Tearsheet

Imperial Oil (IMO)

Market Price (12/24/2025): $85.93 | Market Cap: $43.3 Bil
Sector: Energy | Industry: Integrated Oil & Gas

Imperial Oil (IMO)

Market Price (12/24/2025): $85.93
Market Cap: $43.3 Bil
Sector: Energy
Industry: Integrated Oil & Gas

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.2%, FCF Yield is 11%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.6%, Rev Chg QQuarterly Revenue Change % is -7.5%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%, CFO LTM is 6.6 Bil, FCF LTM is 4.8 Bil	Significant short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 42.19
2	Low stock price volatility Vol 12M is 29%	Key risks IMO key risks include [1] adverse regulatory and energy transition policies targeting its oil sands operations and [2] operational disruptions from its dependence on third-party pipeline infrastructure.
3	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization, Advanced Materials, and Sustainable Resource Management. Themes include Carbon Capture & Storage, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.2%, FCF Yield is 11%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%, CFO LTM is 6.6 Bil, FCF LTM is 4.8 Bil
2	Low stock price volatility Vol 12M is 29%
3	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization, Advanced Materials, and Sustainable Resource Management. Themes include Carbon Capture & Storage, Show more.
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.6%, Rev Chg QQuarterly Revenue Change % is -7.5%
5	Significant short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 42.19
6	Key risks IMO key risks include [1] adverse regulatory and energy transition policies targeting its oil sands operations and [2] operational disruptions from its dependence on third-party pipeline infrastructure.

Valuation, Metrics & Events

	12/24/25	2024	2023	2022	2021
Share Price CYE	$85.93	$60.01	$54.32	$45.03	$32.63
Market Cap CYE ($ Bil)	43.3	30.9	30.0	27.1	22.5
Total Debt ($ Bil)	4.1	4.2	4.2	4.3	5.3
Total Cash ($ Bil)	1.9	1.0	0.9	3.7	2.2
Enterprise Value ($ Bil)	45.6	35.1	34.2	31.4	27.8
Valuation Ratios
P/S TTM	0.9	0.7	0.7	0.5	0.7
P/EBIT TTM	8.3	5.2	5.1	3.3	7.7
P/E TTM	10.8	6.8	6.7	4.3	10.4
P/FCF TTM	9.1	7.9	16.9	3.5	5.9
Sector Ratios
P/S TTM (Sector)	1.4	1.5	1.5	1.3	1.3
P/EBIT TTM (Sector)	7.8	6.7	5.7	4.1	4.7
P/E TTM (Sector)	11.3	10.2	8.4	5.5	5.2
P/FCF TTM (Sector)	6.8	7.1	7.4	5.0	5.3

	12/24/25	2024	2023
Share Price CYE	$85.93	$60.01	$54.32
Market Cap CYE ($ Bil)	43.3	30.9	30.0
Total Debt ($ Bil)	4.1	4.2	4.2
Total Cash ($ Bil)	1.9	1.0	0.9
Enterprise Value ($ Bil)	45.6	35.1	34.2
Valuation Ratios
P/S TTM	0.9	0.7	0.7
P/EBIT TTM	8.3	5.2	5.1
P/E TTM	10.8	6.8	6.7
P/FCF TTM	9.1	7.9	16.9
Sector Ratios
P/S TTM (Sector)	1.4	1.5	1.5
P/EBIT TTM (Sector)	7.8	6.7	5.7
P/E TTM (Sector)	11.3	10.2	8.4
P/FCF TTM (Sector)	6.8	7.1	7.4

	IMO	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	46.2
Rev Chg Q	-7.5%	7.3%
Rev Chg LTM	-6.2%	6.1%
Rev Chg 3Y Avg	-5.6%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	5.0
CFO LTM ($ Bil)	6.6
Net Inc LTM ($ Bil)	4.0
Op Mgn LTM	10.9%	18.8%
CFO/Rev LTM	14.2%	20.4%
Net Inc Mgn	8.7%	13.1%
VALUATION	LOW
P/S	0.9	3.2
P/CFO	6.6	15.7
P/FCF	9.1	20.7
P/E	10.8	23.5
STABILITY	GOOD
Debt/Equity	0.10	0.21
Cash/Assets	0.04	0.07

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Metric	Value	Date	Source
Upstream Production	462,000 gross oil-equivalent barrels per day	10312025	Link
Refinery Throughput	425,000 barrels per day	10312025	Link
Refinery Capacity Utilization	98%	10312025	Link
Petroleum Product Sales	464,000 barrels per day	10312025	Link
Kearl Gross Production	316,000 barrels per day	10312025	Link
Cold Lake Gross Bitumen Production	150,000 barrels per day	10312025	Link
Syncrude Production (company's share)	78,000 barrels per day	11032025	Link
Petrochemical Sales	173,000 metric tons	11032025	Link
Net Natural Gas Production	28 million cubic feet a day	11032025	Link
Branded Retail Network	2,600 sites	4172025	Link

Upcoming
1/30/2026	Earnings Release	Rev: $8.0 Bil (E) EPS: $1.30 (E)

IMO Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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The Imperial Oil (IMO) stock experienced a decline of approximately 4.4% in the period between August 31, 2025, and December 24, 2025, influenced by several factors.

1. Analyst Sentiment and Ratings: Analyst sentiment shifted towards a more cautious outlook with several downgrades and price target cuts during this period. As of December 23, 2025, one analyst maintained a "Hold" rating on Imperial Oil. By December 18, 2025, analyst sentiment was broadly negative to mixed, with six analysts rating the stock "Hold" and six rating it "Sell", resulting in an average rating of "Reduce" and a consensus target of C$112.30. This was further reinforced by a "Reduce" consensus rating from MarketBeat as of December 19, 2025, with a consensus target price of C$112.30.

2. Workforce Reduction and Restructuring: Imperial Oil announced a plan on September 29, 2025, to reduce its employee roles by approximately 20% by the end of 2027 through centralizing corporate and technical activities. This restructuring was expected to result in a one-time pre-tax charge of approximately C$330 million in Q3 2025, with an anticipated annual expense reduction of C$150 million by 2028.

Show more The Imperial Oil (IMO) stock experienced a decline of approximately 4.4% in the period between August 31, 2025, and December 24, 2025, influenced by several factors.

1. Analyst Sentiment and Ratings: Analyst sentiment shifted towards a more cautious outlook with several downgrades and price target cuts during this period. As of December 23, 2025, one analyst maintained a "Hold" rating on Imperial Oil. By December 18, 2025, analyst sentiment was broadly negative to mixed, with six analysts rating the stock "Hold" and six rating it "Sell", resulting in an average rating of "Reduce" and a consensus target of C$112.30. This was further reinforced by a "Reduce" consensus rating from MarketBeat as of December 19, 2025, with a consensus target price of C$112.30.

2. Workforce Reduction and Restructuring: Imperial Oil announced a plan on September 29, 2025, to reduce its employee roles by approximately 20% by the end of 2027 through centralizing corporate and technical activities. This restructuring was expected to result in a one-time pre-tax charge of approximately C$330 million in Q3 2025, with an anticipated annual expense reduction of C$150 million by 2028.

3. Shareholder Equity Pressure and Capital Investment Concerns: Imperial Oil's shareholder equity showed signs of pressure, with a reported 31% reduction in common shares since the end of 2020. This, despite increased dividends, raised questions about the sustainability of return-focused strategies. The company's low capital investment of $2 billion relative to its production rate also suggested potential concerns regarding future growth and operational efficiency.

4. Cold Lake Segment Decline Rate: The Cold Lake segment, a key operational area for Imperial Oil, faced a 7% natural decline rate, which presented challenges in maintaining production levels and further contributed to risks associated with the company's financial outlook.

5. Bearish Moving Average Trends: As of December 20, 2025, Imperial Oil's overall moving average trend was bearish, with two negative and two positive signals. Technical analysis indicated resistance levels that, if not broken, could issue sell signals, suggesting a downward momentum in the stock's performance. Show less

Stock Movement Drivers

Fundamental Drivers

The -7.8% change in IMO stock from 9/23/2025 to 12/23/2025 was primarily driven by a -13.1% change in the company's Net Income Margin (%).

	9232025	12232025	Change
Stock Price ($)	93.12	85.82	-7.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	47184.00	46244.00	-1.99%
Net Income Margin (%)	9.96%	8.65%	-13.12%
P/E Multiple	10.09	10.81	7.13%
Shares Outstanding (Mil)	509.00	503.80	1.02%
Cumulative Contribution			-7.85%

LTM = Last Twelve Months as of date shown

Market Drivers

9/23/2025 to 12/23/2025

	Return	Correlation
IMO	-7.8%
Market (SPY)	3.7%	21.4%
Sector (XLE)	-0.2%	63.5%

Fundamental Drivers

The 10.2% change in IMO stock from 6/24/2025 to 12/23/2025 was primarily driven by a 33.1% change in the company's P/E Multiple.

	6242025	12232025	Change
Stock Price ($)	77.86	85.82	10.23%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	49040.00	46244.00	-5.70%
Net Income Margin (%)	9.96%	8.65%	-13.11%
P/E Multiple	8.12	10.81	33.15%
Shares Outstanding (Mil)	509.00	503.80	1.02%
Cumulative Contribution			10.21%

LTM = Last Twelve Months as of date shown

Market Drivers

6/24/2025 to 12/23/2025

	Return	Correlation
IMO	10.2%
Market (SPY)	13.7%	22.7%
Sector (XLE)	5.7%	61.9%

Fundamental Drivers

The 41.1% change in IMO stock from 12/23/2024 to 12/23/2025 was primarily driven by a 65.1% change in the company's P/E Multiple.

	12232024	12232025	Change
Stock Price ($)	60.81	85.82	41.14%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	49291.00	46244.00	-6.18%
Net Income Margin (%)	10.00%	8.65%	-13.50%
P/E Multiple	6.54	10.81	65.13%
Shares Outstanding (Mil)	530.60	503.80	5.05%
Cumulative Contribution			40.78%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2024 to 12/23/2025

	Return	Correlation
IMO	41.1%
Market (SPY)	16.7%	49.3%
Sector (XLE)	8.7%	75.1%

Fundamental Drivers

The 92.4% change in IMO stock from 12/24/2022 to 12/23/2025 was primarily driven by a 149.0% change in the company's P/E Multiple.

	12242022	12232025	Change
Stock Price ($)	44.60	85.82	92.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	55168.00	46244.00	-16.18%
Net Income Margin (%)	11.65%	8.65%	-25.72%
P/E Multiple	4.34	10.81	148.99%
Shares Outstanding (Mil)	625.30	503.80	19.43%
Cumulative Contribution			85.15%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2023 to 12/23/2025

	Return	Correlation
IMO	59.7%
Market (SPY)	48.4%	38.4%
Sector (XLE)	10.9%	73.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
IMO Return	-25%	95%	38%	21%	10%	42%	281%
Peers Return	-33%	69%	56%	-0%	4%	15%	109%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
IMO Win Rate	50%	58%	75%	67%	58%	75%
Peers Win Rate	38%	68%	58%	50%	55%	65%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
IMO Max Drawdown	-70%	-1%	0%	-8%	-4%	-1%
Peers Max Drawdown	-67%	-2%	0%	-14%	-6%	-14%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: XOM, SU, CNQ, CVE, CVX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/23/2025 (YTD)

How Low Can It Go

Unique Key	Event	IMO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-30.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	43.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	46 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-71.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	249.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	407 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-32.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	48.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	794 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-60.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	156.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	5,424 days	1,480 days

Compare to XOM, DEC, CVX, SU, IMO

In The Past

Imperial Oil's stock fell -30.1% during the 2022 Inflation Shock from a high on 6/8/2022. A -30.1% loss requires a 43.0% gain to breakeven.

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About Imperial Oil (IMO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Imperial Oil Limited engages in exploration, production, and sale of crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream and Chemical segments. The Upstream segment explores for, and produces crude oil, natural gas, synthetic oil, and bitumen. As of December 31, 2021, this segment had 386 million oil-equivalent barrels of proved undeveloped reserves. The Downstream segment is involved in the transportation and refining of crude oil, blending of refined products and the distribution, and marketing of refined products. It also transports crude oil to refineries by contracted pipelines, common carrier pipelines, and rail; maintains a distribution system to move petroleum products to market by pipeline, tanker, rail, and road transport; and owns and operates fuel terminals, natural gas liquids, and products pipelines in Alberta, Manitoba, and Ontario. In addition, this segment markets and supplies petroleum products to motoring public through approximately 2,400 Esso and Mobil-branded sites. Further, it sells petroleum products, including fuel, asphalt, and lubricants for industrial and transportation customers, independent marketers, and resellers, as well as other refiners serving the agriculture, residential heating, and commercial markets through branded fuel and lubricant resellers. The Chemical segment manufactures and markets various petrochemicals, benzene, aromatic and aliphatic solvents, plasticizer intermediates, and polyethylene resin. The company was incorporated in 1880 and is headquartered in Calgary, Canada. Imperial Oil Limited is a subsidiary of Exxon Mobil Corporation.

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Here are 1-2 brief analogies for Imperial Oil (IMO):

ExxonMobil for Canada
Canada's Chevron or Shell

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Crude Oil and Natural Gas: Imperial Oil explores for, develops, and produces conventional crude oil, natural gas, and synthetic crude oil from its oil sands operations.
Refined Petroleum Products: The company refines crude oil into a variety of products including gasoline, diesel, jet fuel, heating oil, and asphalt, which are then marketed to consumers and businesses.
Chemical Products: Imperial Oil manufactures and sells petrochemicals, primarily polyethylene, used in various industrial and consumer applications.
Lubricants and Specialties: It produces and markets a range of lubricants, greases, and other specialized petroleum products for automotive, industrial, and marine uses.

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Imperial Oil (symbol: IMO) primarily sells its products to other companies. Given its integrated operations which include exploration, production, refining, and chemical manufacturing, a significant portion of its sales are business-to-business (B2B) transactions with other entities in the energy sector, industrial users, and large commercial enterprises.

Major customer companies include:

ExxonMobil Corporation (Symbol: XOM) - As Imperial Oil's majority shareholder (approximately 69.6%), ExxonMobil Corporation is a significant customer, often integrating Imperial Oil's crude oil, natural gas, and refined products into its global supply chain and distribution networks.
Air Canada (Symbol: AC.TO) - As Canada's largest airline, Air Canada is a major corporate customer for jet fuel, essential for its extensive flight operations across Canada and internationally. Imperial Oil is a leading refiner and marketer of petroleum products in Canada.
TFI International Inc. (Symbol: TFII on NYSE, TFII.TO on TSX) - A prominent North American transportation and logistics company with substantial operations in Canada, making it a major corporate customer for diesel fuel and other petroleum products to power its large fleet of trucks and equipment.

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ExxonMobil Corporation (XOM)
Fluor Corporation (FLR)
Enbridge Inc. (ENB)
TC Energy Corporation (TRP)

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John Whelan, Chairman, President and CEO

John Whelan was appointed Chairman, President and CEO of Imperial Oil Limited on May 8, 2025. He began his career with ExxonMobil in 1988 as an operations engineer in Drayton Valley, Alberta. Mr. Whelan has held various engineering, project, operations, commercial, and leadership roles in Canada, Norway, and the United States, with global oversight. Prior to his current appointment, he served as senior vice president, upstream, for Exxon Mobil Corporation, overseeing global business units across multiple regions. He also served as Imperial Oil's senior vice president, upstream from 2017 to 2020.

Daniel Lyons, Senior Vice President, Finance and Administration

D.E. (Dan) Lyons was appointed Senior Vice President, Finance and Administration in May 2018. He joined Exxon Mobil Corporation in 1990 after serving with the U.S. Army. Mr. Lyons progressed through various positions in the upstream, downstream, and chemical businesses, starting at corporate headquarters in Dallas. His career included finance and planning managerial roles in Bangkok, Thailand, and assignments in Houston, Saudi Arabia, and London. From 2005, he served as managing director of Esso (Thailand) Public Company Limited. Before his role at Imperial Oil, he was vice-president of downstream business services for Exxon Mobil Corporation. Mr. Lyons holds a Bachelor of Arts degree in Economics from Vassar College and an MBA from the University of Chicago.

Cheryl Gomez-Smith, Senior Vice President, Upstream

Cheryl Gomez-Smith was appointed Senior Vice President, Upstream, effective May 1, 2024. She joined Exxon Mobil Corporation in 1990 as a facilities engineer. Ms. Gomez-Smith has held various facilities, reservoir, and project engineering roles specializing in production operations for ExxonMobil's upstream assets in the United States, as well as operations leadership roles for offshore deep-water developments in the Gulf of Mexico, joint venture LNG processing projects in Qatar, and upstream operations in Russia.

Scott Maloney, Vice President, Downstream

Scott Maloney was appointed Vice President, Downstream, in March 2025. He began his career with ExxonMobil in 2002 as a technical sales representative in the lubricants business. Mr. Maloney spent a dozen years in sales, marketing, strategic planning, and supply chain roles within the lubricants business before transitioning to fuels, where he managed the retail business for the western United States. He also held roles in revenue management and refinery operations. In 2023, Mr. Maloney moved to Calgary, Alberta, to manage Imperial's fuels business. He holds a Bachelor of Science degree in Chemical Engineering from Purdue University.

Ian Laing, Vice President, General Counsel and Corporate Secretary

Ian Laing was appointed Vice President, General Counsel and Corporate Secretary, effective July 1, 2020. Mr. Laing graduated from the University of Saskatchewan College of Law in 1999 and worked in private practice after articling with the Alberta Court of Queen's Bench and Court of Appeal. He joined Imperial Oil in 2005 and has held various roles within the law department, providing legal advice across different business lines. He was appointed assistant general counsel in 2014 and corporate secretary in 2019.

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The key risks to Imperial Oil (IMO) primarily revolve around the inherent nature of the energy industry and evolving global policies:

Volatility of Commodity Prices: As a fundamental commodity business, Imperial Oil's operations and earnings are significantly affected by fluctuations in crude oil, natural gas, and petrochemical prices, as well as margins on refined products. These prices are influenced by local, regional, and global supply and demand dynamics, which have historically been volatile and are expected to remain so.
Regulatory and Energy Transition Risks: Imperial Oil faces substantial risks from regulatory changes, particularly those related to environmental legislation, greenhouse gas restrictions, and oil sands policies. Decarbonization policies and the broader energy transition create an overhang for the business, potentially leading to increased compliance costs, impacting existing operations, and influencing the long-term demand for hydrocarbon-based products.
Operational and Supply Chain Disruptions: The company is exposed to various operational hazards and risks inherent in oil and gas exploration and production. This includes potential transportation disruptions, such as outages of key third-party infrastructure like pipelines, which could adversely affect price realizations, refining operations, and sales volumes. Additionally, increases in operating costs due to factors like energy, transportation, materials, and inflationary pressures could negatively impact financial results if not effectively managed.

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The rapid global adoption of Electric Vehicles (EVs). This directly threatens Imperial Oil's substantial downstream business by eroding demand for gasoline and diesel at its extensive network of Esso and Mobil service stations. Evidence includes accelerating market share growth for EVs globally, automotive manufacturers announcing timelines for phasing out internal combustion engine (ICE) vehicle production, and governments enacting policies to encourage EV adoption and restrict ICE sales. This trend is a clear, evidenced, and accelerating disruption to the traditional fuel retail market.
The accelerating global energy transition and decarbonization initiatives. This poses a fundamental long-term threat to Imperial Oil's core upstream oil and gas production business by reducing overall demand for fossil fuels. Evidence includes widespread governmental commitments to net-zero emissions targets, increasingly stringent carbon pricing mechanisms, significant and growing investments in renewable energy technologies (solar, wind, battery storage), and increasing pressure from financial institutions and investors regarding environmental, social, and governance (ESG) performance. This systemic shift threatens the long-term viability and profitability of oil and gas assets, particularly higher-cost or carbon-intensive operations like oil sands.

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Imperial Oil (symbol: IMO) operates in three main business segments: Upstream (crude oil and natural gas), Downstream (refined petroleum products), and Chemical (petrochemicals).

Crude Oil and Natural Gas: Imperial Oil is a significant producer of crude oil and natural gas in Canada. Canada's crude oil production was 4.9 million barrels per day in 2023. Canadian crude oil exports averaged 4.20 million barrels per day (MMb/d) in 2024.
Refined Petroleum Products: Imperial Oil is Canada's largest refiner of petroleum products. The market size of the Petroleum Refining industry in Canada is estimated at $102.3 billion in 2025. Canadian refined petroleum product (RPP) demand was approximately 1.4 million barrels per day (MMB/d) in 2023.
Petrochemicals: Imperial Oil is also a petrochemical producer. The North America petrochemicals market generated a revenue of USD 128.6 billion in 2022. This market is projected to reach approximately USD 222.28 billion by 2030.

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Imperial Oil (IMO) is expected to drive future revenue growth over the next two to three years through a combination of increased production volumes, enhanced downstream operational efficiency, strategic cost reductions, optimized logistics, and the introduction of new lower-carbon products.

Increased Upstream Production Volumes: Imperial Oil anticipates growth in its upstream production, particularly from its Kearl and Cold Lake operations. This includes continued expansion at Kearl, the first full year of contribution from the Grand Rapids project at Cold Lake, and the expected start-up of the Leming redevelopment project in late 2025, with its full impact anticipated in 2026 and beyond. Upstream production is forecasted to reach between 433,000 and 456,000 gross oil equivalent barrels per day.
Enhanced Downstream Throughput and Product Sales: The company projects a lighter turnaround schedule in its downstream refining operations for 2025 compared to the previous year. This is expected to support higher refinery throughput, with forecasts between 405,000 and 415,000 barrels per day and capacity utilization ranging from 94% to 96%, leading to increased product sales.
Strategic Cost Reduction and Operational Efficiency: Imperial Oil is committed to improving operational performance by reducing unit cash costs at its Kearl and Cold Lake operations. The company aims to lower annual expenses by $150 million by 2028, which, while directly impacting profitability, can also support sustainable revenue growth by improving competitiveness and margin capture.
Leveraging the Trans Mountain Pipeline Expansion: The expansion of the Trans Mountain pipeline has enabled Imperial Oil to increase its petroleum product sales. In the second quarter of 2025, petroleum product sales were 480,000 barrels per day, an increase from the prior year, demonstrating improved market access and logistical efficiency.
Growth in Lower-Carbon Products with Strathcona Renewable Diesel: A key driver for future revenue is the Strathcona Renewable Diesel project, which is on track for start-up in mid-2025. This initiative is expected to increase product sales and generate positive cash flow in the second half of 2025, expanding Imperial Oil's offerings in the growing lower-carbon fuels market.

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Share Repurchases

Imperial Oil has returned C$15 billion to shareholders through share buybacks since 2020.
In 2024, the company's annual share buybacks amounted to C$1.908 billion.
A Normal Course Issuer Bid (NCIB) was renewed on June 29, 2024, authorizing the repurchase of up to 5% of its outstanding common shares, or a maximum of 26,791,840 shares, until June 28, 2025. This NCIB was subsequently renewed on June 29, 2025, for up to 25.5 million shares over the next 12 months.

Capital Expenditures

Imperial Oil's forecasted capital and exploration expenditures for 2025 are projected to be between C$1.9 billion and C$2.1 billion. These expenditures are primarily focused on upstream production growth at Kearl and Cold Lake (including the Leming redevelopment project), and the completion of the Strathcona Renewable Diesel project downstream.
For 2024, capital spending was forecast at C$1.7 billion. Key projects for 2024 included continued construction of the Strathcona Renewable Diesel facility, the SAGD redevelopment of the Leming field, high-value drilling at Cold Lake, and in-pit tailings work at Kearl.
In the third quarter of 2025, capital and exploration expenditures totaled C$505 million.

Better Bets than Imperial Oil (IMO)

INDUSTRY: Integrated Oil & Gas

Higher Rev Chg 3Y Avg | Lower P/S (Values for IMO: -5.6% | 0.9x)

VIVK (175.7% | 0.0x)

Vivakor

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IMO: -5.6% | 8.6x)

SU (-3.4% | 6.6x)

Suncor Energy

Higher Rev Chg LTM (Value for IMO: -6.2%)

SLNG (-2.4%)

Stabilis Solutions

SU (-2.8%)

Suncor Energy

CVX (-3.6%)

Chevron

XOM (-4.4%)

Exxon Mobil

CVE (-4.8%)

Cenovus Energy

Higher Rev Chg 3Y Avg (Value for IMO: -5.6%)

VIVK (175.7%)

Vivakor

SU (-3.4%)

Suncor Energy

XOM (-5.6%)

Exxon Mobil

Higher Op Mgn LTM (Value for IMO: 10.9%)

SU (14.9%)

Suncor Energy

XOM (11.0%)

Exxon Mobil

Higher CFO/Rev LTM (Value for IMO: 14.2%)

SU (26.2%)

Suncor Energy

CVX (17.0%)

Chevron

XOM (15.9%)

Exxon Mobil

Higher FCF/Rev LTM (Value for IMO: 10.3%)

SU (15.1%)

Suncor Energy

Higher Total Yield (Value for IMO: 12.4%)

SU (15.4%)

Suncor Energy

CVE (12.7%)

Cenovus Energy

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for IMO: -5.6% | 0.9x)

APA (-3.1% | 0.9x)

APA

SUN (-4.0% | 0.3x)

Sunoco

NOV (10.0% | 0.7x)

NOV

LBRT (4.8% | 0.8x)

Liberty Energy

HP (23.8% | 0.7x)

Helmerich & Payne

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IMO: -5.6% | 8.6x)

CNQ (-2.4% | 7.6x)

Canadian Natural Resources

SU (-3.4% | 6.6x)

Suncor Energy

OKE (16.4% | 7.8x)

ONEOK

FANG (20.8% | 7.7x)

Diamondback Energy

HAL (5.7% | 7.5x)

Halliburton

Higher Rev Chg LTM (Value for IMO: -6.2%)

ENB (32.3%)

Enbridge

WMB (9.0%)

Williams Companies

COP (8.2%)

ConocoPhillips

CVX (-3.6%)

Chevron

XOM (-4.4%)

Exxon Mobil

Higher Rev Chg 3Y Avg (Value for IMO: -5.6%)

ENB (8.6%)

Enbridge

WMB (0.8%)

Williams Companies

CNQ (-2.4%)

Canadian Natural Resources

KMI (-4.3%)

Kinder Morgan

XOM (-5.6%)

Exxon Mobil

Higher Op Mgn LTM (Value for IMO: 10.9%)

WMB (34.3%)

Williams Companies

COP (21.0%)

ConocoPhillips

CNQ (20.3%)

Canadian Natural Resources

ENB (17.4%)

Enbridge

XOM (11.0%)

Exxon Mobil

Higher CFO/Rev LTM (Value for IMO: 14.2%)

WMB (48.2%)

Williams Companies

COP (33.3%)

ConocoPhillips

ENB (20.0%)

Enbridge

CVX (17.0%)

Chevron

XOM (15.9%)

Exxon Mobil

Higher FCF/Rev LTM (Value for IMO: 10.3%)

CNQ (18.2%)

Canadian Natural Resources

KMI (16.8%)

Kinder Morgan

WMB (15.0%)

Williams Companies

TRP (13.3%)

TC Energy

COP (11.9%)

ConocoPhillips

Higher Total Yield (Value for IMO: 12.4%)

CNQ (16.6%)

Canadian Natural Resources

SU (15.4%)

Suncor Energy

ENB (13.7%)

Enbridge

EOG (13.6%)

EOG Resources

FANG (12.5%)

Diamondback Energy

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for IMO: -5.6% | 0.9x)

UNH (11.4% | 0.7x)

UnitedHealth

CMCSA (0.7% | 0.9x)

Comcast

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

DELL (0.2% | 0.8x)

Dell Technologies

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IMO: -5.6% | 8.6x)

T (1.1% | 7.2x)

AT&T

VZ (0.5% | 5.3x)

Verizon Communications

BUD (0.8% | 8.3x)

Anheuser-Busch InBev SA/NV

CMCSA (0.7% | 4.9x)

Comcast

MO (-0.9% | 8.3x)

Altria

Higher Rev Chg LTM (Value for IMO: -6.2%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for IMO: -5.6%)

NVDA (91.6%)

NVIDIA

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for IMO: 10.9%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for IMO: 14.2%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for IMO: 10.3%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for IMO: 12.4%)

CMCSA (25.4%)

Comcast

VZ (18.5%)

Verizon Communications

PFE (13.8%)

Pfizer

TD (12.9%)

Toronto-Dominion Bank

T (12.7%)

AT&T

		Best Bets In Energy Sector
	IMO	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	10.8	43.0	18.3	11.8	10.9	30.6	12.0	18.5	19.1	30.8	10.2
P/EBIT	8.3	35.0	10.3	8.8	9.3	17.2	8.8	12.4	10.9	15.8	7.7
What You Get
Rev Chg Q	-7.5%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	-6.2%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	-5.6%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	8.2%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	With Imperial Oil Stock Sliding, Have You Assessed The Risk?	Return
2	Fundamental Metrics: ...

	Title
0	ARTICLES

Trade Ideas

Select ideas related to IMO. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	13.3%	13.3%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.5%	6.5%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.8%	6.8%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	29.0%	29.0%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.3%	-4.3%	-7.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RZLT	Rezolute	0.3	18.0%	-50.6%
WW	WW International	2.4	14.2%
NRGV	Energy Vault	0.8	10.4%	122.8%
METC	Ramaco Resources	1.0	8.5%	67.0%
UAMY	United States Antimony	0.7	7.9%	240.7%
LION	Lionsgate Studios	2.6	7.4%	-71.0%
GHM	Graham	0.8	7.3%	56.3%
VG	Venture Global	17.0	6.4%
CRK	Comstock Resources	6.7	5.7%	26.6%
SSII	SS Innovations International	1.1	5.5%	-25.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.3%	-18.9%
GOSS	Gossamer Bio	0.7	-12.9%	263.1%
CSIQ	Canadian Solar	1.6	-11.8%	115.2%
TDUP	ThredUp	0.8	-11.7%	363.3%
LAB	Standard BioTools	0.6	-11.0%	-14.6%
INBX	Inhibrx Biosciences	1.2	-10.8%	407.0%
QBTS	D-Wave Quantum	10.0	-9.5%	246.7%
FDMT	4D Molecular Therapeutics	0.4	-9.3%	41.8%
FBYD	Falcons Beyond Global	0.6	-8.5%	109.8%
PVLA	Palvella Therapeutics	1.1	-8.1%	735.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	1.9	53.2%	-9.1%
HUT	Hut 8	5.5	42.4%	156.1%
AAOI	Applied Optoelectronics	2.6	40.3%	10.3%
FBYD	Falcons Beyond Global	0.6	39.8%	109.8%
RKLB	Rocket Lab	39.8	39.1%	203.0%
DJT	Trump Media & Technology	3.9	31.9%	-58.5%
SGML	Sigma Lithium	1.5	31.9%	20.2%
ADEA	Adeia	1.9	31.0%	23.9%
TE	T1 Energy	1.1	30.7%
FOLD	Amicus Therapeutics	4.4	30.5%	50.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.0	-80.2%	-27.2%
TPL	Texas Pacific Land	6.8	-63.8%	-18.9%
FDMT	4D Molecular Therapeutics	0.4	-31.4%	41.8%
LW	Lamb Weston	5.9	-30.1%	-35.8%
TLRY	Tilray Brands	11.2	-24.5%	-20.8%
OLMA	Olema Pharmaceuticals	2.4	-19.3%	374.6%
INSP	Inspire Medical Systems	2.8	-17.8%	-48.8%
GETY	Getty Images	0.5	-17.6%	-41.7%
TDUP	ThredUp	0.8	-16.4%	363.3%
FRMI	Fermi	5.8	-15.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	161.4%
WVE	WAVE Life Sciences	2.9	147.9%	41.3%
AAOI	Applied Optoelectronics	2.6	97.5%	10.3%
LUNR	Intuitive Machines	1.9	91.5%	-9.1%
RKLB	Rocket Lab	39.8	91.5%	203.0%
VERA	Vera Therapeutics	3.4	89.4%	27.5%
PL	Planet Labs PBC	6.3	85.8%	413.1%
ANF	Abercrombie & Fitch	5.9	77.2%	-17.2%
ARWR	Arrowhead Pharmaceuticals	9.7	72.6%	271.4%
NRGV	Energy Vault	0.8	68.8%	122.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-75.4%	-50.6%
JANX	Janux Therapeutics	0.9	-51.0%	-73.6%
LENZ	LENZ Therapeutics	0.5	-42.9%	-41.5%
FRMI	Fermi	5.8	-42.5%
GOGO	Gogo	0.6	-35.0%	-43.3%
HPK	HighPeak Energy	0.5	-29.7%	-70.1%
UP	Wheels Up Experience	0.4	-29.2%	-61.8%
ORIC	ORIC Pharmaceuticals	0.6	-28.8%	2.5%
LW	Lamb Weston	5.9	-27.5%	-35.8%
ACLX	Arcellx	3.7	-27.4%	-14.6%

Peer Comparisons for Imperial Oil

Peers to compare with:

Financials

	IMO	XOM	SU	CNQ	CVE	CVX	Median
Name	Imperial.	Exxon Mo.	Suncor E.	Canadian.	Cenovus .	Chevron
Mkt Price	85.82	119.42	43.16	32.83	16.78	150.51	64.49
Mkt Cap	43.2	511.7	52.3	68.5	30.0	291.8	60.4
Rev LTM	46,244	324,924	53,301	44,521	56,602	186,979	54,952
Op Inc LTM	5,030	35,708	7,952	9,022	4,328	15,067	8,487
FCF LTM	4,783	23,775	8,036	8,124	2,824	15,424	8,080
FCF 3Y Avg	3,928	31,462	7,663	8,284	3,743	18,185	7,974
CFO LTM	6,579	51,520	13,943	14,770	7,849	31,845	14,356
CFO 3Y Avg	5,767	55,768	13,696	13,874	8,471	34,250	13,785

Growth & Margins

	IMO	XOM	SU	CNQ	CVE	CVX	Median
Name	Imperial.	Exxon Mo.	Suncor E.	Canadian.	Cenovus .	Chevron
Rev Chg LTM	-6.2%	-4.4%	-2.8%	8.3%	-4.8%	-3.6%	-4.0%
Rev Chg 3Y Avg	-5.6%	-5.6%	-3.4%	-2.4%	-6.6%	-6.2%	-5.6%
Rev Chg Q	-7.5%	-5.1%	-2.4%	6.4%	-4.5%	-1.5%	-3.5%
QoQ Delta Rev Chg LTM	-2.0%	-1.4%	-0.6%	1.5%	-1.1%	-0.4%	-0.9%
Op Mgn LTM	10.9%	11.0%	14.9%	20.3%	7.6%	8.1%	10.9%
Op Mgn 3Y Avg	12.4%	12.7%	17.2%	21.9%	9.0%	11.2%	12.5%
QoQ Delta Op Mgn LTM	-1.7%	-0.4%	-0.3%	-4.3%	0.9%	-0.3%	-0.4%
CFO/Rev LTM	14.2%	15.9%	26.2%	33.2%	13.9%	17.0%	16.4%
CFO/Rev 3Y Avg	12.0%	16.5%	25.4%	32.8%	14.8%	17.6%	17.1%
FCF/Rev LTM	10.3%	7.3%	15.1%	18.2%	5.0%	8.2%	9.3%
FCF/Rev 3Y Avg	8.2%	9.3%	14.2%	19.6%	6.5%	9.3%	9.3%

Valuation

	IMO	XOM	SU	CNQ	CVE	CVX	Median
Name	Imperial.	Exxon Mo.	Suncor E.	Canadian.	Cenovus .	Chevron
Mkt Cap	43.2	511.7	52.3	68.5	30.0	291.8	60.4
P/S	0.9	1.6	1.0	1.5	0.5	1.6	1.3
P/EBIT	8.3	11.7	6.7	7.8	7.0	13.1	8.0
P/E	10.8	17.1	9.9	10.3	9.6	22.9	10.6
P/CFO	6.6	9.9	3.7	4.6	3.8	9.2	5.6
Total Yield	12.4%	9.2%	15.4%	16.6%	12.7%	8.6%	12.5%
Dividend Yield	3.1%	3.4%	5.4%	6.9%	2.2%	4.2%	3.8%
FCF Yield 3Y Avg	9.9%	6.4%	16.1%	12.0%	11.5%	6.2%	10.7%
D/E	0.1	0.1	0.3	0.3	0.3	0.1	0.2
Net D/E	0.1	0.1	0.2	0.3	0.3	0.1	0.2

Returns

	IMO	XOM	SU	CNQ	CVE	CVX	Median
Name	Imperial.	Exxon Mo.	Suncor E.	Canadian.	Cenovus .	Chevron
1M Rtn	-11.3%	2.0%	-1.7%	-0.5%	-5.1%	0.4%	-1.1%
3M Rtn	-7.8%	5.7%	3.0%	3.5%	-2.2%	-3.3%	0.4%
6M Rtn	10.2%	12.2%	15.0%	6.9%	24.8%	7.2%	11.2%
12M Rtn	41.1%	16.5%	28.5%	15.3%	19.1%	10.2%	17.8%
3Y Rtn	92.4%	21.8%	57.3%	36.1%	-4.3%	-3.8%	29.0%
1M Excs Rtn	-15.9%	-2.6%	-6.3%	-5.2%	-9.7%	-4.3%	-5.7%
3M Excs Rtn	-12.2%	1.1%	-1.3%	-2.6%	-8.8%	-8.5%	-5.6%
6M Excs Rtn	-5.0%	-1.2%	2.5%	-6.0%	12.1%	-6.0%	-3.1%
12M Excs Rtn	23.2%	-0.4%	12.3%	-0.5%	3.9%	-6.2%	1.7%
3Y Excs Rtn	19.3%	-52.9%	-13.8%	-34.4%	-75.0%	-78.2%	-43.7%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/3/2025	2/19/2025	2/28/2024	2/22/2023	2/23/2022	2/24/2021	2/26/2020
Key Financials
Total Revenue	46,244	48,824	48,300	57,234	35,580	20,548	32,194
EBITDA	7,669	8,263	8,345	11,441	5,314	929	3,737
Operating Income	5,030	6,107	6,171	9,287	3,255	-2,448	2,040
Net Income	4,001	4,790	4,889	7,340	2,479	-1,857	2,200
EPS	7.84	9.05	8.51	11.47	3.48	-2.53	2.88
Growth Rates
Total Revenue Growth	-6.2%	1.1%	-15.6%	60.9%	73.2%	-36.2%	-3.3%
EBITDA Growth	-8.7%	-1.0%	-27.1%	115.3%	472.0%	-75.1%	-20.3%
Operating Income Growth	-19.5%	-1.0%	-33.6%	185.3%	233.0%	-220.0%	-33.0%
Net Income Growth	-18.8%	-2.0%	-33.4%	196.1%	233.5%	-184.4%	-4.9%
Margins
EBITDA Margin	16.6%	16.9%	17.3%	20.0%	14.9%	4.5%	11.6%
Operating Income Margin	10.9%	12.5%	12.8%	16.2%	9.1%	-11.9%	6.3%
Net Income Margin	8.7%	9.8%	10.1%	12.8%	7.0%	-9.0%	6.8%
Cash & Debt
Total Cash	1,861	979	864	3,749	2,153	771	1,718
Total Debt	4,129	4,155	4,243	4,306	5,323	5,279	5,333
Net Debt / (Cash)	2,268	3,176	3,379	557	3,170	4,508	3,615
Cash Flows
Net Cash from Operations	6,579	5,981	3,734	10,482	5,476	798	4,429
Free Cash from Operations	4,783	4,114	1,949	8,956	4,368	-70	2,793
Returns to Shareholders
Dividends	1,357	1,238	1,103	851	706	649	631
Share Repurchases	2,998	2,681	3,800	6,395	2,245	274	1,373

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/3/2025	8/4/2025	5/5/2025	2/19/2025	11/4/2024	8/5/2024	4/29/2024	2/28/2024	10/31/2023	8/1/2023	5/2/2023	2/22/2023
Key Financials Quarterly
Total Revenue	11,614	10,836	11,874	11,920	12,554	12,692	11,658	12,387	13,219	11,166	11,528	13,837
Ebitda	1,620	1,724	2,217	2,108	2,122	1,959	2,074	2,247	2,594	1,353	2,151	2,770
Operating Income	654	1,222	1,635	1,519	1,570	1,468	1,550	1,657	2,072	845	1,597	2,252
Net Income	539	949	1,288	1,225	1,237	1,133	1,195	1,365	1,601	675	1,248	1,727
EPS	1.07	1.86	2.53	2.38	2.33	2.11	2.23	2.47	2.77	1.16	2.14	2.87
Key Financials TTM
Total Revenue TTM	46,244	47,184	49,040	48,824	49,291	49,956	48,430	48,300	49,750	51,018	56,584	57,234
Ebitda TTM	7,669	8,171	8,406	8,263	8,402	8,874	8,268	8,345	8,868	9,350	11,625	11,441
Operating Income TTM	5,030	5,946	6,192	6,107	6,245	6,747	6,124	6,171	6,766	7,062	9,372	9,287
Net Income TTM	4,001	4,699	4,883	4,790	4,930	5,294	4,836	4,889	5,251	5,681	7,415	7,340
Growth Rates Quarterly
Total Revenue Growth	-7.5%	-14.6%	1.9%	-3.8%	-5.0%	13.7%	1.1%	-10.5%	-8.8%	-33.3%	-5.3%	17.6%
EBITDA Growth	-23.7%	-12.0%	6.9%	-6.2%	-18.2%	44.8%	-3.6%	-18.9%	-15.7%	-62.7%	9.4%	65.1%
Operating Income Growth	-58.3%	-16.8%	5.5%	-8.3%	-24.2%	73.7%	-2.9%	-26.4%	-12.5%	-73.2%	5.6%	101.8%
Net Income Growth	-56.4%	-16.2%	7.8%	-10.3%	-22.7%	67.9%	-4.2%	-21.0%	-21.2%	-72.0%	6.4%	112.4%
Margins Quarterly
EBITDA Margin	13.9%	15.9%	18.7%	17.7%	16.9%	15.4%	17.8%	18.1%	19.6%	12.1%	18.7%	20.0%
Operating Income Margin	5.6%	11.3%	13.8%	12.7%	12.5%	11.6%	13.3%	13.4%	15.7%	7.6%	13.9%	16.3%
Net Income Margin	4.6%	8.8%	10.8%	10.3%	9.9%	8.9%	10.3%	11.0%	12.1%	6.0%	10.8%	12.5%
Cash & Debt
Total Cash	1,861	2,386	1,764	979	1,490	2,020	1,176	864	2,716	2,376	2,243	3,749
Total Debt	4,129	4,149	4,151	4,155	4,264	4,272	4,311	4,243	4,367	4,377	4,386	4,306
Net Debt / (Cash)	2,268	1,763	2,387	3,176	2,774	2,252	3,135	3,379	1,651	2,001	2,143	557
Cash Flows Quarterly
FCF from Operations	1,798	1,465	1,527	1,789	1,487	1,629	1,076	1,311	2,359	885	-821	2,797
Cash Flows TTM
FCF from Operations TTM	6,579	6,268	6,432	5,981	5,503	6,375	5,631	3,734	5,220	5,950	7,747	10,482
Returns to Shareholders Quarterly
Dividends	366	367	307	317	322	321	278	288	292	257	266	211
Share Repurchases	1,469	-0	54	1,475	1,206	-0	-0	2,458	1,342	-0	-0	1,934
Return on Invested Capital (ROIC) Quarterly
ROIC	67.0%	148.4%	159.3%	121.0%	155.9%	172.1%	136.0%	140.8%	282.6%	98.9%	176.8%	607.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	128.8%	182.0%	151.9%	120.1%	154.7%	199.4%	135.7%	128.2%	230.0%	210.3%	264.2%	639.5%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Downstream	55,858	64,985	30,207	15,178	23,591
Upstream	16,512	19,764	5,863	6,263	9,479
Chemical	1,581	1,976	1,438	843	932
Corporate and Other	143	79	0
Investment and other income	-267	-257
Eliminations	-23,125	-27,134	0
Total	50,702	59,413	37,508	22,284	34,002

Net Income by Segment

$ Mil	2024	2023	2022	2021	2020
Upstream	2,512	3,645	1,395	-2,318	1,348
Downstream	2,301	3,622	895	553	961
Chemical	164	204	361	78	108
Eliminations	0	0
Corporate and Other	-88	-131	-172	-170	217
Total	4,889	7,340	2,479	-1,857	2,634

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Upstream	28,718	28,830	29,416	31,835	34,554
Downstream	10,114	9,277	7,945	4,554	5,179
Corporate and Other	2,366	5,312	3,196	1,632	2,536
Chemical	475	491	474	408	416
Eliminations	-474	-386	-249	-398	-498
Total	41,199	43,524	40,782	38,031	42,187

Price Behavior

Price Behavior

Market Price	$85.82
Market Cap ($ Bil)	43.2
First Trading Date	07/16/1986
Distance from 52W High	-14.4%
	50 Days	200 Days
DMA Price	$91.49	$81.20
DMA Trend	up	up
Distance from DMA	-6.2%	5.7%
	3M	1YR
Volatility	25.8%	29.4%
Downside Capture	62.37	54.54
Upside Capture	12.55	79.96
Correlation (SPY)	19.9%	49.4%

IMO Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.23	0.38	0.37	0.28	0.74	0.70
Up Beta	0.17	0.56	0.56	0.39	0.70	0.66
Down Beta	2.56	0.68	0.60	0.34	0.94	0.88
Up Capture	57%	51%	41%	61%	68%	39%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	13	24	33	74	139	400
Down Capture	-49%	-1%	3%	-30%	64%	83%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	18	30	52	110	348

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of IMO With Other Asset Classes (Last 1Y)
	IMO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	37.2%	9.4%	18.8%	72.9%	9.0%	3.7%	-11.4%
Annualized Volatility	29.4%	24.5%	19.5%	19.2%	15.3%	17.2%	35.0%
Sharpe Ratio	1.07	0.32	0.76	2.72	0.36	0.05	-0.14
Correlation With Other Assets		74.7%	48.7%	18.5%	58.1%	38.7%	20.9%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of IMO With Other Asset Classes (Last 5Y)
	IMO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	38.0%	21.7%	14.8%	18.9%	11.8%	4.7%	35.5%
Annualized Volatility	33.3%	26.7%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	1.03	0.74	0.70	0.98	0.51	0.16	0.62
Correlation With Other Assets		78.4%	36.4%	20.1%	59.6%	26.8%	14.7%

Based On 10-Year Data

		Comparison of IMO With Other Asset Classes (Last 10Y)
	IMO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.7%	7.9%	14.8%	15.1%	6.8%	5.4%	69.1%
Annualized Volatility	35.7%	29.8%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.46	0.32	0.71	0.85	0.31	0.23	0.90
Correlation With Other Assets		78.9%	46.5%	8.4%	56.0%	38.1%	14.5%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	19,833,754
Short Interest: % Change Since 11152025	10.6%
Average Daily Volume	470,136
Days-to-Cover Short Interest	42.19
Basic Shares Quantity	503,800,000
Short % of Basic Shares	3.9%

Returns Analyses

	Title
0	With Imperial Oil Stock Sliding, Have You Assessed The Risk?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/31/2025	-3.3%	-0.4%	4.0%
8/1/2025	-0.2%	1.8%	8.8%
5/2/2025	1.0%	2.1%	6.6%
1/31/2025	-6.7%	-6.6%	-7.3%
11/1/2024	-5.0%	-0.7%	-0.9%
8/2/2024	-1.6%	3.7%	8.9%
4/26/2024	-0.8%	-4.5%	-3.1%
2/2/2024	-1.3%	2.9%	9.9%
...
SUMMARY STATS
# Positive	9	12	15
# Negative	15	12	9
Median Positive	4.7%	3.9%	9.3%
Median Negative	-3.0%	-4.9%	-4.1%
Max Positive	8.6%	13.7%	38.5%
Max Negative	-7.4%	-13.1%	-8.2%

	Forward Returns
10/31/2025	-3.3%	-0.4%	4.0%
8/1/2025	-0.2%	1.8%	8.8%
5/2/2025	1.0%	2.1%	6.6%
1/31/2025	-6.7%	-6.6%	-7.3%
11/1/2024	-5.0%	-0.7%	-0.9%
8/2/2024	-1.6%	3.7%	8.9%
4/26/2024	-0.8%	-4.5%	-3.1%
2/2/2024	-1.3%	2.9%	9.9%
10/27/2023	-2.0%	-0.4%	-2.5%
7/28/2023	4.9%	1.5%	7.2%
4/28/2023	-0.4%	-13.1%	-8.2%
1/31/2023	3.9%	-5.3%	-4.1%
10/28/2022	8.6%	13.4%	12.9%
7/29/2022	4.1%	-9.2%	9.3%
4/29/2022	0.1%	4.9%	11.6%
2/1/2022	5.7%	7.4%	12.6%
10/29/2021	-7.4%	-9.7%	-8.0%
7/30/2021	-2.1%	-3.4%	-4.1%
4/30/2021	4.7%	12.4%	19.4%
2/2/2021	-3.3%	4.1%	17.0%
10/30/2020	6.4%	13.7%	38.5%
7/31/2020	-4.3%	1.3%	3.5%
5/1/2020	-4.4%	-8.2%	1.2%
1/31/2020	-3.0%	-2.3%	-7.3%
SUMMARY STATS
# Positive	9	12	15
# Negative	15	12	9
Median Positive	4.7%	3.9%	9.3%
Median Negative	-3.0%	-4.9%	-4.1%
Max Positive	8.6%	13.7%	38.5%
Max Negative	-7.4%	-13.1%	-8.2%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11032025	10-Q 9/30/2025
6302025	8042025	10-Q 6/30/2025
3312025	5052025	10-Q 3/31/2025
12312024	2192025	10-K 12/31/2024
9302024	11042024	10-Q 9/30/2024
6302024	8052024	10-Q 6/30/2024
3312024	4292024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2222023	10-K 12/31/2022
9302022	11022022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	5042022	10-Q 3/31/2022
12312021	2232022	10-K 12/31/2021

Insider Activity

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External Quote Links

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2	SeekingAlpha	ValueLine
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4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Imperial Oil (IMO)

Market Price (12/24/2025): $85.93 | Market Cap: $43.3 BilSector: Energy | Industry: Integrated Oil & Gas

Imperial Oil (IMO)

Market Price (12/24/2025): $85.93Market Cap: $43.3 BilSector: EnergyIndustry: Integrated Oil & Gas

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

IMO Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Imperial Oil (IMO)

Share Repurchases

Capital Expenditures

Interactive Breakdown

Better Bets than Imperial Oil (IMO)

INDUSTRY: Integrated Oil & Gas

Higher Rev Chg 3Y Avg | Lower P/S (Values for IMO: -5.6% | 0.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IMO: -5.6% | 8.6x)

Higher Rev Chg LTM (Value for IMO: -6.2%)

Higher Rev Chg 3Y Avg (Value for IMO: -5.6%)

Higher Op Mgn LTM (Value for IMO: 10.9%)

Higher CFO/Rev LTM (Value for IMO: 14.2%)

Higher FCF/Rev LTM (Value for IMO: 10.3%)

Higher Total Yield (Value for IMO: 12.4%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for IMO: -5.6% | 0.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IMO: -5.6% | 8.6x)

Higher Rev Chg LTM (Value for IMO: -6.2%)

Higher Rev Chg 3Y Avg (Value for IMO: -5.6%)

Higher Op Mgn LTM (Value for IMO: 10.9%)

Higher CFO/Rev LTM (Value for IMO: 14.2%)

Higher FCF/Rev LTM (Value for IMO: 10.3%)

Higher Total Yield (Value for IMO: 12.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for IMO: -5.6% | 0.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IMO: -5.6% | 8.6x)

Higher Rev Chg LTM (Value for IMO: -6.2%)

Higher Rev Chg 3Y Avg (Value for IMO: -5.6%)

Higher Op Mgn LTM (Value for IMO: 10.9%)

Higher CFO/Rev LTM (Value for IMO: 14.2%)

Higher FCF/Rev LTM (Value for IMO: 10.3%)

Higher Total Yield (Value for IMO: 12.4%)

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Market Price (12/24/2025): $85.93 | Market Cap: $43.3 Bil
Sector: Energy | Industry: Integrated Oil & Gas

Market Price (12/24/2025): $85.93
Market Cap: $43.3 Bil
Sector: Energy
Industry: Integrated Oil & Gas