Company: IMO
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000049938-25-000070
Chunk: 4

Company: IMPERIAL OIL LTD
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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                    2024               
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash flows from (used in):                                                                                
  Operating activities                                                       1,798                   1,487  
  Investing activities                                          (482)                   (484)               
  Financing activities                                                     (1,841)                 (1,533)  
  Increase (decrease) in cash and cash equivalents              (525)                   (530)               
  Cash and cash equivalents at period end                                    1,861                   1,490  

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

Cash flows used in financing activities primarily reflect:

                                                  Third Quarter            
  millions of Canadian dollars, unless noted               2025      2024  
 ───────────────────────────────────────────────────────────────────────────
  Dividends paid                                            366       322  
  Per share dividend paid (dollars)                        0.72      0.60  
  Share repurchases (a)                                                    
  Number of shares purchased (millions) (a)                12.2      12.4  

(a) Share repurchases were made under the company’s normal course issuer bid program, and include shares purchased from Exxon Mobil Corporation.

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

  IMPERIAL OIL LIMITED  

Nine months 2025 vs. nine months 2024

                                                                       Nine Months             
  millions of Canadian dollars, unless noted                                  2025       2024  
 ───────────────────────────────────────────────────────────────────────────────────────────────
  Net income (loss) (U. S. GAAP)                                             2,776      3,565  
  Net income (loss) per common share, assuming dilution (dollars)             5.46       6.66  
  Net income (loss) excluding identified items 1                             3,331      3,565  

Current year 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.

Upstream

Net income (loss) factor analysis

millions of Canadian dollars

Price - Average bitumen realizations decreased by $5.92 per barrel, primarily driven by lower marker prices partially offset by narrowing WTI/WCS spread. Synthetic crude oil realizations decreased by