CALGARY – Imperial Oil Ltd. is predicting a modest boost in spending and upstream production next year compared with this year’s targets, while refinery throughput is forecast to fall.
The Calgary-based oil producer, refiner and retailer says it’s budgeting $2 billion to $2.2 billion in capital and exploration expenditures in 2026.
That’s up from the $1.9 billion to $2.1 billion range it had targeted for 2025.
Upstream production is expected to grow to between 441,000 and 460,000 gross oil-equivalent barrels per day, reflecting better performance at its Kearl and Cold Lake oilsands operations.
For this year, Imperial had expected between 433,000 and 456,000 gross oil-equivalent barrels.
Refinery throughput is targeted at 395,000 to 405,000 barrels per day, down from its predicted 2025 range of 405,000 to 415,000.
This report by The Canadian Press was first published Dec. 15, 2025.
Companies in this story: (TSX:IMO)