IMPERIAL OIL LTD
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 4, 2025
IMO$124.83-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-05.
0000049938-25-000028
Item 2. Management’s discussion and analysis of financial condition and results of operationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-04.
0000049938-25-000045
Item 2. Management’s discussion and analysis of financial condition and results of operationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 32 previous paragraphs and 62 current paragraphs.
21 unchanged; 8 reworded; 27 added; 3 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 7 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
Second quarter 2025 vs. second quarter 2024
Current report
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.
Current report
Volumes– Higher volumes were primarily driven bythe timing of the annual coker turnaround at Syncrude andmine productivity and improved reliability at Kearl.
Current report
Royalty – Lower royalties were primarily driven by lower commodity prices.
Current report
Higher production at Kearl was primarily driven by mine productivity and improved reliability.
Current report
Higher production at Syncrude was primarily driven by the timing of the annual coker turnaround.
Current report
Margins - Higher margins primarily reflect improved market conditions.
Current report
Lower refinery throughput was primarily due to unplanned downtime partially offset by lower turnaround impacts.
Current report
Higher petroleum product sales were enabled by the Trans Mountain pipeline expansion.
Current report
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 Bidapproved 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.
Current report
Six months 2025 vs. six months 2024
Current report
Upstream
Current report
Volume – Higher volumes were primarily driven by Grand Rapids solvent-assisted SAGD and the timing of the annual coker turnaround at Syncrude.
Current report
Royalty – Lower royalties were primarily driven by lower commodity prices.
Current report
Marker prices and average realizations
Current report
Production
Current report
Downstream
Current report
Margins – Higher margins primarily reflect improved market conditions.
Current report
Other – Primarily due to unfavourable wholesale volume impacts of about $70 million.
Current report
Lower refinery throughput was primarily due to unplanned downtime partially offset by lower turnaround impacts.
Current report
Chemicals
Current report
Margins - Lower margins primarily reflect weaker industry polyethylene margins.
Current report
IMPERIAL OIL LIMITED
Current report
Corporate and other
Current report
Liquidity and capital resources
Current report
IMPERIAL OIL LIMITED
Current report
IMPERIAL OIL LIMITED
Removed paragraphs (3)
Previous report
First quarter 2025 vs. first quarter 2024
Previous report
Lower production at Kearl was primarily driven by extreme cold weather and unplanned downtime, mitigated by enhanced winter operating procedures.
Previous report
Lower refinery throughput was primarily due to additional maintenance in the company's eastern manufacturing hub.
Reworded paragraphs (8)
Previous wording
During the first quarter of 2025, the price of crude oil and the Canadian WTI/WCS spread remained relatively flat with the fourth quarter of 2024. Industry refining margins improved versus the fourth quarter of 2024, reflecting changes in supply and demand balances.
Current wording
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.
Previous wording
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. The global trade environment continues to be volatile. The likelihood of the United States, Canada or their trading partners resuming tariffs, imposing new or 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.
Current wording
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.
Previous wording
(a)In the first quarter of 2025, Syncrude gross production included about 2 thousand barrels per day of bitumen and other products (2024 - 0 thousand barrels per day) that were exported to the operator's facilities using an existing interconnect pipeline.
Current wording
(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.
Previous wording
(a)The company did not purchase any shares in the first quarter of 2025 and 2024.
Current wording
(a)The company did not purchase any shares during the second quarter of 2025 and 2024.
Previous wording
Price – Average bitumen realizations increased by $8.75 per barrel, primarily driven by the narrowing WTI/WCS spread. Synthetic crude oil realizations increased by $5.28 per barrel, primarily driven by an improved Synthetic/WTI spread.
Current wording
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.
Previous wording
Other– Primarily due to favourable foreign exchange impacts of about $130 million.
Current wording
Other – Primarily due to favourable foreign exchange impacts of about $170 million.
Previous wording
Cash flows from operating activities primarily reflect higher Upstream realizations and lower unfavourable working capital impacts.
Current wording
Cash flows from operating activities primarily reflect lower unfavourable deferred tax and working capital impacts.
Previous wording
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 use of derivative instruments and effectiveness of risk mitigation.
Current wording
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.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
Cash flows from operating activities primarily reflect lower earnings and lower favourable working capital impacts.
Current report — wording carried from elsewhere
Cash flows used in investing activities primarily reflect higher additions to property, plant and equipment.
Current report — wording carried from elsewhere
(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.
Current report — wording carried from elsewhere
Refinery utilization and petroleum product sales
Current report — wording carried from elsewhere
Cash flows used in financing activities primarily reflect: