imo-20250930

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(a) Amounts from related parties included in revenues (note 1)	3,345	3,755	10,340	10,829



(b) Amounts to related parties included in purchases of crude oil and products (note 1)	1,619	1,955	4,188	5,177



(c) Amounts to related parties included in production and manufacturing, and selling and general expenses.	88	121	382	406



(d) Amounts to related parties included in financing.	30	40	79	127



Accounts receivable - net included net amounts receivable from related parties.	$	973	756



Investments and long-term receivables included amounts from related parties.	253	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).	497	509



(c) Includes contributions to registered pension plans.	(37)	(37)	(111)	(112)

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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 September 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 September 30, 2025 was 496,861,027.


			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			20
Item 3. Quantitative and qualitative disclosures about market risk			28
Item 4. Controls and procedures			28

PART II. OTHER INFORMATION			29
Item 1. Legal proceedings			29
Item 2. Unregistered sales of equity securities and use of proceeds			29
Item 5. Other information			29
Item 6. Exhibits			30

SIGNATURES			31

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)


	Third Quarter		Nine Months to September 30
millions of Canadian dollars	2025	2024	2025	2024
Revenues and other income
Revenues (a)	11,994	13,215	35,668	38,812
Investment and other income (note 3)	55	44	130	113
Total revenues and other income	12,049	13,259	35,798	38,925

Expenses
Exploration	1	1	3	3
Purchases of crude oil and products (b)	7,776	8,734	22,747	25,296
Production and manufacturing (c)	1,625	1,517	4,975	4,870
Selling and general (c) (note 11)	622	223	1,132	690
Federal excise tax and fuel charge	380	661	1,344	1,908
Depreciation and depletion (includes impairments) (note 11)	911	508	1,920	1,454
Non-service pension and postretirement benefit	25	1	36	3
Financing (d) (note 5)	8	11	8	37
Total expenses	11,348	11,656	32,165	34,261

Income (loss) before income taxes	701	1,603	3,633	4,664

Income taxes	162	366	857	1,099

Net income (loss)	539	1,237	2,776	3,565

Per share information (Canadian dollars)
Net income (loss) per common share - basic (note 9)	1.07	2.33	5.47	6.67
Net income (loss) per common share - diluted (note 9)	1.07	2.33	5.46	6.66
(a) Amounts from related parties included in revenues (note 1)	3,345	3,755	10,340	10,829
(b) Amounts to related parties included in purchases of crude oil and products (note 1)	1,619	1,955	4,188	5,177
(c) Amounts to related parties included in production and manufacturing, and selling and general expenses.	88	121	382	406
(d) Amounts to related parties included in financing.	30	40	79	127

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)


	Third Quarter		Nine Months to September 30
millions of Canadian dollars	2025	2024	2025	2024
Net income (loss)	539	1,237	2,776	3,565

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	15	38
Total other comprehensive income (loss)	5	13	27	42

Comprehensive income (loss)	544	1,250	2,803	3,607

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 Sep 30	As at Dec 31
millions of Canadian dollars		2025	2024
Assets
Current assets
Cash and cash equivalents		1,861	979
Accounts receivable - net (a)		5,158	5,758
Inventories of crude oil and products		2,028	1,642
Materials, supplies and prepaid expenses		908	975
Total current assets		9,955	9,354
Investments and long-term receivables (b)		1,111	1,084
Property, plant and equipment, (note 11)		59,293	58,048
less accumulated depreciation and depletion (note 11)		(29,068)	(27,241)
Property, plant and equipment - net (note 11)		30,225	30,807
Goodwill		166	166
Other assets, including intangibles - net		1,506	1,527
Total assets		42,963	42,938

Liabilities
Current liabilities
Notes and loans payable		18	19
Accounts payable and accrued liabilities (a) (note 7, 11)		6,728	6,907
Income taxes payable		18	81
Total current liabilities		6,764	7,007
Long-term debt (c) (note 6)		3,979	3,992
Other long-term obligations (note 7, 11)		4,177	3,870
Deferred income tax liabilities		4,359	4,596
Total liabilities		19,279	19,465

Shareholders’ equity
Common shares at stated value (d) (note 9)		919	942
Earnings reinvested		22,952	22,745
Accumulated other comprehensive income (loss) (note 10)		(187)	(214)
Total shareholders’ equity		23,684	23,473

Total liabilities and shareholders’ equity		42,963	42,938
(a)	Accounts receivable - net included net amounts receivable from related parties.	973	756
(b)	Investments and long-term receivables included amounts from related parties.	253	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).	497	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)


	Third Quarter		Nine Months to September 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	(23)	(23)	(23)	(23)
At end of period	919	969	919	969

Earnings reinvested
At beginning of period	24,249	23,592	22,745	21,907
Net income (loss) for the period	539	1,237	2,776	3,565
Share purchases in excess of stated value	(1,475)	(1,207)	(1,475)	(1,207)
Dividends declared	(361)	(317)	(1,094)	(960)
At end of period	22,952	23,305	22,952	23,305

Accumulated other comprehensive income (loss) (note 10)
At beginning of period	(192)	(648)	(214)	(677)
Other comprehensive income (loss)	5	13	27	42
At end of period	(187)	(635)	(187)	(635)

Shareholders’ equity at end of period	23,684	23,639	23,684	23,639

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)


	Third Quarter		Nine Months to September 30
millions of Canadian dollars	2025	2024	2025	2024
Operating activities
Net income (loss)	539	1,237	2,776	3,565
Adjustments for non-cash items:
Depreciation and depletion (includes impairments) (note 11)	911	508	1,920	1,454
(Gain) loss on asset sales (note 3)	22	(2)	11	(5)
Deferred income taxes and other	(200)	53	(231)	(186)

Changes in operating assets and liabilities:
Accounts receivable	444	548	600	(1,040)
Inventories, materials, supplies and prepaid expenses	(266)	502	(319)	552
Income taxes payable	18	(47)	(63)	(208)
Accounts payable and accrued liabilities	2	(1,313)	(201)	62
All other items - net (c)	328	1	297	(2)
Cash flows from (used in) operating activities	1,798	1,487	4,790	4,192

Investing activities
Additions to property, plant and equipment	(504)	(486)	(1,373)	(1,444)
Proceeds from asset sales (note 3)	21	—	34	7
Additional investments	—	—	(4)	—
Loans to equity companies - net	1	2	12	16
Cash flows from (used in) investing activities	(482)	(484)	(1,331)	(1,421)

Financing activities


Finance lease obligations - reduction (note 6)	(6)	(5)	(14)	(18)
Dividends paid	(366)	(322)	(1,040)	(921)
Common shares purchased (b) (note 9)	(1,469)	(1,206)	(1,523)	(1,206)
Cash flows from (used in) financing activities	(1,841)	(1,533)	(2,577)	(2,145)

Increase (decrease) in cash and cash equivalents	(525)	(530)	882	626
Cash and cash equivalents at beginning of period

SEC Form 10-Q filed by Imperial Oil Limited