day)             266       266  

(a) In 2025, Syncrude gross production included about 3 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.

Higher production at Cold Lake was primarily driven by Grand Rapids solvent-assisted SAGD, partially offset by production and steam cycle timing.

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.

Refinery utilization and petroleum product sales

                                                  Six Months            
  thousands of barrels per day, unless noted            2025      2024  
 ────────────────────────────────────────────────────────────────────────
  Refinery throughput                                    387       397  
  Refinery capacity utilization (percent)                 89        92  
  Petroleum product sales                                468       460  

Lower refinery throughput was primarily due to unplanned downtime partially offset by lower turnaround impacts.

Chemicals

Net income (loss) factor analysis

millions of Canadian dollars

Margins - Lower margins primarily reflect weaker industry polyethylene margins.

  IMPERIAL OIL LIMITED  

Corporate and other

                                      Six Months            
  millions of Canadian dollars              2025      2024  
 ────────────────────────────────────────────────────────────
  Net income (loss) (U. S. GAAP)           (116)      (76)  

Liquidity and capital resources

                                                        Six Months                                   
  millions of Canadian dollars                                2025                  2024             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash flows from (used in):                                                                         
  Operating activities                                                  2,992                 2,705  
  Investing activities                                       (849)                 (937)             
  Financing activities                                       (736)                 (612)             
  Increase (decrease) in cash and cash equivalents                      1,407                 1,156  

Cash flows from operating activities primarily reflect lower unfavourable deferred tax and working capital impacts.

Cash flows used in investing activities primarily reflect lower additions to property, plant and equipment.

Cash flows used in financing activities primarily reflect:

                                                                                                       Six Months