# EDGAR Filing Document

**Accession Number:** 0000049938
**File Stem:** 0000049938-25-000045
**Filing Date:** 2025-8
**Character Count:** 93230
**Document Hash:** 59f537161c2a021830cb13761df4d5a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000049938-25-000045.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0000049938-25-000045

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IMPERIAL OIL LTD
- **CENTRAL INDEX KEY:** 0000049938
- **STANDARD INDUSTRIAL CLASSIFICATION:** PETROLEUM REFINING [2911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980017682
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-12014
- **FILM NUMBER:** 251178974

**BUSINESS ADDRESS:**
- **STREET 1:** 505 QUARRY PARK BOULEVARD S.E.
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2C 5N1
- **BUSINESS PHONE:** 1-800-567-3776

**MAIL ADDRESS:**
- **STREET 1:** 505 QUARRY PARK BOULEVARD S.E.
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2C 5N1

?xml version='1.0' encoding='ASCII'? imo-20250630

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 10-Q**

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

**For the quarterly period ended June 30, 2025**

**OR** 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission file number 0-12014

**IMPERIAL OIL LIMITED**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Canada** | **98-0017682** |
| (State or other jurisdiction | (I.R.S. Employer |
| of incorporation or organization) | Identification No.) |
| **505 Quarry Park Boulevard S.E. Calgary, Alberta, Canada** | **T2C 5N1** |
| (Address of principal executive offices) | (Postal Code) |

---

1-800-567-3776

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol Name of each exchange onwhich registered <br> <u>None</u>    <u>None</u>

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act of 1934.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act of 1934). Yes ☐ No ☑

**The number of common shares outstanding, as of June 30, 2025 was 509,044,963.**

------

**IMPERIAL OIL LIMITED**

**Table of contents**

---

| | |
|:---|:---|
| | **Page** |
| **PART I. FINANCIAL INFORMATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3](#i824f35573290419a9cc96c3c52e6fd12_13)</u> |
| Item 1. Financial statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3](#i824f35573290419a9cc96c3c52e6fd12_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated statement of income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3](#i824f35573290419a9cc96c3c52e6fd12_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated statement of comprehensive income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4](#i824f35573290419a9cc96c3c52e6fd12_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated balance sheet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5](#i824f35573290419a9cc96c3c52e6fd12_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated statement of shareholders' equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6](#i824f35573290419a9cc96c3c52e6fd12_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated statement of cash flows | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7](#i824f35573290419a9cc96c3c52e6fd12_40)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to consolidated financial statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8](#i824f35573290419a9cc96c3c52e6fd12_46)</u> |
| Item 2. Management's discussion and analysis of financial condition and results of operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[19](#i824f35573290419a9cc96c3c52e6fd12_91)</u> |
| Item 3. Quantitative and qualitative disclosures about market risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[26](#i824f35573290419a9cc96c3c52e6fd12_169)</u> |
| Item 4. Controls and procedures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[26](#i824f35573290419a9cc96c3c52e6fd12_181)</u> |
| **PART II. OTHER INFORMATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[27](#i824f35573290419a9cc96c3c52e6fd12_184)</u> |
| Item 1. Legal proceedings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[27](#i824f35573290419a9cc96c3c52e6fd12_187)</u> |
| Item 2. Unregistered sales of equity securities and use of proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[27](#i824f35573290419a9cc96c3c52e6fd12_190)</u> |
| Item 5. Other information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[27](#i824f35573290419a9cc96c3c52e6fd12_193)</u> |
| Item 6. Exhibits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[28](#i824f35573290419a9cc96c3c52e6fd12_196)</u> |
| **SIGNATURES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[29](#i824f35573290419a9cc96c3c52e6fd12_199)</u> |

---

In this report, all dollar amounts are expressed in Canadian dollars unless otherwise stated. This report should be read in conjunction with the company's annual report on Form 10-K for the year ended December 31, 2024. Note that numbers may not add due to rounding.

The term "project" as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

In this report, unless the context otherwise indicates, reference to "the company" or "Imperial" includes Imperial Oil Limited and its subsidiaries.

------

**IMPERIAL OIL LIMITED**

**PART I. FINANCIAL INFORMATION**

**Item 1. Financial statements**

**Consolidated statement of income (U.S. GAAP, unaudited)** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 |
| **Revenues and other income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues (a) | **11208** | 13348 | **23674** | 25597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment and other income (note 3) | **24** | 35 | **75** | 69 |
| **Total revenues and other income** | **11232** | 13383 | **23749** | 25666 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration | **—** | 1 | **2** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of crude oil and products (b) | **7215** | 8856 | **14971** | 16562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production and manufacturing (c) | **1664** | 1689 | **3350** | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and general (c) | **251** | 221 | **510** | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal excise tax and fuel charge | **372** | 656 | **964** | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion | **478** | 456 | **1009** | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-service pension and postretirement benefit | **6** | 1 | **11** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing (d) (note 5) | **2** | 14 | **—** | 26 |
| **Total expenses** | **9988** | 11894 | **20817** | 22605 |
| **Income (loss) before income taxes** | **1244** | 1489 | **2932** | 3061 |
| **Income taxes** | **295** | 356 | **695** | 733 |
| **Net income (loss)** | **949** | 1133 | **2237** | 2328 |
| **Per share information** (Canadian dollars) |  |  |  |  |
| Net income (loss) per common share - basic (note 9) | **1.86** | 2.11 | **4.39** | 4.34 |
| Net income (loss) per common share - diluted (note 9) | **1.86** | 2.11 | **4.38** | 4.34 |
| (a) Amounts from related parties included in revenues (note 1) | **4121** | 3657 | **6995** | 7074 |
| (b) Amounts to related parties included in purchases of crude oil and products (note 1) | **2142** | 1549 | **2569** | 3222 |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) Amounts to related parties included in production and manufacturing, and selling <br> and general expenses. | **130** | 135 | **294** | 285 |
| (d) Amounts to related parties included in financing. | **23** | 43 | **49** | 87 |
| The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. |

---

------

**IMPERIAL OIL LIMITED**

**Consolidated statement of comprehensive income (U.S. GAAP, unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 |
| **Net income (loss)** | **949** | 1133 | **2237** | 2328 |
| Other comprehensive income (loss), net of income taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefits liability adjustment (excluding amortization) | **—** |  | **12** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of postretirement benefits liability adjustment &nbsp;&nbsp;&nbsp;&nbsp; included in net benefit costs | **5** | 13 | **10** | 25 |
| **Total other comprehensive income (loss)** | **5** | 13 | **22** | 29 |
| **Comprehensive income (loss)** | **954** | 1146 | **2259** | 2357 |
| The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. |

---

------

**IMPERIAL OIL LIMITED**

**Consolidated balance sheet (U.S. GAAP, unaudited)** <br>

---

| | | | |
|:---|:---|:---|:---|
| | | As at<br>Jun 30 | As at <br>Dec 31 |
| millions of Canadian dollars | millions of Canadian dollars | **2025** | 2024 |
| **Assets** | **Assets** |  |  |
| Current assets | Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **2386** | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - net (a) | &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - net (a) | **5602** | 5758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories of crude oil and products | &nbsp;&nbsp;&nbsp;&nbsp;Inventories of crude oil and products | **1642** | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials, supplies and prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;Materials, supplies and prepaid expenses | **1028** | 975 |
| Total current assets | Total current assets | **10658** | 9354 |
| Investments and long-term receivables (b) | Investments and long-term receivables (b) | **1094** | 1084 |
| Property, plant and equipment, | Property, plant and equipment, | **58876** | 58048 |
| &nbsp;&nbsp;&nbsp;&nbsp;less accumulated depreciation and depletion | &nbsp;&nbsp;&nbsp;&nbsp;less accumulated depreciation and depletion | **(28208)** | (27241) |
| Property, plant and equipment - net  | Property, plant and equipment - net  | **30668** | 30807 |
| Goodwill | Goodwill | **166** | 166 |
| Other assets, including intangibles - net | Other assets, including intangibles - net | **1592** | 1527 |
| **Total assets** | **Total assets** | **44178** | 42938 |
| **Liabilities** | **Liabilities** |  |  |
| Current liabilities | Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes and loans payable | &nbsp;&nbsp;&nbsp;&nbsp;Notes and loans payable | **19** | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities (a) (note 7) | &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities (a) (note 7) | **6710** | 6907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | **—** | 81 |
| Total current liabilities | Total current liabilities | **6729** | 7007 |
| Long-term debt (c) (note 6) | Long-term debt (c) (note 6) | **3983** | 3992 |
| Other long-term obligations (note 7) | Other long-term obligations (note 7) | **3901** | 3870 |
| Deferred income tax liabilities | Deferred income tax liabilities | **4566** | 4596 |
| **Total liabilities** | **Total liabilities** | **19179** | 19465 |
| **Shareholders' equity** | **Shareholders' equity** |  |  |
| Common shares at stated value (d) (note 9) | Common shares at stated value (d) (note 9) | **942** | 942 |
| Earnings reinvested | Earnings reinvested | **24249** | 22745 |
| Accumulated other comprehensive income (loss) (note 10) | Accumulated other comprehensive income (loss) (note 10) | **(192)** | (214) |
| **Total shareholders' equity** | **Total shareholders' equity** | **24999** | 23473 |
| **Total liabilities and shareholders' equity** | **Total liabilities and shareholders' equity** | **44178** | 42938 |
| (a) | Accounts receivable - net included net amounts receivable from related parties. | **1145** | 756 |
| (b) | Investments and long-term receivables included amounts from related parties. | **254** | 266 |
| (c) | Long-term debt included amounts to related parties. | **3447** | 3447 |
| (d) | Number of common shares authorized (millions). | **1100** | 1100 |
|  | Number of common shares outstanding (millions). | **509** | 509 |
| The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. |

---

------

**IMPERIAL OIL LIMITED**

**Consolidated statement of shareholders' equity (U.S. GAAP, unaudited)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 |
| **Common shares at stated value** (note 9) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At beginning of period | **942** | 992 | **942** | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share purchases at stated value | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At end of period | **942** | 992 | **942** | 992 |
| **Earnings reinvested** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At beginning of period | **23666** | 22781 | **22745** | 21907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) for the period | **949** | 1133 | **2237** | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share purchases in excess of stated value | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared | **(366)** | (322) | **(733)** | (643) |
| &nbsp;&nbsp;&nbsp;&nbsp;At end of period | **24249** | 23592 | **24249** | 23592 |
| **Accumulated other comprehensive income (loss)** (note 10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At beginning of period | **(197)** | (661) | **(214)** | (677) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | **5** | 13 | **22** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;At end of period | **(192)** | (648) | **(192)** | (648) |
| **Shareholders' equity at end of period** | **24999** | 23936 | **24999** | 23936 |
| The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. |

---

------

**IMPERIAL OIL LIMITED**

**Consolidated statement of cash flows (U.S. GAAP, unaudited)** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 |
| **Operating activities** |  |  |  |  |
| Net income (loss) | **949** | 1133 | **2237** | 2328 |
| Adjustments for non-cash items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion | **478** | 456 | **1009** | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset sales (note 3) | **(1)** | (1) | **(11)** | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and other | **—** | (75) | **(31)** | (239) |
| Changes in operating assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **168** | (866) | **156** | (1588) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, materials, supplies and prepaid expenses | **201** | 246 | **(53)** | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | **—** | 73 | **(81)** | (161) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **(317)** | 668 | **(203)** | 1375 |
| All other items - net (c) | **(13)** | (5) | **(31)** | (3) |
| **Cash flows from (used in) operating activities** | **1465** | 1629 | **2992** | 2705 |
| **Investing activities** |  |  |  |  |
| Additions to property, plant and equipment | **(471)** | (461) | **(869)** | (958) |
| Proceeds from asset sales (note 3) | **2** | 3 | **13** | 7 |
| Additional investments | **(4)** |  | **(4)** |  |
| Loans to equity companies - net | **1** | 2 | **11** | 14 |
| **Cash flows from (used in) investing activities** | **(472)** | (456) | **(849)** | (937) |
| **Financing activities** |  |  |  |  |
| Finance lease obligations - reduction (note 6) | **(4)** | (8) | **(8)** | (13) |
| Dividends paid | **(367)** | (321) | **(674)** | (599) |
| Common shares purchased (b) (note 9) | **—** |  | **(54)** |  |
| **Cash flows from (used in) financing activities** | **(371)** | (329) | **(736)** | (612) |
| **Increase (decrease) in cash and cash equivalents** | **622** | 844 | **1407** | 1156 |
| **Cash and cash equivalents at beginning of period** | **1764** | 1176 | **979** | 864 |
| **Cash and cash equivalents at end of period** (a) | **2386** | 2020 | **2386** | 2020 |
| (a) Cash equivalents are all highly liquid securities with maturity of three months or less. | (a) Cash equivalents are all highly liquid securities with maturity of three months or less. | (a) Cash equivalents are all highly liquid securities with maturity of three months or less. | (a) Cash equivalents are all highly liquid securities with maturity of three months or less. | (a) Cash equivalents are all highly liquid securities with maturity of three months or less. |
| (b) Includes 2 percent tax paid on repurchases of equity. | (b) Includes 2 percent tax paid on repurchases of equity. | (b) Includes 2 percent tax paid on repurchases of equity. | (b) Includes 2 percent tax paid on repurchases of equity. | (b) Includes 2 percent tax paid on repurchases of equity. |
| (c) Includes contributions to registered pension plans. | **(37)** | (38) | **(74)** | (75) |
| Income taxes (paid) refunded. | **(305)** | (434) | **(874)** | (1134) |
| Interest (paid), net of capitalization. | **(5)** | (15) | **(12)** | (26) |
| The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. |

---

------

**IMPERIAL OIL LIMITED**

**Notes to consolidated financial statements (unaudited)**

**Note 1. Basis of financial statement preparation**

These unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) in the company's 2024 annual report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature.

The company's exploration and production activities are accounted for under the "successful efforts" method.

Amounts for related party revenues and purchases for the three months ended June 30, 2024 have been revised from $2,946 million to $3,657 million and from $838 million to $1,549 million, respectively. Amounts for related party revenues and purchases for the six months ended June 30, 2024 have been revised from $5,675 million to $7,074 million and from $1,823 million to $3,222 million, respectively. Impacts of the revision offset to zero.

The results for the six months ended June 30, 2025, are not necessarily indicative of the operations to be expected for the full year.

All amounts are in Canadian dollars unless otherwise indicated.

------

**IMPERIAL OIL LIMITED**

**Note 2. Business segments** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstream | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstream | &nbsp;&nbsp;&nbsp;&nbsp; Downstream (d) | &nbsp;&nbsp;&nbsp;&nbsp; Downstream (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemical (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemical (d) |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| **Revenues and other income** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues (a) (b) | **87** | 29 | **10862** | 12986 | **259** | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intersegment sales  | **3701** | 4522 | **1550** | 1639 | **97** | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment and other income (note 3) | **(4)** | 1 | **15** | 9 | **—** |  |
| **Total revenues and other income** | **3784** | 4552 | **12427** | 14634 | **356** | 418 |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration | **—** | 1 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of crude oil and products  | **1369** | 1900 | **10952** | 12944 | **240** | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production and manufacturing | **1127** | 1203 | **466** | 435 | **62** | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and general | **—** |  | **175** | 171 | **20** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal excise tax and fuel charge | **—** |  | **370** | 655 | **2** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion | **418** | 396 | **44** | 46 | **4** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-service pension and postretirement benefit | **—** |  | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing (note 5) | **—** | 1 | **—** |  | **—** |  |
| **Total expenses** | **2914** | 3501 | **12007** | 14251 | **328** | 332 |
| **Income (loss) before income taxes** | **870** | 1051 | **420** | 383 | **28** | 86 |
| **Income tax expense (benefit)** | **206** | 252 | **98** | 89 | **7** | 21 |
| **Net income (loss)**  | **664** | 799 | **322** | 294 | **21** | 65 |
| **Cash flows from (used in) operating activities**  | **1021** | 1162 | **641** | 384 | **(134)** | 74 |
| **Capital and exploration expenditures** (c) | **353** | 267 | **90** | 149 | **1** | 3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Second Quarter | Corporate and other | Corporate and other | &nbsp;&nbsp;&nbsp;&nbsp; Eliminations | &nbsp;&nbsp;&nbsp;&nbsp; Eliminations | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| **Revenues and other income** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues (a) (b) | **—** |  | **—** |  | **11208** | 13348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intersegment sales  | **—** |  | **(5348)** | (6246) | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment and other income (note 3) | **13** | 25 | **—** |  | **24** | 35 |
| **Total revenues and other income** | **13** | 25 | **(5348)** | (6246) | **11232** | 13383 |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration | **—** |  | **—** |  | **—** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of crude oil and products | **—** |  | **(5346)** | (6244) | **7215** | 8856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production and manufacturing | **9** | 3 | **—** |  | **1664** | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and general | **58** | 29 | **(2)** | (2) | **251** | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal excise tax and fuel charge | **—** |  | **—** |  | **372** | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion | **12** | 10 | **—** |  | **478** | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-service pension and postretirement benefit | **6** | 1 | **—** |  | **6** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing (note 5) | **2** | 13 | **—** |  | **2** | 14 |
| **Total expenses** | **87** | 56 | **(5348)** | (6246) | **9988** | 11894 |
| **Income (loss) before income taxes** | **(74)** | (31) | **—** |  | **1244** | 1489 |
| **Income tax expense (benefit)** | **(16)** | (6) | **—** |  | **295** | 356 |
| **Net income (loss)**  | **(58)** | (25) | **—** |  | **949** | 1133 |
| **Cash flows from (used in) operating activities**  | **(63)** | 9 | **—** |  | **1465** | 1629 |
| **Capital and exploration expenditures** (c) | **29** | 43 | **—** |  | **473** | 462 |

---

------

**IMPERIAL OIL LIMITED**

(a)Includes export sales to the United States of $1,915 million (2024 - $2,632 million).

(b)Revenues include both revenue within the scope of *ASC 606* and outside the scope of *ASC 606*. Trade receivables in "Accounts receivable - net" reported on the Consolidated balance sheet include both receivables within the scope of *ASC 606* and outside the scope of *ASC 606*. Revenue and receivables outside the scope of *ASC 606* primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of *ASC 606* and those outside it.&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Revenues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter |
| millions of Canadian dollars | 2025 | 2024 |
| Revenue from contracts with customers | 9559 | 10782 |
| Revenue outside the scope of *ASC 606* | 1649 | 2566 |
| Total | 11208 | 13348 |

---

(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company's share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.

(d)In the second quarter of 2025, benzene and aromatic solvents are reported under the Downstream segment, whereas in the second quarter of 2024, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast.

------

**IMPERIAL OIL LIMITED**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Six Months to June 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstream | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstream | &nbsp;&nbsp;&nbsp;&nbsp; Downstream (d) | &nbsp;&nbsp;&nbsp;&nbsp; Downstream (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemical (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemical (d) |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| **Revenues and other income** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues (a) (b) | **126** | 71 | **23023** | 24865 | **525** | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intersegment sales | **8106** | 8644 | **3387** | 3387 | **203** | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment and other income (note 3) | **10** | 5 | **36** | 21 | **—** | 1 |
| **Total revenues and other income** | **8242** | 8720 | **26446** | 28273 | **728** | 837 |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration | **2** | 2 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of crude oil and products | **3231** | 3713 | **22939** | 24535 | **493** | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production and manufacturing | **2303** | 2391 | **923** | 856 | **113** | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and general | **—** |  | **349** | 333 | **42** | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal excise tax and fuel charge | **—** |  | **961** | 1245 | **3** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion | **888** | 828 | **89** | 91 | **8** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-service pension and postretirement benefit | **—** |  | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing (note 5) | **(12)** | 2 | **—** |  | **—** |  |
| **Total expenses** | **6412** | 6936 | **25261** | 27060 | **659** | 676 |
| **Income (loss) before income taxes** | **1830** | 1784 | **1185** | 1213 | **69** | 161 |
| **Income tax expense (benefit)** | **435** | 427 | **279** | 288 | **17** | 39 |
| **Net income (loss)**  | **1395** | 1357 | **906** | 925 | **52** | 122 |
| **Cash flows from (used in) operating activities** | **1222** | 2053 | **1997** | 391 | **(75)** | 71 |
| **Capital and exploration expenditures** (c) | **619** | 557 | **178** | 302 | **4** | 8 |
| **Total assets as at June 30**  | **29387** | 28505 | **11784** | 12016 | **519** | 503 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Six Months to June 30 | Corporate and other | Corporate and other | &nbsp;&nbsp;&nbsp;&nbsp; Eliminations | &nbsp;&nbsp;&nbsp;&nbsp; Eliminations | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| **Revenues and other income** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues (a) (b) | **—** |  | **—** |  | **23674** | 25597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intersegment sales  | **—** |  | **(11696)** | (12206) | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment and other income (note 3) | **29** | 42 | **—** |  | **75** | 69 |
| **Total revenues and other income** | **29** | 42 | **(11696)** | (12206) | **23749** | 25666 |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration | **—** |  | **—** |  | **2** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of crude oil and products  | **—** |  | **(11692)** | (12202) | **14971** | 16562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production and manufacturing | **11** | 5 | **—** |  | **3350** | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and general | **123** | 89 | **(4)** | (4) | **510** | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal excise tax and fuel charge | **—** |  | **—** |  | **964** | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion | **24** | 19 | **—** |  | **1009** | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-service pension and postretirement benefit | **11** | 2 | **—** |  | **11** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing (note 5) | **12** | 24 | **—** |  | **—** | 26 |
| **Total expenses** | **181** | 139 | **(11696)** | (12206) | **20817** | 22605 |
| **Income (loss) before income taxes** | **(152)** | (97) | **—** |  | **2932** | 3061 |
| **Income tax expense (benefit)** | **(36)** | (21) | **—** |  | **695** | 733 |
| **Net income (loss)**  | **(116)** | (76) | **—** |  | **2237** | 2328 |
| **Cash flows from (used in) operating activities**  | **(137)** | 190 | **(15)** |  | **2992** | 2705 |
| **Capital and exploration expenditures** (c) | **70** | 91 | **—** |  | **871** | 958 |
| **Total assets as at June 30**  | **4510** | 3528 | **(2022)** | (417) | **44178** | 44135 |

---

------

**IMPERIAL OIL LIMITED**

(a)Includes export sales to the United States of $4,706 million (2024 - $5,010 million).

(b)Revenues include both revenue within the scope of *ASC 606* and outside the scope of *ASC 606*. Trade receivables in "Accounts receivable - net" reported on the Consolidated balance sheet include both receivables within the scope of *ASC 606* and outside the scope of *ASC 606*. Revenue and receivables outside the scope of *ASC 606* primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of *ASC 606* and those outside it.&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Revenues | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| millions of Canadian dollars | 2025 | 2024 |
| Revenue from contracts with customers | 19694 | 20511 |
| Revenue outside the scope of *ASC 606* | 3980 | 5086 |
| Total | 23674 | 25597 |

---

(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company's share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.

(d)In 2025, benzene and aromatic solvents are reported under the Downstream segment, whereas in 2024, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast.

------

**IMPERIAL OIL LIMITED**

**Note 3. Investment and other income** 

Investment and other income included gains and losses on asset sales as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 |
| Proceeds from asset sales | **2** | 3 | **13** | 7 |
| Book value of asset sales | **1** | 2 | **2** | 4 |
| Gain (loss) on asset sales, before tax | **1** | 1 | **11** | 3 |
| Gain (loss) on asset sales, after tax | **1** | 1 | **10** | 3 |

---

**Note 4. Employee retirement benefits** 

The components of net benefit cost were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 |
| Pension benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service cost | **46** | 46 | **93** | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | **91** | 92 | **184** | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected return on plan assets | **(98)** | (114) | **(197)** | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of prior service cost | **8** | 7 | **14** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of actuarial loss (gain) | **3** | 12 | **6** | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net benefit cost | **50** | 43 | **100** | 86 |
| Other postretirement benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service cost | **1** | 3 | **2** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | **6** | 6 | **11** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of prior service cost (credit) | **(1)** |  | **(2)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of actuarial loss (gain) | **(3)** | (2) | **(5)** | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net benefit cost | **3** | 7 | **6** | 15 |

---

**Note 5. Financing costs**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Six Months <br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months <br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 |
| Debt-related interest  | **27** | 52 | **64** | 104 |
| Capitalized interest  | **(25)** | (39) | **(52)** | (80) |
| Net interest expense  | **2** | 13 | **12** | 24 |
| Other interest  | **—** | 1 | **(12)** | 2 |
| Total financing  | **2** | 14 | **—** | 26 |

---

------

**IMPERIAL OIL LIMITED**

**Note 6. Long-term debt**

---

| | | |
|:---|:---|:---|
| | As at<br>Jun 30 | As at <br>Dec 31 |
| millions of Canadian dollars | **2025** | 2024 |
| Long-term debt  | **3447** | 3447 |
| Finance leases | **536** | 545 |
| Total long-term debt | **3983** | 3992 |

---

**Note 7. Other long-term obligations**

---

| | | |
|:---|:---|:---|
| | As at<br>Jun 30 | As at <br>Dec 31 |
| millions of Canadian dollars | **2025** | 2024 |
| Employee retirement benefits (a) | **828** | 846 |
| Asset retirement obligations and other environmental liabilities (b) | **2607** | 2641 |
| Share-based incentive compensation liabilities  | **197** | 119 |
| Operating lease liability (c) | **147** | 144 |
| Other obligations  | **122** | 120 |
| Total other long-term obligations | **3901** | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Total recorded employee retirement benefits obligations also included $61 million in current liabilities (2024 - $61 million). <br>(b)Total asset retirement obligations and other environmental liabilities also included $291 million in current liabilities (2024 - $291 million). <br>(c)Total operating lease liability also included $102 million in current liabilities (2024 - $100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totaled $48 million (2024 - $56 million). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Total recorded employee retirement benefits obligations also included $61 million in current liabilities (2024 - $61 million). <br>(b)Total asset retirement obligations and other environmental liabilities also included $291 million in current liabilities (2024 - $291 million). <br>(c)Total operating lease liability also included $102 million in current liabilities (2024 - $100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totaled $48 million (2024 - $56 million). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Total recorded employee retirement benefits obligations also included $61 million in current liabilities (2024 - $61 million). <br>(b)Total asset retirement obligations and other environmental liabilities also included $291 million in current liabilities (2024 - $291 million). <br>(c)Total operating lease liability also included $102 million in current liabilities (2024 - $100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totaled $48 million (2024 - $56 million). |

---

------

**IMPERIAL OIL LIMITED**

**Note 8. Financial and derivative instruments**

**Financial instruments** 

The fair value of the company's financial instruments is determined by reference to various market data and other appropriate valuation techniques. There are no material differences between the fair value of the company's financial instruments and the recorded carrying value. At June 30, 2025 and December 31, 2024, the fair value of long-term debt ($3,447 million, excluding finance lease obligations) was primarily a level 2 measurement.

**Derivative instruments** 

The company's size, strong capital structure and the complementary nature of its business segments reduce the company's enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the company uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated statement of income on a net basis in the line "Revenues" and in the Consolidated statement of cash flows in "Cash flows from (used in) operating activities". The company's commodity derivatives are not accounted for under hedge accounting.

Credit risk associated with the company's derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The company maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity.

The net notional long/(short) position of derivative instruments was:

---

| | | |
|:---|:---|:---|
| | As at<br>Jun 30 | As at Dec 31 |
| thousands of barrels | **2025** | 2024 |
| Crude | **4374** | 4260 |
| Products | **(1153)** | (371) |

---

Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following line on a before-tax basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Six Months <br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months <br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 |
| Revenues | **(24)** | 11 | **(9)** | (13) |

---

------

**IMPERIAL OIL LIMITED**

The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| At June 30, 2025 | At June 30, 2025 | At June 30, 2025 | At June 30, 2025 | At June 30, 2025 | At June 30, 2025 | At June 30, 2025 | At June 30, 2025 |
| millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars |
|  | Fair value | Fair value | Fair value | Fair value | Effect of<br>counterparty<br>netting | Effect of<br>collateral<br>netting | Net<br>carrying<br>value |
|  | Level 1 | Level 2 | Level 3 | Total | Effect of<br>counterparty<br>netting | Effect of<br>collateral<br>netting | Net<br>carrying<br>value |
| **Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets (a) | **40** | **44** | **—** | **84** | **(34)** | **(6)** | **44** |
| **Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities (b) | **34** | **50** | **—** | **84** | **(34)** | **—** | **50** |
| (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net".<br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net".<br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net".<br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net".<br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net".<br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net".<br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net".<br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net".<br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars |
|  | Fair value | Fair value | Fair value | Fair value | Effect of<br>counterparty<br>netting | Effect of<br>collateral<br>netting | Net<br>carrying<br>value |
|  | Level 1 | Level 2 | Level 3 | Total | Effect of<br>counterparty<br>netting | Effect of<br>collateral<br>netting | Net<br>carrying<br>value |
| **Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets (a) | 38 | 21 |  | 59 | (38) |  | 21 |
| **Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities (b) | 52 | 30 |  | 82 | (38) | (14) | 30 |
| (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net". <br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net". <br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net". <br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net". <br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net". <br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net". <br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net". <br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  | (a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net". <br>(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".  |

---

At June 30, 2025 and December 31, 2024, the company had $14 million and $22 million, respectively, of collateral under a master netting arrangement not offset against the derivatives on the Consolidated balance sheet in "Accounts receivable - net", primarily related to initial margin requirements.

------

**IMPERIAL OIL LIMITED**

**Note 9. Common shares**

---

| | | |
|:---|:---|:---|
| | As at<br>Jun 30 | As at <br>Dec 31 |
| thousands of shares | **2025** | 2024 |
| Authorized | **1,100,000** | 1,100,000 |
| Outstanding | **509,045** | 509,045 |

---

The current 12-month normal course issuer bid program came into effect June 29, 2025 under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 25,452,248 common shares (5 percent of the total shares on June 15, 2025) which 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. Imperial plans to accelerate its share purchases under the normal course issuer bid program, and anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.

The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.

The company's common share activities are summarized below:

---

| | | |
|:---|:---|:---|
| | Thousands of<br> shares | Millions of<br> dollars |
| Balance as at December 31, 2023 | 535837 | 992 |
| Purchases at stated value | (26792) | (50) |
| Balance as at December 31, 2024 | 509045 | 942 |
| Purchases at stated value | **—** | **—** |
| **Balance as at June 30, 2025** | **509045** | **942** |

---

The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Six Months <br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months <br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| | **2025** | 2024 | **2025** | 2024 |
| **Net income (loss) per common share – basic** |  |  |  |  |
| Net income (loss) (millions of Canadian dollars) | **949** | 1133 | **2237** | 2328 |
| Weighted-average number of common shares outstanding (millions of shares) | **509.0** | 535.8 | **509.0** | 535.8 |
| Net income (loss) per common share (dollars) | **1.86** | 2.11 | **4.39** | 4.34 |
| **Net income (loss) per common share – diluted** |  |  |  |  |
| Net income (loss) (millions of Canadian dollars) | **949** | 1133 | **2237** | 2328 |
| Weighted-average number of common shares outstanding (millions of shares) | **509.0** | 535.8 | **509.0** | 535.8 |
| Effect of employee share-based awards (millions of shares) | **1.3** | 1.2 | **1.2** | 1.2 |
| Weighted-average number of common shares outstanding, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assuming dilution (millions of shares) | **510.3** | 537.0 | **510.2** | 537.0 |
| Net income (loss) per common share (dollars) | **1.86** | 2.11 | **4.38** | 4.34 |
| **Dividends per common share – declared** (dollars) | **0.72** | 0.60 | **1.44** | 1.20 |

---

------

**IMPERIAL OIL LIMITED**

**Note 10. Other comprehensive income (loss) information**

**Changes in accumulated other comprehensive income (loss):**

---

| | | |
|:---|:---|:---|
| millions of Canadian dollars | **2025** | 2024 |
| Balance at January 1 | **(214)** | (677) |
| Postretirement benefits liability adjustment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current period change excluding amounts reclassified&nbsp;&nbsp;&nbsp;&nbsp; from accumulated other comprehensive income | **12** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income | **10** | 25 |
| Balance at June 30 | **(192)** | (648) |

---

**Amounts reclassified out of accumulated other comprehensive income (loss) – before-tax income (expense):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 |
| Amortization of postretirement benefits liability adjustment <br>&nbsp;&nbsp;&nbsp;&nbsp; included in net benefit cost (a) | **(7)** | (17) | **(13)** | (34) |
| (a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4). | (a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4). | (a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4). | (a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4). | (a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4). |

---

**Income tax expense (credit) for components of other comprehensive income (loss):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 | &nbsp;&nbsp;&nbsp;&nbsp; Six Months<br>&nbsp;&nbsp;&nbsp;&nbsp; to June 30 |
| millions of Canadian dollars | **2025** | 2024 | **2025** | 2024 |
| Postretirement benefits liability adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefits liability adjustment (excluding amortization) | **—** | (1) | **4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of postretirement benefits liability adjustment &nbsp;&nbsp;&nbsp;&nbsp; included in net benefit cost | **2** | 4 | **3** | 9 |
| Total | **2** | 3 | **7** | 9 |

---

------

**IMPERIAL OIL LIMITED**

**Item 2. Management's discussion and analysis of financial condition and results of operations**

**Recent business environment** 

During the second quarter of 2025, the price of crude oil decreased relative to first quarter of 2025, while the Canadian WTI/WCS spread narrowed due to low inventory levels. Industry refining margins improved in the second quarter of 2025, driven by strong seasonal demand.

During 2025, the United States announced a variety of trade-related actions, including the imposition of tariffs on imports from Canada and several other countries. In response, Canada announced its own retaliatory tariffs. Certain tariffs were paused for a period of time but have not been withdrawn, while others have been revised. The global trade environment continues to be volatile. The likelihood of the United States, Canada or their trading partners resuming tariffs, imposing new or revised reciprocal tariffs, export restrictions, or other forms of trade-related sanctions is highly uncertain. Additionally, significant uncertainty exists as to what effects these actions will ultimately have on Imperial, its suppliers and its customers. The company continually monitors the global trade environment and works to mitigate potential impacts.

**Operating results** 

**Second quarter 2025 vs. second quarter 2024**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter |
| millions of Canadian dollars, unless noted | **2025** | 2024 |
| Net income (loss) (U.S. GAAP) | **949** | 1,133 |
| Net income (loss) per common share, assuming dilution (dollars) | **1.86** | 2.11 |

---

**Upstream** 

**Net income (loss) factor analysis** 

millions of Canadian dollars

![78](imo-20250630_g1.jpg)

Price – Average bitumen realizations decreased by $17.20 per barrel, primarily driven by lower marker prices. Synthetic crude oil realizations decreased by $23.71 per barrel, primarily driven by lower WTI and a weaker Synthetic/WTI spread.

Volumes – Higher volumes were primarily driven by the timing of the annual coker turnaround at Syncrude and mine productivity and improved reliability at Kearl.

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

------

**IMPERIAL OIL LIMITED**

**Marker prices and average realizations**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter |
| Canadian dollars, unless noted | **2025** | 2024 |
| &nbsp;&nbsp;West Texas Intermediate (US$ per barrel) | **63.69** | 80.63 |
| &nbsp;&nbsp;Western Canada Select (US$ per barrel) | **53.66** | 67.03 |
| &nbsp;&nbsp;WTI/WCS Spread (US$ per barrel) | **10.03** | 13.60 |
| &nbsp;&nbsp;Bitumen (per barrel) | **65.82** | 83.02 |
| &nbsp;&nbsp;Synthetic crude oil (per barrel) | **87.85** | 111.56 |
| &nbsp;&nbsp;Average foreign exchange rate (US$) | **0.72** | 0.73 |

---

**Production** 

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter |
| thousands of barrels per day | **2025** | 2024 |
| &nbsp;&nbsp;Kearl (Imperial's share) | **195** | 181 |
| &nbsp;&nbsp;Cold Lake | **145** | 147 |
| &nbsp;&nbsp;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

![81](imo-20250630_g2.jpg)

Margins - Higher margins primarily reflect improved market conditions.

**Refinery utilization and petroleum product sales**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter |
| thousands of barrels per day, unless noted | **2025** | 2024 |
| &nbsp;&nbsp;Refinery throughput | **376** | 387 |
| &nbsp;&nbsp;Refinery capacity utilization (percent) | **87** | 89 |
| &nbsp;&nbsp;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

![80](imo-20250630_g3.jpg)

**Corporate and other** 

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter |
| millions of Canadian dollars | **2025** | 2024 |
| &nbsp;&nbsp;Net income (loss) (U.S. GAAP) | **(58)** | (25) |

---

**Liquidity and capital resources**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter |
| millions of Canadian dollars | **2025** | 2024 |
| Cash flows from (used in): |  |  |
| &nbsp;&nbsp;Operating activities | **1465** | 1629 |
| &nbsp;&nbsp;Investing activities | **(472)** | (456) |
| &nbsp;&nbsp;Financing activities | **(371)** | (329) |
| Increase (decrease) in cash and cash equivalents | **622** | 844 |
| Cash and cash equivalents at period end | **2386** | 2020 |

---

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:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp; Second Quarter |
| millions of Canadian dollars, unless noted | **2025** | 2024 |
| &nbsp;&nbsp;Dividends paid | **367** | 321 |
| &nbsp;&nbsp;Per share dividend paid (dollars) | **0.72** | 0.60 |
| &nbsp;&nbsp;Share repurchases (a) | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 the *Notice 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 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**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months |
| millions of Canadian dollars, unless noted | **2025** | 2024 |
| &nbsp;&nbsp;Net income (loss) (U.S. GAAP) | **2,237** | 2,328 |
| &nbsp;&nbsp;Net income (loss) per common share, assuming dilution (dollars) | **4.38** | 4.34 |

---

**Upstream** 

**Net income (loss) factor analysis** 

millions of Canadian dollars

![79](imo-20250630_g4.jpg)

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** 

---

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

---

------

**IMPERIAL OIL LIMITED**

**Production** 

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Six Months | &nbsp;&nbsp;&nbsp;&nbsp; Six Months |
| thousands of barrels per day | **2025** | 2024 |
| &nbsp;&nbsp;Kearl (Imperial's share) | **189** | 189 |
| &nbsp;&nbsp;Cold Lake | **150** | 144 |
| &nbsp;&nbsp;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

![82](imo-20250630_g5.jpg)

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**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months |
| thousands of barrels per day, unless noted | **2025** | 2024 |
| &nbsp;&nbsp;Refinery throughput | **387** | 397 |
| &nbsp;&nbsp;Refinery capacity utilization (percent) | **89** | 92 |
| &nbsp;&nbsp;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

![80](imo-20250630_g6.jpg)

Margins - Lower margins primarily reflect weaker industry polyethylene margins.

------

**IMPERIAL OIL LIMITED**

**Corporate and other** 

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months |
| millions of Canadian dollars | **2025** | 2024 |
| &nbsp;&nbsp;Net income (loss) (U.S. GAAP) | **(116)** | (76) |

---

**Liquidity and capital resources**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months |
| millions of Canadian dollars | **2025** | 2024 |
| Cash flows from (used in): |  |  |
| &nbsp;&nbsp;Operating activities | **2992** | 2705 |
| &nbsp;&nbsp;Investing activities | **(849)** | (937) |
| &nbsp;&nbsp;Financing activities | **(736)** | (612) |
| Increase (decrease) in cash and cash equivalents | **1407** | 1156 |

---

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:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months |
| millions of Canadian dollars, unless noted | **2025** | 2024 |
| &nbsp;&nbsp;Dividends paid | **674** | 599 |
| &nbsp;&nbsp;Per share dividend paid (dollars) | **1.32** | 1.10 |
| &nbsp;&nbsp;Share repurchases (a) | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of shares purchased (millions) (a) | **—** |  |
| (a)The company did not purchase any shares during the six months ended June 30, 2025 and 2024. | (a)The company did not purchase any shares during the six months ended June 30, 2025 and 2024. | (a)The company did not purchase any shares during the six months ended June 30, 2025 and 2024. |

---

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**IMPERIAL OIL LIMITED**

**Forward-looking statements** 

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, references to the company's purchases under the normal course issuer bid and plans to accelerate completion prior to year end; the use of derivative instruments and effectiveness of risk mitigation; and the continued evaluation of the company's share purchase program in the context of overall capital activities.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning future energy demand, supply and mix; production rates, growth and mix across various assets; for shareholder returns, assumptions such as cash flow forecasts, financing sources and capital structure, participation of the company's majority shareholder and the results of periodic and ongoing evaluation of alternate uses of capital; project plans, timing, costs, technical evaluations and capacities and the company's ability to effectively execute on these plans and operate its assets, including the Strathcona renewable diesel project, the Leming, Grand Rapids and LASER projects at Cold Lake, and autonomous operations at Kearl; performance of third-party service providers including service providers located outside of Canada; capital and environmental expenditures; the ability to offset any ongoing or renewed inflationary pressures; applicable laws and government policies, including with respect to climate change, greenhouse gas emissions reductions and low carbon fuels; cash generation, financing sources and capital structure, such as dividends and shareholder returns, including the timing and amounts of share repurchases; and commodity prices, foreign exchange rates and general market conditions, could differ materially depending on a number of factors.

These factors include global, regional or local changes in supply and demand for oil, natural gas, petroleum and petrochemical products, feedstocks and other market factors, economic conditions and seasonal fluctuations and resulting demand, price, differential and margin impacts, including Canadian and foreign government action with respect to supply levels, prices, trade tariffs, trade sanctions or trade controls, the occurrence of disruptions in trade or military alliances, or a broader breakdown in global trade; political or regulatory events, including changes in law or government policy, applicable royalty rates, and tax laws including taxes on share repurchases; third-party opposition to company and service provider operations, projects and infrastructure; failure, delay, reduction, revocation or uncertainty regarding supportive policy and market development for the adoption of emerging lower emission energy technologies and other technologies that support emissions reductions; the receipt, in a timely manner, of regulatory and third-party approvals, including for new technologies relating to the company's lower emissions business activities; competition from alternative energy sources and established competitors in such markets; availability and allocation of capital; project management and schedules and timely completion of projects; unanticipated technical or operational difficulties; availability and performance of third-party service providers including those located outside of Canada; environmental risks inherent in oil and gas exploration and production activities; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; management effectiveness and disaster response preparedness; operational hazards and risks; cybersecurity incidents including incidents caused by actors employing emerging technologies such as artificial intelligence; currency exchange rates; general economic conditions, including inflation and the occurrence and duration of economic recessions or downturns; and other factors discussed in "Item 1A risk factors" and "Item 7 management's discussion and analysis of financial condition and results of operations" of Imperial's most recent annual report on Form 10-K.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial. Imperial's actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

------

**IMPERIAL OIL LIMITED**

**Item 3. Quantitative and qualitative disclosures about market risk**

Information about market risks for the six months ended June 30, 2025, does not differ materially from that discussed on page 35 of the company's annual report on Form 10-K for the year ended December 31, 2024.

**Item 4. Controls and procedures**

As indicated in the certifications in Exhibit 31 of this report, the company's principal executive officer and principal financial officer have evaluated the company's disclosure controls and procedures as of June 30, 2025. Based on that evaluation, these officers have concluded that the company's disclosure controls and procedures are effective in ensuring that information required to be disclosed by the company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. There has not been any change in the company's internal control over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting.

------

**IMPERIAL OIL LIMITED**

**PART II. OTHER INFORMATION**

**Item 1. Legal proceedings**

Imperial has elected to use a $1 million (U.S. dollars) threshold for disclosing environmental proceedings.

**Item 2. Unregistered sales of equity securities and use of proceeds**

**Issuer purchases of equity securities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Total number of<br>shares purchased | Average price paid <br>per share<br>(Canadian dollars) (a) | Total number of<br>shares purchased<br>as part of publicly<br>announced plans<br>or programs | Maximum number<br>of shares that may<br>yet be purchased<br>under the plans or<br>programs (b) (c) |
| **April 2025** |  |  |  |  |
| (April 1 - April 30) | **—** | **—** | **—** | **—** |
| **May 2025** |  |  |  |  |
| (May 1 - May 31) | **—** | **—** | **—** | **—** |
| **June 2025** |  |  |  |  |
| (June 1 - June 30) | **—** | **—** | **—** | **—** |

---

(a)Excludes 2 percent tax on repurchases of equity.

(b)On June 24, 2024, 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 to continue its existing share purchase program. The program enabled the company to purchase up to a maximum of 26,791,840 common shares during the period June 29, 2024 to June 28, 2025. This maximum included shares purchased under the normal course issuer bid from Exxon Mobil Corporation. As in the past, Exxon Mobil Corporation advised the company that it intended to participate to maintain its ownership percentage at approximately 69.6 percent. The program ended on December 19, 2024 as a result of the company purchasing the maximum allowable number of shares under the program.

(c)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 the *Notice 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 anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.

The company will continue to evaluate its share purchase program in the context of its overall capital activities.

Purchase plans may be modified at any time without prior notice.

**Item 5. Other information** 

During the three months ended June 30, 2025, none of the company's directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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**IMPERIAL OIL LIMITED**

**Item 6. Exhibits**

<u>[(31.1)](imoex31110-q2025q2.htm)</u> Certification by the principal executive officer of the company pursuant to Rule 13a-14(a).

<u>[(31.2)](imoex31210-q2025q2.htm)</u> Certification by the principal financial officer of the company pursuant to Rule 13a-14(a).

<u>[(32.1)](imoex32110-q2025q2.htm)</u> Certification by the chief executive officer of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350.

<u>[(32.2)](imoex32210-q2025q2.htm)</u> Certification by the chief financial officer of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350.

(101) Interactive Data Files (formatted as Inline XBRL).

(104) Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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**IMPERIAL OIL LIMITED**

**SIGNATURES**

Pursuant to the requirements of the *Securities Exchange Act* of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | Imperial Oil Limited |  |
| | | (Registrant) |  |
| Date: | August 4, 2025 | */s/ Daniel E. Lyons* |  |
| Date: | August 4, 2025 | */s/ Daniel E. Lyons* | (Signature) |
|  |  | Daniel E. Lyons |  |
|  |  | Senior vice-president, finance and <br>administration, and controller |  |
|  |  | Senior vice-president, finance and <br>administration, and controller |  |
|  |  | (Principal accounting officer) |  |
| Date: | August 4, 2025 | */s/ Cathryn Walker* |  |
| Date: | August 4, 2025 | */s/ Cathryn Walker* | (Signature) |
|  |  | Cathryn Walker |  |
|  |  | Assistant corporate secretary |  |

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## Exhibit 31.1

**IMPERIAL OIL LIMITED**

Exhibit (31.1)

**Certification** 

**Pursuant to Securities Exchange Act Rule 13a-14(a)**

I, John R. Whelan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Imperial Oil Limited;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 4, 2025

*/s/ John R. Whelan*<br>

John R. Whelan

Chairman, president and

chief executive officer

(Principal executive officer)

## Exhibit 31.2

**IMPERIAL OIL LIMITED**

Exhibit (31.2)

**Certification** 

**Pursuant to Securities Exchange Act Rule 13a-14(a)**

I, Daniel E. Lyons, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Imperial Oil Limited;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 4, 2025

*/s/ Daniel E. Lyons*<br>

Daniel E. Lyons

Senior vice-president, finance and

administration, and controller

(Principal financial officer)

## Exhibit 32.1

**IMPERIAL OIL LIMITED**

Exhibit (32.1)

**Certification of Periodic Financial Report** 

**Pursuant to 18 U.S.C. Section 1350** 

For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the *Sarbanes-Oxley Act* of 2002, the undersigned, John R. Whelan, the chief executive officer of Imperial Oil Limited (the "company"), hereby certifies that, to his knowledge:

(i)The quarterly report on Form 10-Q of the company for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission (the "Report"), fully complies with the requirements of section 13(a) or 15(d) of the *Securities Exchange Act* of 1934; and

(ii)The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the company.

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| |
|:---|
| Date: August 4, 2025 |
| */s/ John R. Whelan* |
| John R. Whelan |
| Chairman, president and<br>chief executive officer |
| (Principal executive officer) |

---

## Exhibit 32.2

**IMPERIAL OIL LIMITED**

Exhibit (32.2)

**Certification of Periodic Financial Report** 

**Pursuant to 18 U.S.C. Section 1350** 

For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the *Sarbanes-Oxley Act* of 2002, the undersigned, Daniel E. Lyons, the chief financial officer of Imperial Oil Limited (the "company"), hereby certifies that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The quarterly report on Form 10-Q of the company for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission (the "Report"), fully complies with the requirements of section 13(a) or 15(d) of the *Securities Exchange Act* of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the company.

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| |
|:---|
| Date: August 4, 2025 |
| */s/ Daniel E. Lyons* |
| Daniel E. Lyons |
| Senior vice-president, finance and |
| administration, and controller |
| (Chief financial officer) |

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