Item 1. Financial Statements
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.
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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.
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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.
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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.
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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 2,386 2,020 979 864
Cash and cash equivalents at end of period (a)
1,861 1,490 1,861 1,490
(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 ) ( 37 ) ( 111 ) ( 112 )
Income taxes (paid) refunded. ( 258 ) ( 423 ) ( 1,132 ) ( 1,557 )
Interest (paid), net of capitalization. ( 8 ) ( 11 ) ( 20 ) ( 37 )
The information in the notes to consolidated financial statements is an integral part of these statements.
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IMPERIAL OIL LIMITED
Notes to consolidated financial statements (unaudited)
Note 1. Basis of financial statement preparation
These unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) in the company’s 2024 annual report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature.
The company’s exploration and production activities are accounted for under the “successful efforts” method.
Amounts for related party revenues and purchases for the three months ended September 30, 2024 have been revised from $ 2,999 million to $ 3,755 million and from $ 1,199 million to $ 1,955 million, respectively. Amounts for related party revenues and purchases for the nine months ended September 30, 2024 have been revised from $ 8,674 million to $ 10,829 million and from $ 3,022 million to $ 5,177 million, respectively. Impacts of the revision offset to zero.
The results for the nine months ended September 30, 2025, are not necessarily indicative of the operations to be expected for the full year.
All amounts are in Canadian dollars unless otherwise indicated.
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IMPERIAL OIL LIMITED
Note 2. Business segments
Third Quarter
Upstream
Downstream
Chemical
millions of Canadian dollars 2025 2024 2025 2024 2025 2024
Revenues and other income
Revenues (a) (b)
72 24 11,675 12,997 247 194
Intersegment sales
4,034 4,583 1,517 1,562 96 60
Investment and other income (note 3)
3 2 31 11 — 1
Total revenues and other income 4,109 4,609 13,223 14,570 343 255
Expenses
Exploration 1 1 — — — —
Purchases of crude oil and products
1,612 1,766 11,578 13,014 231 157
Production and manufacturing 1,098 1,050 462 423 58 36
Selling and general (note 11)
— — 169 170 22 22
Federal excise tax and fuel charge — — 379 660 1 1
Depreciation and depletion (note 11)
434 447 56 48 4 3
Non-service pension and postretirement benefit — — — — — —
Financing (note 5)
3 2 — — — —
Total expenses 3,148 3,266 12,644 14,315 316 219
Income (loss) before income taxes 961 1,343 579 255 27 36
Income tax expense (benefit) 233 316 135 50 6 8
Net income (loss)
728 1,027 444 205 21 28
Cash flows from (used in) operating activities
1,415 1,298 319 164 15 49
Capital and exploration expenditures (c)
353 300 114 133 4 3
Third Quarter
Corporate and other
Eliminations
Consolidated
millions of Canadian dollars 2025 2024 2025 2024 2025 2024
Revenues and other income
Revenues (a) (b)
— — — — 11,994 13,215
Intersegment sales
— — ( 5,647 ) ( 6,205 ) — —
Investment and other income (note 3)
21 30 — — 55 44
Total revenues and other income 21 30 ( 5,647 ) ( 6,205 ) 12,049 13,259
Expenses
Exploration — — — — 1 1
Purchases of crude oil and products
— — ( 5,645 ) ( 6,203 ) 7,776 8,734
Production and manufacturing 7 8 — — 1,625 1,517
Selling and general (note 11)
433 33 ( 2 ) ( 2 ) 622 223
Federal excise tax and fuel charge — — — — 380 661
Depreciation and depletion (note 11)
417 10 — — 911 508
Non-service pension and postretirement benefit 25 1 — — 25 1
Financing (note 5)
5 9 — — 8 11
Total expenses 887 61 ( 5,647 ) ( 6,205 ) 11,348 11,656
Income (loss) before income taxes ( 866 ) ( 31 ) — — 701 1,603
Income tax expense (benefit) ( 212 ) ( 8 ) — — 162 366
Net income (loss)
( 654 ) ( 23 ) — — 539 1,237
Cash flows from (used in) operating activities
49 ( 24 ) — — 1,798 1,487
Capital and exploration expenditures (c)
34 50 — — 505 486
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IMPERIAL OIL LIMITED
(a) Includes export sales to the United States of $ 2,404 million (2024 - $ 2,631 million).
(b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable - net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Revenues Third Quarter
millions of Canadian dollars 2025 2024
Revenue from contracts with customers 9,696 10,404
Revenue outside the scope of ASC 606
2,298 2,811
Total 11,994 13,215
(c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
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IMPERIAL OIL LIMITED
Nine Months to September 30
Upstream
Downstream
Chemical
millions of Canadian dollars 2025 2024 2025 2024 2025 2024
Revenues and other income
Revenues (a) (b)
198 95 34,698 37,862 772 855
Intersegment sales
12,140 13,227 4,904 4,949 299 235
Investment and other income (note 3)
13 7 67 32 — 2
Total revenues and other income 12,351 13,329 39,669 42,843 1,071 1,092
Expenses
Exploration 3 3 — — — —
Purchases of crude oil and products
4,843 5,479 34,517 37,549 724 673
Production and manufacturing 3,401 3,441 1,385 1,279 171 137
Selling and general (note 11)
— — 518 503 64 71
Federal excise tax and fuel charge — — 1,340 1,905 4 3
Depreciation and depletion (note 11)
1,322 1,275 145 139 12 11
Non-service pension and postretirement benefit — — — — — —
Financing (note 5)
( 9 ) 4 — — — —
Total expenses 9,560 10,202 37,905 41,375 975 895
Income (loss) before income taxes 2,791 3,127 1,764 1,468 96 197
Income tax expense (benefit) 668 743 414 338 23 47
Net income (loss)
2,123 2,384 1,350 1,130 73 150
Cash flows from (used in) operating activities
2,637 3,351 2,316 555 ( 60 ) 120
Capital and exploration expenditures (c)
972 857 292 435 8 11
Total assets as at September 30 (d) (note 11)
28,449 28,186 11,696 11,104 542 452
Nine Months to September 30
Corporate and other
Eliminations
Consolidated
millions of Canadian dollars 2025 2024 2025 2024 2025 2024
Revenues and other income
Revenues (a) (b)
— — — — 35,668 38,812
Intersegment sales
— — ( 17,343 ) ( 18,411 ) — —
Investment and other income (note 3)
50 72 — — 130 113
Total revenues and other income 50 72 ( 17,343 ) ( 18,411 ) 35,798 38,925
Expenses
Exploration — — — — 3 3
Purchases of crude oil and products
— — ( 17,337 ) ( 18,405 ) 22,747 25,296
Production and manufacturing 18 13 — — 4,975 4,870
Selling and general (note 11)
556 122 ( 6 ) ( 6 ) 1,132 690
Federal excise tax and fuel charge — — — — 1,344 1,908
Depreciation and depletion (note 11)
441 29 — — 1,920 1,454
Non-service pension and postretirement benefit 36 3 — — 36 3
Financing (note 5)
17 33 — — 8 37
Total expenses 1,068 200 ( 17,343 ) ( 18,411 ) 32,165 34,261
Income (loss) before income taxes ( 1,018 ) ( 128 ) — — 3,633 4,664
Income tax expense (benefit) ( 248 ) ( 29 ) — — 857 1,099
Net income (loss)
( 770 ) ( 99 ) — — 2,776 3,565
Cash flows from (used in) operating activities
( 88 ) 166 ( 15 ) — 4,790 4,192
Capital and exploration expenditures (c)
104 141 — — 1,376 1,444
Total assets as at September 30 (d) (note 11)
4,034 2,942 ( 1,758 ) ( 155 ) 42,963 42,529
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IMPERIAL OIL LIMITED
(a) Includes export sales to the United States of $ 7,110 million (2024 - $ 7,641 million).
(b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable - net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Revenues Nine Months
to September 30
millions of Canadian dollars 2025 2024
Revenue from contracts with customers 29,390 30,915
Revenue outside the scope of ASC 606
6,278 7,897
Total 35,668 38,812
(c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
(d) In 2025, in conjunction with the company signing an agreement to sell the Calgary Imperial campus, the Upstream segment transferred the asset to the Corporate and other segment for $ 466 million. The effects of this transaction have been eliminated for consolidation purposes. Prior periods have not been recast.
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IMPERIAL OIL LIMITED
Note 3. Investment and other income
Investment and other income included gains and losses on asset sales as follows:
Third Quarter
Nine Months
to September 30
millions of Canadian dollars 2025 2024 2025 2024
Proceeds from asset sales 21 — 34 7
Book value of asset sales 43 ( 2 ) 45 2
Gain (loss) on asset sales, before-tax
( 22 ) 2 ( 11 ) 5
Gain (loss) on asset sales, after-tax
( 24 ) 2 ( 14 ) 5
Note 4. Employee retirement benefits
The components of net benefit cost were as follows:
Third Quarter
Nine Months
to September 30
millions of Canadian dollars 2025 2024 2025 2024
Pension benefits:
Service cost 46 47 139 139
Interest cost 93 91 277 274
Expected return on plan assets ( 99 ) ( 113 ) ( 296 ) ( 340 )
Amortization of prior service cost 7 7 21 21
Amortization of actuarial loss (gain) 2 11 8 35
Net pension enhancement 19 — 19 —
Net benefit cost 68 43 168 129
Other postretirement benefits:
Service cost 2 3 4 10
Interest cost 4 7 15 19
Amortization of prior service cost (credit) ( 1 ) — ( 3 ) —
Amortization of actuarial loss (gain) ( 1 ) ( 2 ) ( 6 ) ( 6 )
Net other postretirement benefits enhancement 1 — 1 —
Net benefit cost 5 8 11 23
Note 5. Financing costs
Third Quarter
Nine Months
to September 30
millions of Canadian dollars 2025 2024 2025 2024
Debt-related interest
39 48 103 152
Capitalized interest
( 34 ) ( 39 ) ( 86 ) ( 119 )
Net interest expense
5 9 17 33
Other interest
3 2 ( 9 ) 4
Total financing
8 11 8 37
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IMPERIAL OIL LIMITED
Note 6. Long-term debt
As at
Sep 30
As at
Dec 31
millions of Canadian dollars 2025 2024
Long-term debt
3,447 3,447
Finance leases
532 545
Total long-term debt 3,979 3,992
Note 7. Other long-term obligations
As at
Sep 30
As at
Dec 31
millions of Canadian dollars 2025 2024
Employee retirement benefits (a)
836 846
Asset retirement obligations and other environmental liabilities (b)
2,624 2,641
Share-based incentive compensation liabilities
270 119
Operating lease liability (c)
132 144
Other obligations (note 11)
315 120
Total other long-term obligations 4,177 3,870
(a) Total recorded employee retirement benefits obligations also included $ 61 million in current liabilities (2024 - $ 61 million).
(b) Total asset retirement obligations and other environmental liabilities also included $ 291 million in current liabilities (2024 - $ 291 million).
(c) Total operating lease liability also included $ 95 million in current liabilities (2024 - $ 100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totaled $ 87 million (2024 - $ 56 million).
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IMPERIAL OIL LIMITED
Note 8. Financial and derivative instruments
Financial instruments
The fair value of the company’s financial instruments is determined by reference to various market data and other appropriate valuation techniques. There are no material differences between the fair value of the company’s financial instruments and the recorded carrying value. At September 30, 2025 and December 31, 2024, the fair value of long-term debt ($ 3,447 million, excluding finance lease obligations) was primarily a level 2 measurement.
Derivative instruments
The company’s size, strong capital structure and the complementary nature of its business segments reduce the company’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the company uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated statement of income on a net basis in the line "Revenues" and in the Consolidated statement of cash flows in "Cash flows from (used in) operating activities". The company’s commodity derivatives are not accounted for under hedge accounting.
Credit risk associated with the company’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The company maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments was:
As at
Sep 30
As at Dec 31
thousands of barrels 2025 2024
Crude ( 1,284 ) 4,260
Products ( 1,170 ) ( 371 )
Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following line on a before-tax basis:
Third Quarter
Nine Months
to September 30
millions of Canadian dollars 2025 2024 2025 2024
Revenues 20 ( 34 ) 11 ( 47 )
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IMPERIAL OIL LIMITED
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement, were as follows:
At September 30, 2025
millions of Canadian dollars
Fair value Effect of
counterparty
netting Effect of
collateral
netting Net
carrying
value
Level 1 Level 2 Level 3 Total
Assets
Derivative assets (a)
14 30 — 44 ( 12 ) ( 2 ) 30
Liabilities
Derivative liabilities (b)
12 19 — 31 ( 12 ) — 19
(a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At December 31, 2024
millions of Canadian dollars
Fair value Effect of
counterparty
netting Effect of
collateral
netting Net
carrying
value
Level 1 Level 2 Level 3 Total
Assets
Derivative assets (a)
38 21 — 59 ( 38 ) — 21
Liabilities
Derivative liabilities (b)
52 30 — 82 ( 38 ) ( 14 ) 30
(a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At September 30, 2025 and December 31, 2024, the company had $ 12 million and $ 22 million, respectively, of collateral under a master netting arrangement not offset against the derivatives on the Consolidated balance sheet in “Accounts receivable - net”, primarily related to initial margin requirements.
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IMPERIAL OIL LIMITED
Note 9. Common shares
As at
Sep 30
As at
Dec 31
thousands of shares 2025 2024
Authorized 1,100,000 1,100,000
Outstanding 496,861 509,045
The current 12-month normal course issuer bid program came into effect June 29, 2025 under which Imperial has continued its existing share purchase program. The program enables the company to purchase up to a maximum of 25,452,248 common shares ( 5 percent of the total shares on June 15, 2025) which includes shares purchased under the normal course issuer bid from Exxon Mobil Corporation. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. Imperial plans to continue its acceleration of its share purchases under the normal course issuer bid program, and anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.
The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.
The company’s common share activities are summarized below:
Thousands of
shares Millions of
dollars
Balance as at December 31, 2023
535,837 992
Purchases at stated value ( 26,792 ) ( 50 )
Balance as at December 31, 2024
509,045 942
Purchases at stated value ( 12,184 ) ( 23 )
Balance as at September 30, 2025
496,861 919
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
Third Quarter
Nine Months
to September 30
2025 2024 2025 2024
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
539 1,237 2,776 3,565
Weighted-average number of common shares outstanding (millions of shares)
503.8 530.6 507.3 534.1
Net income (loss) per common share (dollars)
1.07 2.33 5.47 6.67
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
539 1,237 2,776 3,565
Weighted-average number of common shares outstanding (millions of shares)
503.8 530.6 507.3 534.1
Effect of employee share-based awards (millions of shares)
1.3 1.3 1.3 1.2
Weighted-average number of common shares outstanding,
assuming dilution (millions of shares)
505.1 531.9 508.6 535.3
Net income (loss) per common share (dollars)
1.07 2.33 5.46 6.66
Dividends per common share – declared (dollars)
0.72 0.60 2.16 1.80
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IMPERIAL OIL LIMITED
Note 10. Other comprehensive income (loss) information
Changes in accumulated other comprehensive income (loss):
millions of Canadian dollars 2025 2024
Balance at January 1 ( 214 ) ( 677 )
Postretirement benefits liability adjustment:
Current period change excluding amounts reclassified from accumulated other comprehensive income
12 4
Amounts reclassified from accumulated other comprehensive income 15 38
Balance at September 30 ( 187 ) ( 635 )
Amounts reclassified out of accumulated other comprehensive income (loss) – before-tax income (expense):
Third Quarter
Nine Months
to September 30
millions of Canadian dollars 2025 2024 2025 2024
Amortization of postretirement benefits liability adjustment
included in net benefit cost (a)
( 7 ) ( 16 ) ( 20 ) ( 50 )
(a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4).
Income tax expense (credit) for components of other comprehensive income (loss):
Third Quarter
Nine Months
to September 30
millions of Canadian dollars 2025 2024 2025 2024
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization) — 1 4 1
Amortization of postretirement benefits liability adjustment included in net benefit cost
2 3 5 12
Total 2 4 9 13
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IMPERIAL OIL LIMITED
Note 11. Miscellaneous financial information
Restructuring charges
On September 29, 2025, the company announced restructuring plans to improve its performance by centralizing additional corporate and technical activities in global business and technology centres. The restructuring plans include a program of targeted workforce reductions. The program, which is expected to be substantially completed by the end of 2027, involves involuntary employee separations. In Q3 2025, the company recorded charges of $ 330 million, before-tax, consisting primarily of restructuring costs associated with announced workforce reduction programs. These costs are captured in “Selling and general” on the Consolidated statement of income and reported in the Corporate and other segment.
The following table summarizes the reserves and charges related to the workforce reduction program, which are recorded in "Accounts payable and accrued liabilities" and "Other long-term obligations" on the Consolidated balance sheet.
millions of Canadian dollars 2025
Balance at January 1 —
Additions/adjustments 330
Payments made —
Balance at September 30 330
Campus impairment
In Q3 2025, the Corporate and other segment included a non-cash impairment charge of $ 406 million, before-tax, in conjunction with the company signing an agreement to sell the Calgary Imperial campus. The impairment is reflected in "Depreciation and depletion (includes impairments)" on the Consolidated statement of income, and in "Property, plant and equipment - net" on the Consolidated balance sheet. The Calgary Imperial campus has been classified as an asset held for sale and is reflected in "Property, plant and equipment - net" on the Consolidated balance sheet, with a total asset value of approximately $ 60 million. It is anticipated that the transaction will close in 2025.
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IMPERIAL OIL LIMITED
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