27 unchanged sentences
Total net proved — 49 288 1,740 2,036
−Removed: (a) Liquids include crude oil, condensate and natural gas liquids (NGLs).
+Added: (a) Liquids include crude oil and natural gas liquids (NGLs).
NGL proved reserves are not material and are therefore included under liquids.
1 unchanged sentence
Furthermore, the company only records proved reserves for projects which have received significant funding commitments by management made toward the development of the reserves.
−Removed: Although the company is reasonably certain that proved reserves will be produced, the timing and amount recovered can be affected by a number of factors, including completion and optimization of development projects, reservoir performance, regulatory approvals, government policies, consumer preferences, changes in the amount and timing of capital investments, royalty frameworks and significant changes in oil and gas price levels.
+Added: Although the company is reasonably certain that proved reserves will be produced, the timing and amount recovered can be affected by a number of factors, including completion and optimization of development projects, reservoir performance, and facility processing capacity.
In addition, proved reserves could be affected by an extended period of low prices which could reduce the level of the company’s capital spending and also impact its partners’ capacity to fund their share of joint projects.
18 unchanged sentences
The internal qualified reserves evaluator is a professional geoscientist registered in Alberta, Canada and has 23 years of petroleum industry experience, including 14 years of reserves related experience.
+Added: During the last 5 years, the majority of such evaluator's time was spent evaluating resources.
The position provides leadership to the internal reserves management group and is responsible for filing a reserves report with the Canadian securities regulatory authorities.
−Removed: The company’s internal reserves evaluation staff consists of 22 persons with an average of 12 years of relevant technical experience in evaluating reserves, of whom 21 persons are qualified reserves evaluators for purposes of Canadian securities regulatory requirements.
−Removed: The company’s internal reserves evaluation management team is made up of 15 persons with an average of 10 years of relevant experience in evaluating and managing the evaluation of reserves.
+Added: The company’s internal reserves evaluation staff consists of 20 persons with professional designations, with an average of 13 years engaged with the company's resource evaluation.
+Added: The company’s internal reserves evaluation management team is made up of 12 persons with an average of 10 years engaged with the company's resource evaluation.
Proved undeveloped reserves
As at December 31, 2025, approximately 4.9 percent of the company’s proved reserves were proved undeveloped reflecting volumes of 100 million oil-equivalent barrels.
−Removed: Proved undeveloped reserves are associated with Syncrude, Kearl and Cold Lake.
+Added: Proved undeveloped reserves are associated with Cold Lake and Kearl.
This compared to 227 million oil-equivalent barrels of proved undeveloped reserves reported at the end of 2024.
−Removed: The increase of 9 million oil-equivalent barrels of proved undeveloped reserves is mainly attributed to full funding of Cold Lake infill drilling, partially offset by Cold Lake infill start-ups.
+Added: The decrease of 127 million oil-equivalent barrels of proved undeveloped reserves is attributed to first ore extraction from Syncrude's Mildred Lake Extension - West (MLX-W) and to Cold Lake drilling start-ups, partially offset by full funding of Cold Lake drilling.
As at December 31, 2025 there were no proved undeveloped reserves that have remained undeveloped for five years or more.
1 unchanged sentence
The company has a disciplined investment strategy and many major fields require a long lead-time in order to be developed.
−Removed: The company made investments of about $260 million during the year to progress the development of proved undeveloped reserves at Cold Lake, Kearl and Syncrude.
−Removed: These investments represented about 24 percent of the $1,078 million in total reported Upstream capital and exploration expenditures.
+Added: The company made investments of about $291 million during the year to progress the development of proved undeveloped reserves at Cold Lake, Syncrude, and Kearl.
Oil and gas production, production prices and production costs
11 unchanged sentences
(d) The company’s synthetic crude oil production volumes were from the company’s share of production volumes in the Syncrude joint venture and include immaterial amounts of bitumen and other products exported to the operator's facilities using an existing interconnect pipeline.
−Removed: (e) Liquids include crude oil, condensate and NGLs.
+Added: (e) Liquids include crude oil and NGLs.
Average daily production and production available for sale of natural gas
26 unchanged sentences
Natural gas 1.76 0.69 2.58
−Removed: (a) Liquids include crude oil, condensate and NGLs.
+Added: (a) Liquids include crude oil and NGLs.
+Added: In 2025, Imperial's average Canadian dollar realization for bitumen decreased, primarily driven by lower marker prices, partially offset by the narrowing of the Western Texas Intermediate (WTI)/Western Canada Select (WCS) spread and favourable diluent.
+Added: The company's average Canadian dollar realizations for synthetic crude oil decreased, primarily driven by lower WTI.
In 2024, Imperial's average Canadian dollar realization for bitumen increased, primarily driven by the narrowing of the Western Texas Intermediate (WTI)/Western Canada Select (WCS) spread and lower diluent costs, partially offset by lower WTI.
The company's average Canadian dollar realizations for synthetic crude oil decreased, primarily driven by a weaker Synthetic/WTI spread and lower WTI.
−Removed: In 2023, Imperial’s average Canadian dollar realization for bitumen decreased generally in line with Western Canada Select (WCS).
−Removed: The company's average Canadian dollar realizations for synthetic crude oil decreased generally in line with West Texas Intermediate (WTI), adjusted for changes in exchange rates and transportation costs and reflect a premium over WTI driven by supply and demand.
Average unit production costs
5 unchanged sentences
(a) Includes liquids, bitumen, synthetic crude oil and natural gas.
+Added: In 2025, bitumen unit production costs decreased, primarily driven by higher Cold Lake production.
+Added: In 2025, synthetic crude oil unit production costs decreased, primarily driven by higher production.
In 2024, bitumen unit production costs decreased, primarily driven by lower energy costs, higher Cold Lake production due to Grand Rapids, and higher Kearl production due to improved mine fleet productivity and optimized turnaround.
In 2024, synthetic crude oil unit production costs decreased, primarily driven by lower upgrading costs and lower energy costs.
−Removed: In 2023, bitumen unit production costs decreased, primarily driven by lower energy costs and higher Kearl production due to improved reliability, plant capacity utilization, and mine equipment productivity.
−Removed: In 2023, synthetic crude oil unit production costs decreased, primarily driven by higher net production.
Drilling and other exploratory and development activities
18 unchanged sentences
In 2026, a development drilling program is planned within the approved development area to add productive capacity.
−Removed: In August 2018, Imperial received regulatory approval from the Alberta Energy Regulator (AER) for an expansion project at Cold Lake to develop the Grand Rapids interval using Solvent Assisted - Steam Assisted Gravity Drainage (SA-SAGD) technology, capable of producing 50,000 barrels per day before royalties.
−Removed: The company is developing the Grand Rapids reservoir through capital-efficient investments that make use of available steam capacity from existing plants, with the initial phase of Grand Rapids development planned as an extension from the Nabiye plant.
−Removed: In April 2022, the Grand Rapids Phase 1 (GRP1) project was approved by the company's board with a forecasted average production of 15,000 barrels per day before royalties.
−Removed: The initial steam injection phase at Grand Rapids started in December 2023 and first oil production was achieved in May 2024.
−Removed: Additionally, in 2022, the company approved the budget for the Leming Steam-Assisted Gravity Drainage (SAGD) project that will re-develop the original pilot area of the Cold Lake field, with development activities having commenced in 2023 and start-up planned in 2025.
+Added: Additionally, in 2022, the company approved the budget for the Leming Steam-Assisted Gravity Drainage (SAGD) project that will re-develop the original pilot area of the Cold Lake field.
+Added: Development activities commenced in 2023 and first oil production was achieved in November 2025.
The company also conducts experimental pilot operations to improve recovery of bitumen from wells by means of new drilling, production or recovery techniques.
Aspen and other in-situ oil sands activities
−Removed: In October 2018, the company received regulatory approval for the Aspen SA-SAGD project from the AER.
+Added: In October 2018, the company received regulatory approval for the Aspen Solvent Assisted - Steam Assisted Gravity Drainage (SA-SAGD) project from the AER.
Development was proposed to occur in two phases, each producing about 75,000 barrels per day, before royalties.
3 unchanged sentences
Although the Government of Alberta repealed the regulatory authority for imposing temporary production curtailments at the end of 2021, major investment remains on hold due to continued market uncertainty.
−Removed: Aspen’s project pace will continue to be evaluated and remains an important opportunity for Imperial.
+Added: Aspen’s pace will continue to be evaluated as the project remains an important opportunity for Imperial.
The Enhanced Bitumen Recovery Technology (EBRT) field pilot on the Aspen lease received funding approval in 2023, with development work underway for pilot start-up anticipated by 2027.
The pilot will test technology that has the potential to deliver higher bitumen production rates compared to industry average SAGD operations.
−Removed: Work progresses on technical and technology evaluations to support potential future Clarke Creek, Corner, Clyden and Chard in-situ development regulatory applications.
+Added: Work progresses on technical and technology evaluations to support potential future Clarke Creek and Corner in-situ development regulatory applications.
The company also has interests in other oil sands leases in the Athabasca region of northern Alberta.
17 unchanged sentences
During 2025, the company’s share of Kearl’s net bitumen production was about 188,000 barrels per day and gross production was about 199,000 barrels per day.
−Removed: Total gross production for Kearl was about 281,000 barrels per day (200,000 barrels Imperial’s share), which is an increase of about 11,000 barrels per day (9,000 barrels Imperial's share) compared to 2023 , as a result of improved mine fleet productivity and optimized turnaround.
+Added: Total gross production for Kearl was about 280,000 barrels per day (199,000 barrels Imperial’s share), which is a decrease of about 1,000 barrels per day (1,000 barrels Imperial's share) compared to 2024 .
Cold Lake is an in-situ heavy oil bitumen operation.
1 unchanged sentence
In 2025, net bitumen production at Cold Lake was about 122,000 barrels per day.
−Removed: The gross production was about 148,000 barrels per day, which is an increase of about 13,000 barrels per day compared to 2023, primarily driven by Grand Rapids.
−Removed: Cold Lake continues to utilize its commercial application of Liquid Addition to Steam f or Enhanced Recovery (LASER), with the technology being applied to approximately 15 percent of production.
+Added: The gross production was about 151,000 barrels per day, which is an increase of about 3,000 barrels per day compared to 2024.
Syncrude is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract crude bitumen, and then upgrade it to produce a high-quality, light (32 degrees API), sweet, synthetic crude oil.
2 unchanged sentences
In 2025, the company’s share of Syncrude’s net productio n was about 68,000 barrels per day.
−Removed: The gross production was about 75,000 barrels per day, which is a decrease of about 1,000 barrels per day compared to 2023.
+Added: The gross production was about 79,000 barrels per day, which is an increase of about 4,000 barrels per day compared to 2024.
The Province of Alberta, in its capacity as lessor of Kearl, Cold Lake, and Syncrude oil sands leases, is entitled to a royalty on production.
5 unchanged sentences
The statistics in the table are determined in part from information received from other operators.
−Removed: The total number of wells decreased in 2024 primarily due to the shut-in of multiple non-economical wells.
Year ended December 31, 2025
74 unchanged sentences
Lower refinery throughput in 2024 reflected the impact of planned turnaround activities at Nanticoke, Sarnia and Strathcona refineries.
−Removed: Lower refinery throughput in 2023 primarily reflected the impact of planned turnaround activities at Strathcona and Sarnia refineries.
The company maintains a nationwide distribution system to move petroleum products to market by pipeline, tanker, rail and road transport.
12 unchanged sentences
Net petroleum product sales 470 466 471
−Removed: (a) In 2024, benzene and aromatic solvent sales are reported under Petroleum product sales - Lube oils and other products, whereas in 2023, they were reported under Petrochemical sales.
+Added: (a) In 2025 and 2024, benzene and aromatic solvent sales are reported under Petroleum product sales - Lube oils and other products, whereas in 2023, they were reported under Petrochemical sales.
The company has determined that the impact of this change is not material;
5 unchanged sentences
Total petrochemical sales (a)
−Removed: (a) In 2024, benzene and aromatic solvent sales are reported under Petroleum product sales - Lube oils and other products, whereas in 2023, they were reported under Petrochemical sales.
+Added: (a) In 2025 and 2024, benzene and aromatic solvent sales are reported under Petroleum product sales - Lube oils and other products, whereas in 2023, they were reported under Petrochemical sales.
The company has determined that the impact of this change is not material;
1 unchanged sentence
In 2024, sales volumes decreased primarily due to the reclassification of benzene and aromatic solvent sales.
−Removed: In 2023, sales volumes decreased primarily due to planned maintenance activities.
Delivery commitments
13 unchanged sentences
Regular employees are defined as active executive, management, professional, technical, administrative, and wage employees who work full-time or part-time for the company and are covered by the company’s benefit plans and programs.
+Added: 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.
+Added: The restructuring plans include a program of targeted workforce reductions and involves involuntary employee separations.
+Added: The program is expected to reduce employee roles by approximately 20% and to be substantially completed by the end of 2027.
The Canadian energy and petrochemical industries are highly competitive.
1 unchanged sentence
The energy and petrochemical industries also compete with other industries in supplying the energy, fuel and chemical needs of both industrial and individual consumers.
−Removed: Certain industry participants, including Imperial, are expanding investments in lower-emission energy and emission-reduction services and technologies.
+Added: Certain industry participants, including Imperial, are expanding the scope of investments in lower-emission energy and emission-reduction services and technologies.
Government regulations
30 unchanged sentences
In the past five years, the company has made capital and operating expenditures of about $8.0 billion on environmental protection and facilities.
−Removed: In 2024, the company’s environmental capital and operating expenditures totalled approximately $2.1 billion, which was spent primarily on activities to protect the water, air and land, including remediation projects.
+Added: In 2025, the company’s environmental capital and operating expenditures totalled approximately $1.7 billion, which was spent primarily on activities to protect the land, air, and water including remediation projects.
Environmental expenditures are expected to increase to approximately $2.0 billion in 2026, with capital expenditures expected
29 unchanged sentences
If such a firm engaged in intentionally anti-competitive acts that resulted in a substantial prevention or lessening of competition, then the firm may be subject to administrative monetary penalties and monetary awards to persons affected, and if a prohibition order is not likely to restore competition in that market the firm may be subject to an alternative or additional remedial order to overcome the effects of the practice, including the divestiture of assets or shares.
+Added: Similarly, an agreement between competitors that substantially prevents or lessens competition may be prohibited in whole or in part.
+Added: Orders may be directed against any party to the agreement or any other person, and may require additional or alternative actions to restore competition, including the divestiture of assets or shares.
+Added: Agreements between non-competitors, a significant purpose of which is anti-competitive, are subject to the same framework.
+Added: Administrative monetary penalties may also be imposed.
The company online
The company’s website www.imperialoil.ca contains a variety of corporate and investor information free of charge, including the company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to these reports.
+Added: References in this annual report on Form 10-K to the company’s website are provided only as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained on, or available through, the website.
+Added: Therefore, such information should not be considered part of this annual report on Form 10-K.
These reports are made available as soon as reasonably practicable after they are filed or furnished to the SEC.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.