Company: IMO
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000049938-25-000045
Chunk: 4

Company: IMPERIAL OIL LTD
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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  Net income (loss) (U. S. GAAP)                (58)      (25)  

Liquidity and capital resources

                                                        Second Quarter                                   
  millions of Canadian dollars                                    2025                  2024             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash flows from (used in):                                                                             
  Operating activities                                                      1,465                 1,629  
  Investing activities                                           (472)                 (456)             
  Financing activities                                           (371)                 (329)             
  Increase (decrease) in cash and cash equivalents                 622                   844             
  Cash and cash equivalents at period end                                   2,386                 2,020  

Cash flows from operating activities primarily reflect lower earnings and lower favourable working capital impacts.

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

Cash flows used in financing activities primarily reflect:

                                                  Second Quarter            
  millions of Canadian dollars, unless noted      2025                2024  
 ────────────────────────────────────────────────────────────────────────────
  Dividends paid                                  367                 321   
  Per share dividend paid (dollars)               0.72                0.60  
  Share repurchases (a)                           —                   —     
  Number of shares purchased (millions) (a)       —                   —     

(a) The company did not purchase any shares during the second quarter of 2025 and 2024.

On June 23, 2025, the company announced by news release that it had received final approval from the Toronto Stock Exchange for a new normal course issuer bid and will continue its existing share purchase program. Shareholders may obtain a copy of theNotice of Intention to Make a Normal Course Issuer Bid approved by the TSX without charge by contacting the company. The program enables the company to purchase up to a maximum of 25,452,248 common shares during the period June 29, 2025 to June 28, 2026. This maximum includes shares purchased under the normal course issuer bid from Exxon Mobil Corporation. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. The program will end should the company purchase the maximum allowable number of shares or otherwise on June 28, 2026. Imperial plans to accelerate its share purchases under the normal course issuer bid program, and