Company: IMO
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000049938-25-000045
Chunk: 3

Company: IMPERIAL OIL LTD
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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 Canada Select (US$ per barrel)                 53.66       67.03  
  WTI/WCS Spread (US$ per barrel)                        10.03       13.60  
  Bitumen (per barrel)                                   65.82       83.02  
  Synthetic crude oil (per barrel)                       87.85      111.56  
  Average foreign exchange rate (US$)                     0.72        0.73  

Production

                                                                   Second Quarter            
  thousands of barrels per day                                               2025      2024  
 ─────────────────────────────────────────────────────────────────────────────────────────────
  Kearl (Imperial's share)                                                    195       181  
  Cold Lake                                                                   145       147  
  Syncrude (a)                                                                 77        66  
  Kearl total gross production (thousands of barrels per day)                 275       255  

(a) In the second quarter of 2025, Syncrude gross production included about 4 thousand barrels per day of bitumen and other products (2024 - 2 thousand barrels per day) that were exported to the operator's facilities using an existing interconnect pipeline.

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

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

Higher production at Syncrude was primarily driven by the timing of the annual coker turnaround.

Downstream

Net income (loss) factor analysis

millions of Canadian dollars

Margins - Higher margins primarily reflect improved market conditions.

Refinery utilization and petroleum product sales

                                                  Second Quarter            
  thousands of barrels per day, unless noted                2025      2024  
 ────────────────────────────────────────────────────────────────────────────
  Refinery throughput                                        376       387  
  Refinery capacity utilization (percent)                     87        89  
  Petroleum product sales                                    480       470  

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

Higher petroleum product sales were enabled by the Trans Mountain pipeline expansion.

  IMPERIAL OIL LIMITED  

Chemicals

Net income (loss) factor analysis

millions of Canadian dollars

Corporate and other

                                      Second Quarter            
  millions of Canadian dollars                  2025      2024  
 ───────────────────────────────────────────────────────────────