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(a) Amounts from related parties included in revenues (note 1)	4,121	3,657	6,995	7,074



(b) Amounts to related parties included in purchases of crude oil and products (note 1)	2,142	1,549	2,569	3,222



(c) Amounts to related parties included in production and manufacturing, and selling and general expenses.	130	135	294	285



(d) Amounts to related parties included in financing.	23	43	49	87



Accounts receivable - net included net amounts receivable from related parties.	$	1,145	756



Investments and long-term receivables included amounts from related parties.	254	266

Long-term debt included amounts to related parties.

3,447




Number of common shares authorized (millions).	1,100	1,100
Number of common shares outstanding (millions).	509	509



(c) Includes contributions to registered pension plans.	(37)	(38)	(74)	(75)

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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

☐ 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 on

which registered

None

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			3
Item 1. Financial statements			3
Consolidated statement of income			3
Consolidated statement of comprehensive income			4
Consolidated balance sheet			5
Consolidated statement of shareholders’ equity			6
Consolidated statement of cash flows			7
Notes to consolidated financial statements			8
Item 2. Management’s discussion and analysis of financial condition and results of operations			19
Item 3. Quantitative and qualitative disclosures about market risk			26
Item 4. Controls and procedures			26

PART II. OTHER INFORMATION			27
Item 1. Legal proceedings			27
Item 2. Unregistered sales of equity securities and use of proceeds			27
Item 5. Other information			27
Item 6. Exhibits			28

SIGNATURES			29

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)


	Second Quarter		Six Months to June 30
millions of Canadian dollars	2025	2024	2025	2024
Revenues and other income
Revenues (a)	11,208	13,348	23,674	25,597
Investment and other income (note 3)	24	35	75	69
Total revenues and other income	11,232	13,383	23,749	25,666

Expenses
Exploration	—	1	2	2
Purchases of crude oil and products (b)	7,215	8,856	14,971	16,562
Production and manufacturing (c)	1,664	1,689	3,350	3,353
Selling and general (c)	251	221	510	467
Federal excise tax and fuel charge	372	656	964	1,247
Depreciation and depletion	478	456	1,009	946
Non-service pension and postretirement benefit	6	1	11	2
Financing (d) (note 5)	2	14	—	26
Total expenses	9,988	11,894	20,817	22,605

Income (loss) before income taxes	1,244	1,489	2,932	3,061

Income taxes	295	356	695	733

Net income (loss)	949	1,133	2,237	2,328

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)	4,121	3,657	6,995	7,074
(b) Amounts to related parties included in purchases of crude oil and products (note 1)	2,142	1,549	2,569	3,222
(c) Amounts to related parties included in production and manufacturing, and selling 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.


			IMPERIAL OIL LIMITED

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


	Second Quarter		Six Months to June 30
millions of Canadian dollars	2025	2024	2025	2024
Net income (loss)	949	1,133	2,237	2,328

Other comprehensive income (loss), net of income taxes
Postretirement benefits liability adjustment (excluding amortization)	—	—	12	4

Amortization of postretirement benefits liability adjustment included in net benefit costs	5	13	10	25
Total other comprehensive income (loss)	5	13	22	29

Comprehensive income (loss)	954	1,146	2,259	2,357

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)


		As at Jun 30	As at Dec 31
millions of Canadian dollars		2025	2024
Assets
Current assets
Cash and cash equivalents		2,386	979
Accounts receivable - net (a)		5,602	5,758
Inventories of crude oil and products		1,642	1,642
Materials, supplies and prepaid expenses		1,028	975
Total current assets		10,658	9,354
Investments and long-term receivables (b)		1,094	1,084
Property, plant and equipment,		58,876	58,048
less accumulated depreciation and depletion		(28,208)	(27,241)
Property, plant and equipment - net		30,668	30,807
Goodwill		166	166
Other assets, including intangibles - net		1,592	1,527
Total assets		44,178	42,938

Liabilities
Current liabilities
Notes and loans payable		19	19
Accounts payable and accrued liabilities (a) (note 7)		6,710	6,907
Income taxes payable		—	81
Total current liabilities		6,729	7,007
Long-term debt (c) (note 6)		3,983	3,992
Other long-term obligations (note 7)		3,901	3,870
Deferred income tax liabilities		4,566	4,596
Total liabilities		19,179	19,465

Shareholders’ equity
Common shares at stated value (d) (note 9)		942	942
Earnings reinvested		24,249	22,745
Accumulated other comprehensive income (loss) (note 10)		(192)	(214)
Total shareholders’ equity		24,999	23,473

Total liabilities and shareholders’ equity		44,178	42,938
(a)	Accounts receivable - net included net amounts receivable from related parties.	1,145	756
(b)	Investments and long-term receivables included amounts from related parties.	254	266
(c)	Long-term debt included amounts to related parties.	3,447	3,447
(d)	Number of common shares authorized (millions).	1,100	1,100
	Number of common shares outstanding (millions).	509	509

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)


	Second Quarter		Six Months to June 30
millions of Canadian dollars	2025	2024	2025	2024
Common shares at stated value (note 9)
At beginning of period	942	992	942	992
Share purchases at stated value	—	—	—	—
At end of period	942	992	942	992

Earnings reinvested
At beginning of period	23,666	22,781	22,745	21,907
Net income (loss) for the period	949	1,133	2,237	2,328
Share purchases in excess of stated value	—	—	—	—
Dividends declared	(366)	(322)	(733)	(643)
At end of period	24,249	23,592	24,249	23,592

Accumulated other comprehensive income (loss) (note 10)
At beginning of period	(197)	(661)	(214)	(677)
Other comprehensive income (loss)	5	13	22	29
At end of period	(192)	(648)	(192)	(648)

Shareholders’ equity at end of period	24,999	23,936	24,999	23,936

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)


	Second Quarter		Six Months to June 30
millions of Canadian dollars	2025	2024	2025	2024
Operating activities
Net income (loss)	949	1,133	2,237	2,328
Adjustments for non-cash items:
Depreciation and depletion	478	456	1,009	946
(Gain) loss on asset sales (note 3)	(1)	(1)	(11)	(3)
Deferred income taxes and other	—	(75)	(31)	(239)
Changes in operating assets and liabilities:
Accounts receivable	168	(866)	156	(1,588)
Inventories, materials, supplies and prepaid expenses	201	246	(53)	50
Income taxes payable	—	73	(81)	(161)
Accounts payable and accrued liabilities	(317)	668	(203)	1,375
All other items - net (c)	(13)	(5)	(31)	(3)
Cash flows from (used in) operating activities	1,465	1,629	2,992	2,705

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	1,407	1,156
Cash and cash equivalents at beginning of period	1,764	1,176	979	864
Cash and cash equivalents at end of period (a)	2,386	2,020	2,386	2,020
(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.
(c) Includes contributions to registered pension plans.	(37)	(38)	(74)	(75)

Income taxes (paid) refunded.	(305)	(434)	(874)	(1,134)
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.

SEC Form 10-Q filed by Imperial Oil Limited