What changed in this filing

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Item 1. Financial Statements

2026-05-04 compared with 2025-11-03 · 24 added, 172 removed, 368 unchanged (35% of the section changed)

2 unchanged sentences

GAAP, unaudited)

Third Quarter

to September 30

millions of Canadian dollars 2026 2025

2 unchanged sentences

Investment and other income (note 3)

55 44 130 113

Total revenues and other income 12,446 12,517

1 unchanged sentence

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 348 592

Depreciation and depletion (includes impairments) (note 11)

911 508 1,920 1,454

Depreciation and depletion (includes impairments)

Non-service pension and postretirement benefit 3 5

6 unchanged sentences

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

and general expenses.

88 121 382 406

(d) Amounts to related parties included in financing.

3 unchanged sentences

GAAP, unaudited)

Third Quarter

to September 30

millions of Canadian dollars 2026 2025

17 unchanged sentences

Investments and long-term receivables (b)

Property, plant and equipment, (note 11)

Property, plant and equipment,

60,465 60,031

less accumulated depreciation and depletion (note 11)

less accumulated depreciation and depletion

( 29,642 ) ( 29,168 )

Property, plant and equipment - net (note 11)

Property, plant and equipment - net

30,823 30,863

27 unchanged sentences

GAAP, unaudited)

Third Quarter

to September 30

millions of Canadian dollars 2026 2025

18 unchanged sentences

GAAP, unaudited)

Third Quarter

to September 30

millions of Canadian dollars 2026 2025

2 unchanged sentences

Adjustments for non-cash items:

Depreciation and depletion (includes impairments) (note 11)

911 508 1,920 1,454

Depreciation and depletion (includes impairments)

(Gain) loss on asset sales (note 3)

22 ( 2 ) 11 ( 5 )

Deferred income taxes and other ( 346 ) ( 31 )

5 unchanged sentences

All other items - net (c)

328 1 297 ( 2 )

Cash flows from (used in) operating activities 756 1,527

2 unchanged sentences

Proceeds from asset sales (note 3)

Additional investments — — ( 4 ) —

Loans to equity companies - net 16 10

2 unchanged sentences

Finance lease obligations - reduction (note 6)

( 6 ) ( 5 ) ( 14 ) ( 18 )

Dividends paid ( 350 ) ( 307 )

5 unchanged sentences

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.

2 unchanged sentences

( 37 ) ( 37 )

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.

7 unchanged sentences

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.

Amounts for related party revenues and purchases for the three months ended March 31, 2025 have been revised from $ 2,874 million to $ 3,653 million and from $ 427 million to $ 1,206 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.

The results for the three months ended March 31, 2026, are not necessarily indicative of the operations to be expected for the full year.

All amounts are in Canadian dollars unless otherwise indicated.

1 unchanged sentence

Business segments

Third Quarter

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

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)

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

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

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)

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

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

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.

IMPERIAL OIL LIMITED

Nine Months to September 30

Three Months to March 31

millions of Canadian dollars 2026 2025 2026 2025 2026 2025

14 unchanged sentences

Federal excise tax and fuel charge — — 347 591 1 1

Depreciation and depletion (note 11)

Depreciation and depletion

447 470 56 45 4 4

11 unchanged sentences

362 266 91 88 3 3

Total assets as at September 30 (d) (note 11)

Total assets as at March 31

29,935 29,382 14,104 12,327 527 473

Nine Months to September 30

Three Months to March 31

Corporate and other

15 unchanged sentences

Federal excise tax and fuel charge — — — — 348 592

Depreciation and depletion (note 11)

Depreciation and depletion

13 12 — — 520 531

11 unchanged sentences

22 41 — — 478 398

Total assets as at September 30 (d) (note 11)

Total assets as at March 31

3,459 3,830 ( 2,572 ) ( 2,123 ) 45,453 43,889

5 unchanged sentences

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

Revenues Three Months

millions of Canadian dollars 2026 2025

4 unchanged sentences

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.

IMPERIAL OIL LIMITED

1 unchanged sentence

Investment and other income included gains and losses on asset sales as follows:

Third Quarter

to September 30

millions of Canadian dollars 2026 2025

2 unchanged sentences

Gain (loss) on asset sales, before-tax

( 22 ) 2 ( 11 ) 5

Gain (loss) on asset sales, after-tax

( 24 ) 2 ( 14 ) 5

Employee retirement benefits

The components of net benefit cost were as follows:

Third Quarter

to September 30

millions of Canadian dollars 2026 2025

5 unchanged sentences

Amortization of actuarial loss (gain) — 3

Net pension enhancement 19 — 19 —

Net benefit cost 44 50

4 unchanged sentences

Amortization of actuarial loss (gain) ( 3 ) ( 2 )

Net other postretirement benefits enhancement 1 — 1 —

Net benefit cost 3 3

Financing costs

Third Quarter

to September 30

millions of Canadian dollars 2026 2025

Debt-related interest

39 48 103 152

Capitalized interest

15 unchanged sentences

Operating lease liability (c)

Other obligations (note 11)

Restructuring liability (note 11)

Other obligations

Total other long-term obligations 5,124 4,959

2 unchanged sentences

In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totaled $ 87 million (2024 - $ 56 million).

IMPERIAL OIL LIMITED

3 unchanged sentences

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.

At March 31, 2026 and December 31, 2025, the fair value of long-term debt ($ 3,447 million, excluding finance lease obligations) was primarily a level 2 measurement.

Derivative instruments

10 unchanged sentences

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

to September 30

millions of Canadian dollars 2026 2025

2 unchanged sentences

The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement, were as follows:

At September 30, 2025

At March 31, 2026

millions of Canadian dollars

23 unchanged sentences

"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.

At March 31, 2026 and December 31, 2025, the company had $ 22 million and $ 6 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.

IMPERIAL OIL LIMITED

3 unchanged sentences

Outstanding 483,593 483,593

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:

4 unchanged sentences

Purchases at stated value — —

Balance as at September 30, 2025

Balance as at March 31, 2026

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

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

IMPERIAL OIL LIMITED

6 unchanged sentences

Amounts reclassified from accumulated other comprehensive income 3 5

Balance at September 30 ( 187 ) ( 635 )

Balance at March 31 ( 39 ) ( 197 )

Amounts reclassified out of accumulated other comprehensive income (loss) – before-tax income (expense):

Third Quarter

to September 30

millions of Canadian dollars 2026 2025

1 unchanged sentence

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

to September 30

millions of Canadian dollars 2026 2025

9 unchanged sentences

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.

In the third quarter of 2025, the company recorded charges of $ 330 million, before-tax, consisting primarily of restructuring costs associated with announced workforce reduction programs.

These costs were 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.

3 unchanged sentences

Payments made ( 1 )

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.

Balance at March 31 329

IMPERIAL OIL LIMITED

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.

What changed 10-Q

Item 1. Financial Statements