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

• ExxonMobil for Canada

• Canada's Chevron or Shell

• 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.

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.

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

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.

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

1. 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.
2. 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.
3. 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.

• 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.

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.

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.

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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.