- Quarterly net income of $1,288 million
- Cash flows from operating activities of $1,527 million and cash flows from operating activities excluding working capital1 of $1,760 million
- Quarterly Upstream production of 418,000 gross oil-equivalent barrels per day
- Kearl quarterly production of 256,000 total gross oil-equivalent barrels per day (181,000 barrels Imperial’s share)
- Cold Lake quarterly production of 154,000 gross oil-equivalent barrels per day, including strong Grand Rapids performance
- Refinery capacity utilization of 91 percent
- Declared second quarter dividend of 72 cents per share
- Intend to renew normal course issuer bid in June 2025
CALGARY, Alberta–(BUSINESS WIRE)–Imperial (TSE: IMO) (NYSE American: IMO):
| First quarter | |||
| millions of Canadian dollars, unless noted | 2025 | 2024 | ∆ |
| Net income (loss) (U.S. GAAP) | 1,288 | 1,195 | +93 |
| Net income (loss) per common share, assuming dilution (dollars) | 2.52 | 2.23 | +0.29 |
| Capital and exploration expenditures | 398 | 496 | (98) |
Imperial reported estimated net income in the first quarter of $1,288 million, up from net income of $1,225 million in the fourth quarter of 2024, primarily driven by higher Downstream margin capture. Quarterly cash flows from operating activities were $1,527 million, compared to $1,789 million generated in the fourth quarter of 2024. Excluding the impact of working capital1, cash flows from operating activities were $1,760 million, up from $1,650 million in the fourth quarter of 2024.
“Imperial delivered strong financial results in the first quarter, highlighting the resilience of our integrated business model,” said Brad Corson, chairman and chief executive officer. “The Upstream business continued to benefit from improved egress and narrower heavy oil differentials, while our Downstream profitability continued to reflect the structural advantages of the Canadian market.”
Upstream production in the first quarter averaged 418,000 gross oil-equivalent barrels per day. At Kearl, quarterly total gross production averaged 256,000 barrels per day (181,000 barrels Imperial’s share), reflecting extreme cold weather and unplanned downtime, mitigated by enhanced winter operating procedures. Grand Rapids solvent-assisted SAGD continued to exceed expectations with a quarterly average production of 23,000 barrels per day, supporting strong quarterly Cold Lake average gross production of 154,000 barrels per day. The company’s share of Syncrude quarterly production averaged 73,000 gross barrels per day.
Downstream throughput in the quarter averaged 397,000 barrels per day, resulting in an overall refinery capacity utilization of 91 percent, including some additional maintenance in the company’s eastern manufacturing hub. Petroleum product sales averaged 455,000 barrels per day. Construction continued on Canada’s largest renewable diesel facility at the Strathcona refinery, on track to start up in mid-2025.
During the quarter, Imperial returned $307 million to shareholders through dividend payments and declared a second quarter dividend of 72 cents per share. “Our integrated business model, low break-even and focus on low-cost volume growth continue to support Imperial’s strategy of paying a reliable and growing dividend,” said Corson.
As previously announced, chairman and chief executive officer, Brad Corson, declared his plans to retire following five and a half years in the role. John Whelan was appointed president on April 1, 2025 and is anticipated to assume the additional roles of chairman and chief executive officer on May 8, 2025. John Whelan returns to Imperial after having served as a senior vice-president of ExxonMobil Upstream Company since 2020. “It has been a privilege to lead the Imperial organization for the last five and a half years. I am particularly proud of what the team has accomplished over this period and am extremely confident in Imperial’s bright future under John’s leadership,” said Corson.
“Under Brad’s leadership, Imperial delivered outstanding shareholder returns with a proven strategy focused on operational excellence, financial discipline, and low-cost, high-return growth opportunities,” said Whelan. “I look forward to the opportunity to build on Imperial’s competitive advantages, strong momentum, leveraging industry- leading advantaged assets, and unparalleled talent to continue to deliver exceptional shareholder value.”
First quarter highlights
- Net income of $1,288 million or $2.52 per share on a diluted basis, up from $1,195 million or $2.23 per share in the first quarter of 2024.
- Cash flows from operating activities of $1,527 million, up from cash flows from operating activities of $1,076 million in the first quarter of 2024. Cash flows from operating activities excluding working capital1 of $1,760 million, up from $1,521 million in the first quarter of 2024.
- Capital and exploration expenditures totaled $398 million, compared to $496 million in the first quarter of 2024.
- The company returned $307 million to shareholders in the first quarter of 2025 through dividends paid.
- Production averaged 418,000 gross oil-equivalent barrels per day, compared to 421,000 gross oil- equivalent barrels per day in the first quarter of 2024.
- Total gross bitumen production at Kearl averaged 256,000 barrels per day (181,000 barrels Imperial’s share), compared to 277,000 barrels per day (196,000 barrels Imperial’s share) in the first quarter of 2024, primarily driven by extreme cold weather and unplanned downtime, mitigated by enhanced winter operating procedures.
- Gross bitumen production at Cold Lake averaged 154,000 barrels per day, up from 142,000 barrels per day in the first quarter of 2024, primarily driven by Grand Rapids solvent-assisted SAGD partially offset by production and steam cycle timing.
- Leming SAGD project remains on track with expected start-up in late 2025. Peak production is anticipated to be around 9,000 barrels per day.
- The company’s share of gross production from Syncrude averaged 73,000 barrels per day, consistent with 73,000 barrels per day in the first quarter of 2024.
- Refinery throughput averaged 397,000 barrels per day, compared to 407,000 barrels per day in the first quarter of 2024. Capacity utilization was 91 percent, compared to 94 percent in the first quarter of 2024. Lower refinery throughput and capacity utilization were primarily due to additional maintenance in the company’s eastern manufacturing hub.
- Petroleum product sales were 455,000 barrels per day, up from 450,000 barrels per day in the first quarter of 2024.
- Construction continued on Canada’s largest renewable diesel facility at the Strathcona refinery, on track for start-up in mid-2025.
- Chemical net income of $31 million in the quarter, compared to $57 million in the first quarter of 2024.
Recent business environment
During the first quarter of 2025, the price of crude oil and the Canadian WTI/WCS spread remained relatively flat with the fourth quarter of 2024. Industry refining margins improved versus the fourth quarter of 2024, reflecting changes in supply and demand balances.
During 2025, the United States announced a variety of trade-related actions, including the imposition of tariffs on imports from Canada and several other countries. In response, Canada announced its own retaliatory tariffs. Certain tariffs were paused for a period of time but have not been withdrawn. The global trade environment continues to be volatile. The likelihood of the United States, Canada or their trading partners resuming tariffs, imposing new or reciprocal tariffs, export restrictions, or other forms of trade-related sanctions is highly uncertain. Additionally, significant uncertainty exists as to what effects these actions will ultimately have on Imperial, its suppliers and its customers. The company continually monitors the global trade environment and works to mitigate potential impacts.
Operating results
First quarter 2025 vs. first quarter 2024
| First Quarter | ||
| millions of Canadian dollars, unless noted | 2025 | 2024 |
| Net income (loss) (U.S. GAAP) | 1,288 | 1,195 |
| Net income (loss) per common share, assuming dilution (dollars) | 2.52 | 2.23 |
| Upstream | |||||
| Net income (loss) factor analysis | |||||
| millions of Canadian dollars | |||||
| 2024 | Price | Volume | Royalty | Other | 2025 |
| 558 | 90 | (20) | (10) | 113 | 731 |
Price – Average bitumen realizations increased by $8.75 per barrel, primarily driven by the narrowing WTI/WCS spread. Synthetic crude oil realizations increased by $5.28 per barrel, primarily driven by an improved Synthetic/ WTI spread.
Other – Primarily due to favourable foreign exchange impacts of about $130 million.
| Marker prices and average realizations | ||
| First Quarter | ||
| Canadian dollars, unless noted | 2025 | 2024 |
| West Texas Intermediate (US$ per barrel) | 71.42 | 76.86 |
| Western Canada Select (US$ per barrel) | 58.83 | 57.50 |
| WTI/WCS Spread (US$ per barrel) | 12.59 | 19.36 |
| Bitumen (per barrel) | 75.31 | 66.56 |
| Synthetic crude oil (per barrel) | 98.79 | 93.51 |
| Average foreign exchange rate (US$) | 0.70 | 0.74 |
| Production | ||
| First Quarter | ||
| thousands of barrels per day | 2025 | 2024 |
| Kearl (Imperial’s share) | 181 | 196 |
| Cold Lake | 154 | 142 |
| Syncrude (a) | 73 | 73 |
| Kearl total gross production (thousands of barrels per day) | 256 | 277 |
| (a) | In the first quarter of 2025, Syncrude gross production included about 2 thousand barrels per day of bitumen and other products (2024 – 0 thousand barrels per day) that were exported to the operator’s facilities using an existing interconnect pipeline. |
Lower production at Kearl was primarily driven by extreme cold weather and unplanned downtime, mitigated by enhanced winter operating procedures.
Higher production at Cold Lake was primarily driven by Grand Rapids solvent-assisted SAGD, partially offset by production and steam cycle timing.
| Downstream | |||
| Net income (loss) factor analysis | |||
| millions of Canadian dollars | |||
| 2024 | Margins | Other | 2025 |
| 631 | — | (47) | 584 |
| Refinery utilization and petroleum product sales | ||
| First Quarter | ||
| thousands of barrels per day, unless noted | 2025 | 2024 |
| Refinery throughput | 397 | 407 |
| Refinery capacity utilization (percent) | 91 | 94 |
| Petroleum product sales | 455 | 450 |
Lower refinery throughput was primarily due to additional maintenance in the company’s eastern manufacturing hub.
| Chemicals | |||
| Net income (loss) factor analysis | |||
| millions of Canadian dollars | |||
| 2024 | Margins | Other | 2025 |
| 57 | (10) | (16) | 31 |
| Corporate and other | ||||
| First Quarter | ||||
| millions of Canadian dollars | 2025 | 2024 | ||
| Net income (loss) (U.S. GAAP) | (58 | ) | (51 | ) |
| Liquidity and capital resources | ||||
| First Quarter | ||||
| millions of Canadian dollars | 2025 | 2024 | ||
| Cash flows from (used in): | ||||
| Operating activities | 1,527 | 1,076 | ||
| Investing activities | (377 | ) | (481 | ) |
| Financing activities | (365 | ) | (283 | ) |
| Increase (decrease) in cash and cash equivalents | 785 | 312 | ||
| Cash and cash equivalents at period end | 1,764 | 1,176 | ||
Cash flows from operating activities primarily reflect higher Upstream realizations and lower unfavourable working capital impacts.
Cash flows used in investing activities primarily reflect lower additions to property, plant and equipment.
Cash flows used in financing activities primarily reflect:
| First Quarter | ||
| millions of Canadian dollars, unless noted | 2025 | 2024 |
| Dividends paid | 307 | 278 |
| Per share dividend paid (dollars) | 0.60 | 0.50 |
| Share repurchases (a) | — | — |
| Number of shares purchased (millions) (a) | — | — |
| (a) The company did not purchase any shares in the first quarter of 2025 and 2024. | ||
Key financial and operating data follow.
Forward-looking statements
Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans, are forward-looking statements. Similarly, discussion of roadmaps or future plans related to carbon capture, transportation and storage, biofuel, hydrogen, and other future plans to reduce emissions and emission intensity of the company, its affiliates and third parties are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting, and represent forward- looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, estimate, expect, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this report include, but are not limited to, references to the renewal of the company’s normal course issuer bid; the company’s Strathcona renewable diesel project, including start-up timing; the company’s Leming SAGD redevelopment project, including timing and anticipated production; the resiliency of the company’s integrated business model and continuing to deliver exceptional shareholder value; the company’s focus and strategies, including in respect of low-cost and high-return growth, operational excellence, financial discipline, and paying a reliable and growing dividend; and John Whelan assuming the additional roles of chairman and chief executive officer.
Forward-looking statements are based on the company’s current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning the outcome of shareholder voting at the company’s annual meeting of shareholders and the participation of the company’s majority shareholder in such meeting; for the renewal of the company’s normal course issuer bid, approval of the Toronto Stock Exchange and participation of the company’s majority shareholder; future energy demand, supply and mix; production rates, growth and mix across various assets; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets, including the Strathcona renewable diesel project and the Leming SAGD redevelopment project; the adoption and impact of new facilities or technologies on reductions to greenhouse gas emissions intensity, including but not limited to technologies using solvents to replace energy intensive steam at Cold Lake, Strathcona renewable diesel, carbon capture and storage including in connection with hydrogen for the renewable diesel project, recovery technologies and efficiency projects, and any changes in the scope, terms, or costs of such projects; for shareholder returns, assumptions such as cash flow forecasts, financing sources and capital structure, and the results of periodic and ongoing evaluation of alternate uses of capital; for renewable diesel, the availability and cost of locally-sourced and grown feedstock and the supply of renewable diesel to British Columbia in connection with its low-carbon fuel legislation; the amount and timing of emissions reductions, including the impact of lower carbon fuels; the degree and timeliness of support that will be provided by policymakers and other stakeholders for various new technologies such as carbon capture and storage will be provided; receipt of regulatory approvals in a timely manner, especially with respect to large scale emissions reduction projects; performance of third-party service providers including service providers located outside of Canada; refinery utilization and product sales; applicable laws and government policies, including with respect to climate change, greenhouse gas emissions reductions and low carbon fuels; the ability to offset any ongoing or renewed inflationary pressures; capital and environmental expenditures; cash generation, financing sources and capital structure, such as dividends and shareholder returns, including the timing and amounts of share repurchases; and commodity prices, foreign exchange rates and general market conditions, could differ materially depending on a number of factors.
These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including Canadian and foreign government action with respect to supply levels, prices, trade tariffs, trade controls, the occurrence of disruptions in trade or military alliances, and wars; political or regulatory events, including changes in law or government policy, applicable royalty rates, and tax laws; third-party opposition to company and service provider operations, projects and infrastructure; competition from alternative energy sources and competitors who may be more experienced or established in these markets; availability and allocation of capital; the receipt, in a timely manner, of regulatory and third-party approvals, including for new technologies relating to the company’s lower emissions business activities; failure, delay, reduction, revocation or uncertainty regarding supportive policy and market development for the adoption of emerging lower emission energy technologies and other technologies that support emissions reductions; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; unanticipated technical or operational difficulties; project management and schedules and timely completion of projects; the results of research programs and new technologies, including with respect to greenhouse gas emissions, and the ability to bring new technologies to scale on a commercially competitive basis, and the competitiveness of alternative energy and other emission reduction technologies; availability and performance of third-party service providers including those located outside of Canada; environmental risks inherent in oil and gas exploration and production activities; management effectiveness and disaster response preparedness; operational hazards and risks; cybersecurity incidents including incidents caused by actors employing emerging technologies such as artificial intelligence; currency exchange rates; general economic conditions, including inflation and the occurrence and duration of economic recessions or downturns; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial’s most recent annual report on Form 10-K.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.
Forward-looking and other statements regarding Imperial’s environmental, social and other sustainability efforts and aspirations are not an indication that these statements are material to investors or require disclosure in the company’s filings with securities regulators. In addition, historical, current and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making. Individual projects or opportunities may advance based on a number of factors, including availability of stable and supportive policy, technology for cost-effective abatement, company planning process, and alignment with partners and other stakeholders.
In this release all dollar amounts are expressed in Canadian dollars unless otherwise stated. This release should be read in conjunction with Imperial’s most recent Form 10-K. Note that numbers may not add due to rounding.
The term “project” as used in this release 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 release, unless the context otherwise indicates, reference to “the company” or “Imperial” includes Imperial Oil Limited and its subsidiaries.
Attachment I
| Three Months | ||
| millions of Canadian dollars, unless noted | 2025 | 2024 |
| Net income (loss) (U.S. GAAP) | ||
| Total revenues and other income | 12,517 | 12,283 |
| Total expenses | 10,829 | 10,711 |
| Income (loss) before income taxes | 1,688 | 1,572 |
| Income taxes | 400 | 377 |
| Net income (loss) | 1,288 | 1,195 |
| Net income (loss) per common share (dollars) | 2.53 | 2.23 |
| Net income (loss) per common share – assuming dilution (dollars) | 2.52 | 2.23 |
| Other financial data | ||
| Gain (loss) on asset sales, after tax | 9 | 2 |
| Total assets at March 31 | 43,889 | 42,513 |
| Total debt at March 31 | 4,006 | 4,127 |
| Shareholders’ equity at March 31 | 24,411 | 23,112 |
| Dividends declared on common stock | ||
| Total | 367 | 321 |
| Per common share (dollars) | 0.72 | 0.60 |
| Millions of common shares outstanding | ||
| At March 31 | 509.0 | 535.8 |
| Average – assuming dilution | 510.2 | 536.9 |
Attachment II
| Three Months | ||||
| millions of Canadian dollars | 2025 | 2024 | ||
| Total cash and cash equivalents at period end | 1,764 | 1,176 | ||
| Operating activities | ||||
| Net income (loss) | 1,288 | 1,195 | ||
| Adjustments for non-cash items: | ||||
| Depreciation and depletion | 531 | 490 | ||
| (Gain) loss on asset sales | (10 | ) | (2 | ) |
| Deferred income taxes and other | (31 | ) | (164 | ) |
| Changes in operating assets and liabilities | (233 | ) | (445 | ) |
| All other items – net | (18 | ) | 2 | |
| Cash flows from (used in) operating activities | 1,527 | 1,076 | ||
| Investing activities | ||||
| Additions to property, plant and equipment | (398 | ) | (497 | ) |
| Proceeds from asset sales | 11 | 4 | ||
| Loans to equity companies – net | 10 | 12 | ||
| Cash flows from (used in) investing activities | (377 | ) | (481 | ) |
| Cash flows from (used in) financing activities | (365 | ) | (283 | ) |
Attachment III
| Three Months | ||||
| millions of Canadian dollars | 2025 | 2024 | ||
| Net income (loss) (U.S. GAAP) | ||||
| Upstream | 731 | 558 | ||
| Downstream | 584 | 631 | ||
| Chemical | 31 | 57 | ||
| Corporate and other | (58 | ) | (51 | ) |
| Net income (loss) | 1,288 | 1,195 | ||
| Revenues and other income | ||||
| Upstream | 4,458 | 4,168 | ||
| Downstream | 14,019 | 13,639 | ||
| Chemical | 372 | 419 | ||
| Eliminations / Corporate and other | (6,332 | ) | (5,943 | ) |
| Revenues and other income | 12,517 | 12,283 | ||
| Purchases of crude oil and products | ||||
| Upstream | 1,862 | 1,813 | ||
| Downstream | 11,987 | 11,591 | ||
| Chemical | 253 | 260 | ||
| Eliminations / Corporate and other | (6,346 | ) | (5,958 | ) |
| Purchases of crude oil and products | 7,756 | 7,706 | ||
| Production and manufacturing | ||||
| Upstream | 1,176 | 1,188 | ||
| Downstream | 457 | 421 | ||
| Chemical | 51 | 53 | ||
| Eliminations / Corporate and other | 2 | 2 | ||
| Production and manufacturing | 1,686 | 1,664 | ||
| Selling and general | ||||
| Upstream | — | — | ||
| Downstream | 174 | 162 | ||
| Chemical | 22 | 26 | ||
| Eliminations / Corporate and other | 63 | 58 | ||
| Selling and general | 259 | 246 | ||
| Capital and exploration expenditures | ||||
| Upstream | 266 | 290 | ||
| Downstream | 88 | 153 | ||
| Chemical | 3 | 5 | ||
| Corporate and other | 41 | 48 | ||
| Capital and exploration expenditures | 398 | 496 | ||
| Exploration expenses charged to Upstream income included above | 2 | 1 | ||
Attachment IV
| Operating statistics | Three Months | |
| 2025 | 2024 | |
| Gross crude oil production (thousands of barrels per day) | ||
| Kearl | 181 | 196 |
| Cold Lake | 154 | 142 |
| Syncrude (a) | 73 | 73 |
| Conventional | 5 | 5 |
| Total crude oil production | 413 | 416 |
| Gross natural gas production (millions of cubic feet per day) | 30 | 30 |
| Gross oil-equivalent production (b) | 418 | 421 |
| (thousands of oil-equivalent barrels per day) | ||
| Net crude oil production (thousands of barrels per day) | ||
| Kearl | 169 | 183 |
| Cold Lake | 123 | 108 |
| Syncrude (a) | 62 | 61 |
| Conventional | 4 | 5 |
| Total crude oil production | 358 | 357 |
| Net natural gas production (millions of cubic feet per day) | 30 | 30 |
| Net oil-equivalent production (b) | 363 | 362 |
| (thousands of oil-equivalent barrels per day) | ||
| Kearl blend sales (thousands of barrels per day) | 259 | 277 |
| Cold Lake blend sales (thousands of barrels per day) | 207 | 190 |
| Average realizations (Canadian dollars) | ||
| Bitumen (per barrel) | 75.31 | 66.56 |
| Synthetic crude oil (per barrel) | 98.79 | 93.51 |
| Conventional crude oil (per barrel) | 48.70 | 52.21 |
| Refinery throughput (thousands of barrels per day) | 397 | 407 |
| Refinery capacity utilization (percent) | 91 | 94 |
| Petroleum product sales (thousands of barrels per day) | ||
| Gasolines | 215 | 215 |
| Heating, diesel and jet fuels | 175 | 170 |
| Lube oils and other products (c) | 50 | 43 |
| Heavy fuel oils | 15 | 22 |
| Net petroleum products sales | 455 | 450 |
| Petrochemical sales (thousands of tonnes) (c) | 165 | 215 |
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