Imperial Oil Ltd

Latest Results (28.08.2026):

Imperial Oil Ltd — second quarter of 2026: Imperial reported strong Q2 2026 results driven by higher commodity prices across its integrated business. Net income was C$2,190 million (diluted EPS C$4.52), supported by robust operating cash flow and improved realizations, while planned turnarounds and some unplanned downtime reduced refinery throughput and certain upstream volumes.

Financial results

Net income: C$2,190 million in Q2 2026 (up from C$949 million in Q2 2025). Total revenues and other income for the quarter were C$16,062 million. Six‑month net income to June 30, 2026 was C$3,130 million.

Cash flow & capital

Cash flows from operating activities were C$2,704 million (C$2,522 million excluding working capital). Free cash flow for the quarter was C$2,234 million. Capital and exploration expenditures totaled C$531 million. Cash and cash equivalents at June 30, 2026 were C$2,839 million.

Upstream production

Gross upstream production averaged 414,000 oil‑equivalent barrels per day. Kearl gross production was 257,000 bpd (Imperial's share 182,000 bpd); Cold Lake averaged 149,000 bpd; Imperial’s share of Syncrude averaged 73,000 bpd. Kearl and Syncrude volumes were lower year‑over‑year (ore grade and extreme rainfall cited).

Downstream & refinery

Refinery throughput averaged 331,000 bpd with capacity utilization at 76% (impacted by planned turnaround at Strathcona and some unplanned downtime). Petroleum product sales averaged 446,000 bpd. Imperial revised 2026 downstream guidance to throughput 370,000–380,000 bpd and utilization 85%–88% to reflect unplanned downtime and a short‑term rail logistics issue at Strathcona.

Shareholder returns & NCIB

The company returned C$421 million to shareholders in Q2 via dividends and declared a Q3 dividend of C$0.87 per share. Imperial renewed a normal course issuer bid to repurchase up to 5% of common shares (max ~24.18 million shares) and plans to accelerate repurchases with a target to complete the program prior to year end (no shares repurchased in Q2).

Segment performance

Segment net income (Q2): Upstream C$1,299 million, Downstream C$787 million, Chemicals C$65 million, Corporate and other C$39 million. Downstream and Chemical margins improved, with downstream results partly offset by turnaround impacts.

Outlook & risks

Management expects stronger volumes and performance in H2 2026 after completing heavy planned turnarounds, supporting robust free cash flow. The company highlighted forward‑looking risks including commodity price volatility, operational disruptions, rail logistics at Strathcona, and regulatory factors (including a trilateral MOU regarding oil sands competitiveness).