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olivLaw · US equity research

Imperial Oil Limited IMO

Petroleum Refining · SIC 2911 · Vertical: Petroleum Refining (SIC 2911)

127.47USD−5.08% · 1 dayClose 04 Nov 2026

Imperial Oil is one of Canada's largest integrated oil companies, active in crude production, refining and petrochemicals. Results in the second quarter of 2026 were strong, with net income of 2190 million Canadian dollars supported by higher crude prices and refining margins, while the company completed its heaviest planned maintenance quarter.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Imperial Oil Limited (IMO) stock was 127.47 USD (−5.08% on the day), with beta 0.44, 52-week range 83.72–138.33 USD. Latest reported quarter (Q3 2026): revenue of 16.2 bn USD (+34.5% YoY), net income of 2.5 bn USD (+355.3% YoY), diluted EPS 5.11 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 30 Sept 2026
P/E (TTM)
unavailable
Diluted EPS TTM 12.57 · TTM to 30 Sept 2026
E/P (TTM)
unavailable
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
0.44
Volatility (1y) 30%
52-week range
83.72138.33

Price history

Loading chart…

Technical reading

RSI (14)
45.4
neutral
Bollinger (20, 2)
122.68 – 139.61
in the lower half of the band · %B 0.28 · band width 12.9%
SMA 50 / 200
129.28 / 124.47
mixed trend
MACD (12, 26, 9)
1.25 / 1.46
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+3.2%−1.1%+4.3 pp—
3 months+1.7%−0.5%+2.2 pp—
6 months−0.3%+4.4%−4.7 pp—
Year to date+47.7%+12.3%+35.4 pp—
1 year+44.5%+13.5%+30.9 pp+89.6%
3 years+121.8%+76.4%+45.4 pp+101.4%
5 years+275.7%+63.7%+212.0 pp—
Max drawdown (1y)
−19.8%
18 May 2026 → 01 Jul 2026
Max drawdown (5y)
−30.1%
08 Jun 2022 → 26 Sept 2022
Compound annual growth (5y)
+30.3%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
16.2 bn CAD
+34.5% YoY
Net income
2.5 bn CAD
+355.3% YoY
Diluted EPS
5.11
+377.6% YoY
net / operating
15.1% / unavailable

Quarterly margins

Quarterly statements · CAD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue12.6 bn12.5 bn11.2 bn12.0 bn11.3 bn12.4 bn16.1 bn16.2 bn
SG&A255.0 m259.0 m251.0 m622.0 m254.0 m397.0 m144.0 m390.0 m
Depreciation & amortisation529.0 m531.0 m478.0 m911.0 m659.0 m520.0 m511.0 m500.0 m
Interest expense4.0 m-2.0 m2.0 m8.0 m4.0 m11.0 m14.0 m13.0 m
Pre-tax income1.6 bn1.7 bn1.2 bn701.0 m629.0 m1.2 bn2.9 bn3.2 bn
Income tax350.0 m400.0 m295.0 m162.0 m137.0 m292.0 m670.0 m765.0 m
Net income1.2 bn1.3 bn949.0 m539.0 m492.0 m940.0 m2.2 bn2.5 bn
Diluted EPS2.37 ≈2.521.861.071.00 ≈1.944.525.11
Operating cash flow1.8 bn1.5 bn1.5 bn1.8 bn1.9 bn756.0 m2.7 bn3.2 bn
Capex423.0 m398.0 m471.0 m504.0 m632.0 m475.0 m530.0 m662.0 m
Dividends paid317.0 m307.0 m367.0 m366.0 m361.0 m350.0 m421.0 m420.0 m
Share repurchases1.5 bn54.0 m01.5 bn1.7 bn64.0 m02.1 bn

≈ derived quarter (cumulative difference / share-days average)

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenueunavailableunavailable22.4 bn37.6 bn59.7 bn51.0 bn51.5 bn47.1 bn
Revenue YoYunavailableunavailableunavailable+67.9%+58.7%−14.6%+1.1%−8.6%
Net income2.3 bn2.2 bn-1.9 bn2.5 bn7.3 bn4.9 bn4.8 bn3.3 bn
Net income YoY+372.2%−4.9%−184.4%unavailable+196.1%−33.4%−2.0%−31.8%
Diluted EPS2.862.88-2.533.4811.448.499.036.48
Diluted EPS YoY+393.1%+0.7%−187.8%unavailable+228.7%−25.8%+6.4%−28.2%
net %unavailableunavailable-8.3%6.6%12.3%9.6%9.3%6.9%
Free cash flow2.4 bn2.8 bn-70.0 m4.4 bn9.0 bn1.9 bn4.1 bn4.7 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.1 bn CAD
Financial debt
3.5 bn CAD
Net debt
2.3 bn CAD
Equity
22.3 bn CAD
Total assets
42.3 bn CAD
Debt / equity
0.16x
Current ratio
1.27x
ROE
14.3%
ROA
7.7%
FCF margin
10.0%

Financial statements (source on every figure)

Revenue and net income (CAD)

Margins

Income statement · CAD

Revenue
2023
51.0 bn
2024
51.5 bn
2025
47.1 bn

SEC (XBRL)· 18 Feb 2026verified

Research & development
2023
84.0 m
2024
118.0 m
2025
134.0 m

SEC (XBRL)· 18 Feb 2026verified

SG&A
2023
857.0 m
2024
945.0 m
2025
1.4 bn

SEC (XBRL)· 18 Feb 2026verified

Depreciation & amortisation
2023
1.9 bn
2024
2.0 bn
2025
2.6 bn

SEC (XBRL)· 18 Feb 2026verified

Interest expense
2023
69.0 m
2024
41.0 m
2025
12.0 m

SEC (XBRL)· 18 Feb 2026verified

Pre-tax income
2023
6.4 bn
2024
6.2 bn
2025
4.3 bn

SEC (XBRL)· 18 Feb 2026verified

Income tax
2023
1.5 bn
2024
1.4 bn
2025
994.0 m

SEC (XBRL)· 18 Feb 2026verified

Net income
2023
4.9 bn
2024
4.8 bn
2025
3.3 bn

SEC (XBRL)· 18 Feb 2026verified

Diluted EPS
2023
8.49
2024
9.03
2025
6.48

SEC (XBRL)· 18 Feb 2026verified

Weighted average diluted shares
2023
575.9 m
2024
530.6 m
2025
504.0 m

SEC (XBRL)· 18 Feb 2026verified

Dividend per share
2023
1.94
2024
2.40
2025
2.88

SEC (XBRL)· 18 Feb 2026verified

Balance sheet · CAD

Cash
2023
864.0 m
2024
979.0 m
2025
1.1 bn

SEC (XBRL)· 18 Feb 2026verified

Current assets
2023
8.3 bn
2024
9.4 bn
2025
8.4 bn

SEC (XBRL)· 18 Feb 2026verified

Property, plant & equipment, net
2023
30.8 bn
2024
30.8 bn
2025
30.9 bn

SEC (XBRL)· 18 Feb 2026verified

Goodwill
2023
166.0 m
2024
166.0 m
2025
166.0 m

SEC (XBRL)· 18 Feb 2026verified

Total assets
2023
41.2 bn
2024
42.9 bn
2025
42.3 bn

SEC (XBRL)· 18 Feb 2026verified

Accounts payable
2023
6.2 bn
2024
6.9 bn
2025
6.6 bn

SEC (XBRL)· 18 Feb 2026verified

Short-term debt
2023
121.0 m
2024
19.0 m
2025
19.0 m

SEC (XBRL)· 18 Feb 2026verified

Long-term debt
2023
3.4 bn
2024
3.4 bn
2025
3.4 bn

SEC (XBRL)· 18 Feb 2026verified

Current liabilities
2023
6.6 bn
2024
7.0 bn
2025
6.6 bn

SEC (XBRL)· 18 Feb 2026verified

Total liabilities
2023
19.0 bn
2024
19.5 bn
2025
20.1 bn

SEC (XBRL)· 18 Feb 2026verified

Equity
2023
22.2 bn †
2024
23.5 bn †
2025
22.3 bn †

SEC (XBRL)· 18 Feb 2026verified

Cash flow · CAD

Operating cash flow
2023
3.7 bn
2024
6.0 bn
2025
6.7 bn

SEC (XBRL)· 18 Feb 2026verified

Capex
2023
1.8 bn
2024
1.9 bn
2025
2.0 bn

SEC (XBRL)· 18 Feb 2026verified

Free cash flow
2023
1.9 bn ≈
2024
4.1 bn ≈
2025
4.7 bn ≈

SEC (XBRL)· 18 Feb 2026derived

Investing cash flow
2023
-1.7 bn
2024
-1.8 bn
2025
-1.9 bn

SEC (XBRL)· 18 Feb 2026verified

Financing cash flow
2023
-4.9 bn
2024
-4.0 bn
2025
-4.7 bn

SEC (XBRL)· 18 Feb 2026verified

Dividends paid
2023
1.1 bn
2024
1.2 bn
2025
1.4 bn

SEC (XBRL)· 18 Feb 2026verified

Share repurchases
2023
3.8 bn
2024
2.7 bn
2025
3.2 bn

SEC (XBRL)· 18 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-8.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
-7.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
16.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-31.8%
computed by olivLawFY 2025
Net income CAGR 3Y
-23.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-28.2%
computed by olivLawFY 2025
EPS CAGR 3Y
-17.3%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
14.3%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
10.9%
computed by olivLawTTM to 30 Sept 2026
FCF margin
11.3%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
25.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
13.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
26.5%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
24.6%
computed by olivLawTTM to 30 Sept 2026

Balance sheet

Net debt
573.0 m CAD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.1x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.3x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.2x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
8.6 bn CAD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
2.3 bn CAD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
6.3 bn CAD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
103.8%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 37.5% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

127.47 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
25.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
10.9%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
-8.6%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 30 Sept 2026
Source: SEC (XBRL)published 02 Nov 2026
verified 2797derived 207

Score by group

38% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Multiple comparisons use the SIC vertical: Petroleum Refining (SIC 2911)

    Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: score weight coverage: 37.5% of at least 60%

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Quality10.9%80 (vs peers)17%
    FCF conversion · Quality103.8%100 (on a fixed band)17%
    Revenue CAGR 3Y · Growth-7.6%0 (on a fixed band)22%
    EPS CAGR 3Y · Growth-17.3%0 (on a fixed band)22%
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheetunavailableunavailable—
    Current ratio · Balance sheet1.3x42 (on a fixed band)11%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returns24.6%100 (on a fixed band)11%

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet· partial42/100 · 1/3 factors with a value
    • Growth0/100 · 2/2 factors with a value
    • Quality90/100 · 2/3 factors with a value
    • Returns· partial100/100 · 1/2 factors with a value
    • Valuation· partialunavailable · 0/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    IMPERIAL OIL LIMITED (IMO). Latest full fiscal year: 2025; data up to 2026-09-30.

    Figures computed from the financial statements: revenue 47.1 bn CAD in 2025; YoY growth -8.6%; net margin 10.9%; ROE 25.2%.

    The estimated value range is 65.73–131.34 CAD per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (score weight coverage: 37.5% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Net margin: 10.9%
    • FCF conversion: 103.8%
    • Payout ratio (FCF): 24.6%

    What contradicts it

    • Revenue CAGR 3Y: -7.6%
    • EPS CAGR 3Y: -17.3%
    • The valuation methods diverge

    Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).

    Versus the vertical median

    Petroleum Refining (SIC 2911) · same industry (4-digit SIC) · compared with 5 companies

    Only companies with a capitalisation between 8.0 bn and 510.1 bn (within 8× of the company's); 12 of the vertical were left out.

    Multiples and returns vs the median

    P/E
    —
    vertical median 8.3x
    EV/EBITDA
    —
    vertical median —
    P/S
    —
    vertical median 0.7x
    P/B
    —
    vertical median 2.9x
    ROE
    25.2%
    vertical median 41.1%
    below median (−38.5%)
    Net margin
    10.9%
    vertical median 8.4%
    above median (+28.5%)
    EBIT margin
    —
    vertical median —
    Revenue YoY
    -8.6%
    vertical median -5.5%
    below median
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    —
    vertical median 1.9%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    CVXChevron Corp428.7 bn20.812.2%9.6%−6.8%+44% / +51%
    COPConocoPhillips164.5 bn18.114.2%14.7%+7.7%+54% / +18%
    MPCMarathon Petroleum Corporation106.9 bn7.772.6%8.4%−4.4%+103% / +163%
    VLOValero Energy Corp101.9 bn8.250.1%8.4%−5.5%+107% / +191%
    PSXPhillips 66101.3 bn8.341.1%7.5%−7.5%+90% / +101%
    IMOImperial Oil Limited——25.2%10.9%−8.6%+44% / +122%

    1- and 3-year price returns: for IMO from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (30 Oct 2026 · results).

    In brief

    Imperial Oil is one of Canada's largest integrated oil companies, active in crude production, refining and petrochemicals. Results in the second quarter of 2026 were strong, with net income of 2190 million Canadian dollars supported by higher crude prices and refining margins, while the company completed its heaviest planned maintenance quarter.

    SWOT

    Strengths

    • Imperial benefits from an integrated model, its position as Canada's largest refiner and long-life bitumen assets 13.
    • The company can generate high operating cash flow in periods of good prices and sustain returns of capital to shareholders 3.
    • Proved reserves are concentrated in Canada and supported by a rigorous internal estimation and control process 1.

    Weaknesses

    • Upstream volumes declined in 2026 due to lower ore grades and extreme rainfall, showing operational sensitivity 23.
    • Refineries ran below capacity in the second quarter due to maintenance and rail logistics problems 2.
    • Reliance on bitumen and heavy crude differentials makes profitability sensitive to external markets 1.

    Opportunities

    • A trilateral agreement on oil sands competitiveness could support production growth if definitive agreements are completed 3.
    • Lower-emission projects such as carbon capture and hydrogen could open new revenue streams if policy remains stable 1.
    • Better refining margins could persist if global supply disruptions continue 2.

    Threats

    • Crude price volatility could affect results, either by lowering Upstream revenue or compressing Downstream margins 1.
    • Tariffs and a possible escalation of the trade dispute could reduce demand and export prices 1.
    • Climate policies and bans on new internal combustion vehicles could reduce long-term demand for the company's products 1.

    Risks

    • Crude price volatilityhigh

      Sharp changes in crude prices and refining margins can significantly affect the company's results and financial position 1.

    • Canada-US tariffsmedium

      Tariffs and possible retaliatory measures could disrupt supply chains, reduce exported volumes and affect prices 12.

    • Regulatory and climate policymedium

      Changes in emission rules, royalties and bans on certain vehicle sales could raise compliance costs and reduce demand 1.

    • Operational disruptionsmedium

      Maintenance, unplanned downtime and logistics problems at refineries could reduce volumes and capacity use 2.

    • Heavy oil price differentialslow

      A widening gap between Canadian heavy crude and US Gulf Coast benchmarks could reduce bitumen revenue 1.

    Investment thesis

    What would need to be true (bull case)

    • If crude prices and refining margins stay high, the results of the second quarter of 2026 could be repeated in the second half of the year, supporting cash generation 3.
    • The accelerated share buyback could support per-share metrics if profits remain solid 23.
    • The trilateral oil sands agreement could unlock additional production investment if definitive documents are signed 3.

    What would break the thesis

    • A fall in crude prices could quickly reduce Upstream revenue and pressure the company's results 1.
    • If output at Kearl and Syncrude stays below earlier levels, volumes could remain weak 23.
    • If climate policies tighten, demand for the company's products could decline over the long term 1.

    What to watch

    • Refinery guidance and utilization recovery after turnaround workQ3 2026
    • Completion of the accelerated share repurchase under the new NCIB2026
    • Evolution of Canada-US tariffs2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (30 Oct 2026 · results).

    The business

    At year-end 2025, net proved reserves totalled 2036 million barrels of oil equivalent, all located in Canada, of which about 4.9% were proved undeveloped 1. Net oil-equivalent production averaged 387 thousand barrels per day in 2025 1. Major assets include Kearl, Cold Lake and Syncrude, while the Aspen project remains on hold due to market uncertainty, although its first phase was appropriated at 2.6 billion Canadian dollars 1.

    Market context

    The Canadian market is also shaped by trade tariffs between the United States and Canada introduced from 2025. The company does not expect them to have a material impact on its consolidated financial position, but an escalation of the dispute could affect prices and exported volumes 12.

    Trends

    • Crude price volatility and heavy oil differentialsmixed

      Crude prices and heavy crude differentials have remained volatile; a sharp price increase could compress Downstream margins, while a decline would directly weigh on Upstream 12.

    • Stronger refining marginstailwind

      Refining margins improved in the second quarter of 2026 due to global product supply disruptions, supporting Downstream results 2.

    • Tariffs and trade uncertaintyheadwind

      Tariffs imposed by the United States and Canada's response create uncertainty over trade and supply chains, with possible negative effects on demand and export prices 1.

    • Energy transition and policymixed

      Emission policies and planned bans on new internal combustion vehicles could reduce long-term demand, while lower-emission projects and support for oil sands could create new opportunities 12.

    Competitive position

    Imperial competes in Canada's integrated oil sector, where rivals include other large producers and refiners exploiting the same oil sands resources and product markets. The sources do not explicitly name competitors, so its competitive position rests on operating scale and its integrated model 1.

    The company's competitive advantage is its integrated model, which allows it to benefit from higher crude prices in Upstream and refining margins in Downstream, as seen in the second quarter of 2026 3.

    • Exxon Mobil CorporationXOM

      Majority shareholder of Imperial, which also operates refineries and joint ventures with Imperial in Canada 1.

    • Other Canadian oil sands producers

      Companies exploiting the same Athabasca resources and competing for capital and bitumen prices 1.

    • Competing Canadian refiners

      Operators competing in the Canadian refined products market, where Imperial is the largest refiner 1.

    • Petrochemical producers

      Companies producing polyethylene and other petrochemicals, influencing margins in the Chemical segment 3.

    News & filings

    In the press

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Imperial Oil Limited · 18 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Imperial Oil Limited · 03 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Imperial Oil Limited · 31 Jul 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.