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(a) Amounts from related parties included in revenues.2,874 2,729 
(b) Amounts to related parties included in purchases of crude oil and products.427 985 
(c) Amounts to related parties included in production and manufacturing, and selling
and general expenses.		164 150 
(d) Amounts to related parties included in financing.26 44 
Accounts receivable - net included net amounts receivable from related parties.$1,015 756
Investments and long-term receivables included amounts from related parties.256266
Long-term debt included amounts to related parties.3,4473,447
Number of common shares authorized (millions).1,1001,100
Number of common shares outstanding (millions).509509
(c) Includes contributions to registered pension plans.(37)(37)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 0-12014
IMPERIAL OIL LIMITED
(Exact name of registrant as specified in its charter)
Canada 98-0017682
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
505 Quarry Park Boulevard S.E. Calgary, Alberta, Canada
 T2C 5N1
(Address of principal executive offices) (Postal Code)
1-800-567-3776
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol
Name of each exchange on
which registered
NoneNone
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act of 1934.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act of 1934). Yes ☐ No ☑

The number of common shares outstanding, as of March 31, 2025 was 509,044,963.


IMPERIAL OIL LIMITED
Table of contents
Page
PART I. FINANCIAL INFORMATION
Item 1. Financial statements
Consolidated statement of income
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated statement of shareholders’ equity
Consolidated statement of cash flows
Notes to consolidated financial statements
Item 2. Management’s discussion and analysis of financial condition and results of operations
Item 3. Quantitative and qualitative disclosures about market risk
Item 4. Controls and procedures
PART II. OTHER INFORMATION
Item 1. Legal proceedings
Item 2. Unregistered sales of equity securities and use of proceeds
Item 5. Other information
Item 6. Exhibits
SIGNATURES
In this report, all dollar amounts are expressed in Canadian dollars unless otherwise stated. This report should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2024. Note that numbers may not add due to rounding.
The term “project” as used in this report 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 report, unless the context otherwise indicates, reference to “the company” or “Imperial” includes Imperial Oil Limited and its subsidiaries.
2

IMPERIAL OIL LIMITED
PART I. FINANCIAL INFORMATION
Item 1. Financial statements
Consolidated statement of income (U.S. GAAP, unaudited)
 
       Three Months
       to March 31
millions of Canadian dollars2025 2024 
Revenues and other income
Revenues (a)
12,466 12,249 
Investment and other income (note 3)
51 34 
Total revenues and other income12,517 12,283 
 
Expenses
Exploration2 1 
Purchases of crude oil and products (b)
7,756 7,706 
Production and manufacturing (c)
1,686 1,664 
Selling and general (c)
259 246 
Federal excise tax and fuel charge592 591 
Depreciation and depletion531 490 
Non-service pension and postretirement benefit5 1 
Financing (d) (note 5)
(2)12 
Total expenses10,829 10,711 
 
Income (loss) before income taxes1,688 1,572 
Income taxes400 377 
Net income (loss)1,288 1,195 
Per share information (Canadian dollars)
Net income (loss) per common share - basic (note 9)
2.53 2.23 
Net income (loss) per common share - diluted (note 9)
2.52 2.23 
(a) Amounts from related parties included in revenues.2,874 2,729 
(b) Amounts to related parties included in purchases of crude oil and products.427 985 
(c) Amounts to related parties included in production and manufacturing, and selling
 and general expenses.
164 150 
(d) Amounts to related parties included in financing.26 44 
The information in the notes to consolidated financial statements is an integral part of these statements.

3

IMPERIAL OIL LIMITED
Consolidated statement of comprehensive income (U.S. GAAP, unaudited)
 
       Three Months
       to March 31
millions of Canadian dollars2025 2024 
Net income (loss)1,288 1,195 
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 12 
Total other comprehensive income (loss)17 16 
Comprehensive income (loss)1,305 1,211 
The information in the notes to consolidated financial statements is an integral part of these statements.
4

IMPERIAL OIL LIMITED
Consolidated balance sheet (U.S. GAAP, unaudited)
As at
Mar 31
As at
Dec 31
millions of Canadian dollars
2025
2024
Assets  
Current assets  
Cash and cash equivalents1,764 979 
Accounts receivable - net (a)
5,770 5,758 
Inventories of crude oil and products1,844 1,642 
Materials, supplies and prepaid expenses1,027 975 
Total current assets10,405 9,354 
Investments and long-term receivables (b)
1,080 1,084 
Property, plant and equipment,58,404 58,048 
less accumulated depreciation and depletion(27,733)(27,241)
Property, plant and equipment - net
30,671 30,807 
Goodwill166 166 
Other assets, including intangibles - net1,567 1,527 
Total assets43,889 42,938 
Liabilities  
Current liabilities  
Notes and loans payable18 19 
Accounts payable and accrued liabilities (a) (note 7)
7,023 6,907 
Income taxes payable— 81 
Total current liabilities7,041 7,007 
Long-term debt (c) (note 6)
3,988 3,992 
Other long-term obligations (note 7)
3,884 3,870 
Deferred income tax liabilities4,565 4,596 
Total liabilities19,478 19,465 
Shareholders’ equity  
Common shares at stated value (d) (note 9)
942 942 
Earnings reinvested23,666 22,745 
Accumulated other comprehensive income (loss) (note 10)
(197)(214)
Total shareholders’ equity24,411 23,473 
 
Total liabilities and shareholders’ equity43,889 42,938 
(a)Accounts receivable - net included net amounts receivable from related parties.1,015 756 
(b)Investments and long-term receivables included amounts from related parties.256 266 
(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).509 509 
The information in the notes to consolidated financial statements is an integral part of these statements.

5

IMPERIAL OIL LIMITED
Consolidated statement of shareholders’ equity (U.S. GAAP, unaudited)
 
       Three Months
       to March 31
millions of Canadian dollars2025 2024 
Common shares at stated value (note 9)
  
At beginning of period942 992 
Share purchases at stated value— — 
At end of period942 992 
Earnings reinvested
At beginning of period22,745 21,907 
Net income (loss) for the period1,288 1,195 
Share purchases in excess of stated value— — 
Dividends declared(367)(321)
At end of period23,666 22,781 
 
Accumulated other comprehensive income (loss) (note 10)
  
At beginning of period(214)(677)
Other comprehensive income (loss)17 16 
At end of period(197)(661)
Shareholders’ equity at end of period24,411 23,112 
The information in the notes to consolidated financial statements is an integral part of these statements.
6

IMPERIAL OIL LIMITED
Consolidated statement of cash flows (U.S. GAAP, unaudited)
       Three Months
       to March 31
millions of Canadian dollars2025 2024 
Operating activities  
Net income (loss)1,288 1,195 
Adjustments for non-cash items:
Depreciation and depletion531 490 
(Gain) loss on asset sales (note 3)
(10)(2)
Deferred income taxes and other(31)(164)
Changes in operating assets and liabilities:  
Accounts receivable(12)(722)
Inventories, materials, supplies and prepaid expenses(254)(196)
Income taxes payable(81)(234)
Accounts payable and accrued liabilities114 707 
All other items - net (c)
(18)2 
Cash flows from (used in) operating activities1,527 1,076 
 
Investing activities  
Additions to property, plant and equipment(398)(497)
Proceeds from asset sales (note 3)
11 4 
Loans to equity companies - net10 12 
Cash flows from (used in) investing activities(377)(481)
Financing activities  
Finance lease obligations - reduction (note 6)
(4)(5)
Dividends paid(307)(278)
Common shares purchased (b) (note 9)
(54)— 
Cash flows from (used in) financing activities(365)(283)
 
Increase (decrease) in cash and cash equivalents785 312 
Cash and cash equivalents at beginning of period979 864 
Cash and cash equivalents at end of period (a)
1,764 1,176 
(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)
 
Income taxes (paid) refunded.(569)(700)
Interest (paid), net of capitalization.(7)(11)
The information in the notes to consolidated financial statements is an integral part of these statements.
7

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.
The results for the three months ended March 31, 2025, are not necessarily indicative of the operations to be expected for the full year.
All amounts are in Canadian dollars unless otherwise indicated.
8

IMPERIAL OIL LIMITED
Note 2. Business segments
Three Months to March 31
        Upstream
       Downstream (d)
        Chemical (d)
millions of Canadian dollars202520242025202420252024
Revenues and other income
Revenues (a) (b)
39 42 12,161 11,879 266 328 
Intersegment sales
4,405 4,122 1,837 1,748 106 90 
Investment and other income (note 3)
14 4 21 12 — 1 
4,458 4,168 14,019 13,639 372 419 
Expenses
Exploration2 1 — — — — 
Purchases of crude oil and products
1,862 1,813 11,987 11,591 253 260 
Production and manufacturing1,176 1,188 457 421 51 53 
Selling and general— — 174 162 22 26 
Federal excise tax and fuel charge— — 591 590 1 1 
Depreciation and depletion470 432 45 45 4 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
(12)1 — — — — 
Total expenses3,498 3,435 13,254 12,809 331 344 
Income (loss) before income taxes960 733 765 830 41 75 
Income tax expense (benefit)229 175 181 199 10 18 
Net income (loss)
731 558 584 631 31 57 
Cash flows from (used in) operating activities
201 891 1,356 7 59 (3)
Capital and exploration expenditures (c)
266 290 88 153 3 5 
Total assets as at March 31
29,382 28,661 12,327 11,126 473 517 
Three Months to March 31
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202520242025202420252024
Revenues and other income
Revenues (a) (b)
— — — — 12,466 12,249 
Intersegment sales
— — (6,348)(5,960)— — 
Investment and other income (note 3)
16 17 — — 51 34 
16 17 (6,348)(5,960)12,517 12,283 
Expenses
Exploration— — — — 2 1 
Purchases of crude oil and products
— — (6,346)(5,958)7,756 7,706 
Production and manufacturing2 2 — — 1,686 1,664 
Selling and general65 60 (2)(2)259 246 
Federal excise tax and fuel charge— — — — 592 591 
Depreciation and depletion12 9 — — 531 490 
Non-service pension and postretirement benefit5 1 — — 5 1 
Financing (note 5)
10 11 — — (2)12 
Total expenses94 83 (6,348)(5,960)10,829 10,711 
Income (loss) before income taxes(78)(66)— — 1,688 1,572 
Income tax expense (benefit)(20)(15)— — 400 377 
Net income (loss)
(58)(51)— — 1,288 1,195 
Cash flows from (used in) operating activities
(74)181 (15)— 1,527 1,076 
Capital and exploration expenditures (c)
41 48 — — 398 496 
Total assets as at March 31
3,830 2,699 (2,123)(490)43,889 42,513 
9

IMPERIAL OIL LIMITED
(a)Includes export sales to the United States of $2,791 million (2024 - $2,378 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
       Three Months
       to March 31
millions of Canadian dollars2025 2024 
Revenue from contracts with customers10,135 9,729 
Revenue outside the scope of ASC 606
2,331 2,520 
Total12,466 12,249 
(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, benzene and aromatic solvents are reported under the Downstream segment, whereas in 2024, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast.


10

IMPERIAL OIL LIMITED
Note 3. Investment and other income
Investment and other income included gains and losses on asset sales as follows:
       Three Months
       to March 31
millions of Canadian dollars2025 2024 
Proceeds from asset sales11 4 
Book value of asset sales1 2 
Gain (loss) on asset sales, before tax
10 2 
Gain (loss) on asset sales, after tax
9 2 
Note 4. Employee retirement benefits
The components of net benefit cost were as follows:
 
       Three Months
       to March 31
millions of Canadian dollars2025 2024 
Pension benefits:
Service cost47 46 
Interest cost93 91 
Expected return on plan assets(99)(113)
Amortization of prior service cost6 7 
Amortization of actuarial loss (gain)3 12 
Net benefit cost50 43 
Other postretirement benefits:
Service cost1 4 
Interest cost5 6 
Amortization of prior service cost (credit)(1)— 
Amortization of actuarial loss (gain)(2)(2)
Net benefit cost3 8 
Note 5. Financing costs
       Three Months
       to March 31
millions of Canadian dollars2025 2024 
Debt-related interest
37 52 
Capitalized interest
(27)(41)
Net interest expense
10 11 
Other interest
(12)1 
Total financing
(2)12 


11

IMPERIAL OIL LIMITED
Note 6. Long-term debt
As at
Mar 31
As at
Dec 31
millions of Canadian dollars2025 2024 
Long-term debt
3,447 3,447 
Finance leases
541 545 
Total long-term debt3,988 3,992 
Note 7. Other long-term obligations
 
As at
Mar 31
As at
Dec 31
millions of Canadian dollars2025 2024 
Employee retirement benefits (a)
842 846 
Asset retirement obligations and other environmental liabilities (b)
2,620 2,641 
Share-based incentive compensation liabilities
160 119 
Operating lease liability (c)
145 144 
Other obligations
117 120 
Total other long-term obligations3,884 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 $98 million in current liabilities (2024 - $100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $51 million (2024 - $56 million).


12

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 March 31, 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
Mar 31
As at Dec 31
thousands of barrels20252024
Crude5,699 4,260 
Products(1,281)(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:
 
Three Months
         to March 31
millions of Canadian dollars2025 2024 
Revenues15 (24)


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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 March 31, 2025
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
50 54 — 104 (50)— 54 
Liabilities
Derivative liabilities (b)
57 27 — 84 (50)(7)27 
(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 valueEffect of
counterparty
netting		Effect of
collateral
netting		Net
carrying
value
Level 1Level 2Level 3Total
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 March 31, 2025 and December 31, 2024, the company had $22 million 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
Mar 31
As at
Dec 31
thousands of shares20252024
Authorized1,100,000 1,100,000 
Outstanding509,045 509,045 
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— — 
Balance as at March 31, 2025
509,045 942 
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:
 
       Three Months
       to March 31
20252024
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
1,2881,195
Weighted-average number of common shares outstanding (millions of shares)
509.0535.8
Net income (loss) per common share (dollars)
2.532.23
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
1,2881,195
Weighted-average number of common shares outstanding (millions of shares)
509.0535.8
Effect of employee share-based awards (millions of shares)
1.21.1
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
510.2536.9
Net income (loss) per common share (dollars)
2.522.23
Dividends per common share – declared (dollars)
0.720.60
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IMPERIAL OIL LIMITED
Note 10. Other comprehensive income (loss) information

Changes in accumulated other comprehensive income (loss):

millions of Canadian dollars2025 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 income5 12 
Balance at March 31(197)(661)

Amounts reclassified out of accumulated other comprehensive income (loss) – before-tax income (expense):
 
       Three Months
       to March 31
millions of Canadian dollars2025 2024 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost (a)
(6)(17)
(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):
       Three Months
       to March 31
millions of Canadian dollars2025 2024 
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization)4 1 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost
1 5 
Total5 6 
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IMPERIAL OIL LIMITED
Item 2. Management’s discussion and analysis of financial condition and results of operations
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 noted20252024
Net income (loss) (U.S. GAAP)
1,2881,195
Net income (loss) per common share, assuming dilution (dollars)
2.522.23
Upstream
Net income (loss) factor analysis
millions of Canadian dollars
78

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.

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IMPERIAL OIL LIMITED
Marker prices and average realizations
 
       First Quarter
Canadian dollars, unless noted2025 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 day2025 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
81

Refinery utilization and petroleum product sales
 
       First Quarter
thousands of barrels per day, unless noted2025 2024 
Refinery throughput397 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.
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IMPERIAL OIL LIMITED
Chemicals
Net income (loss) factor analysis
millions of Canadian dollars
80
Corporate and other
 
       First Quarter
millions of Canadian dollars2025 2024 
Net income (loss) (U.S. GAAP)
(58)(51)
Liquidity and capital resources
 
         First Quarter
millions of Canadian dollars2025 2024 
Cash flows from (used in):  
Operating activities1,527 1,076 
Investing activities(377)(481)
Financing activities(365)(283)
Increase (decrease) in cash and cash equivalents785 312 
Cash and cash equivalents at period end1,764 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 noted2025 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.

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IMPERIAL OIL LIMITED
Forward-looking statements
Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, references to the use of derivative instruments and effectiveness of risk mitigation.

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 future energy demand, supply and mix; production rates, growth and mix across various assets; for shareholder returns, assumptions such as cash flow forecasts, financing sources and capital structure, participation of the company’s majority shareholder and the results of periodic and ongoing evaluation of alternate uses of capital; 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, the Leming, Grand Rapids and LASER projects at Cold Lake, and autonomous operations at Kearl; performance of third-party service providers including service providers located outside of Canada; capital and environmental expenditures; the ability to offset any ongoing or renewed inflationary pressures; applicable laws and government policies, including with respect to climate change, greenhouse gas emissions reductions and low carbon fuels; 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, petroleum and petrochemical products, feedstocks and other market factors, economic conditions and seasonal fluctuations and resulting demand, price, differential and margin impacts, including Canadian and foreign government action with respect to supply levels, prices, trade tariffs, trade sanctions or trade controls, the occurrence of disruptions in trade or military alliances, or a broader breakdown in global trade; political or regulatory events, including changes in law or government policy, applicable royalty rates, and tax laws including taxes on share repurchases; third-party opposition to company and service provider operations, projects and infrastructure; 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; 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; competition from alternative energy sources and established competitors in such markets; availability and allocation of capital; project management and schedules and timely completion of projects; unanticipated technical or operational difficulties; 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; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; 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.
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IMPERIAL OIL LIMITED
Item 3. Quantitative and qualitative disclosures about market risk
Information about market risks for the three months ended March 31, 2025, does not differ materially from that discussed on page 35 of the company’s annual report on Form 10-K for the year ended December 31, 2024.
Item 4. Controls and procedures
As indicated in the certifications in Exhibit 31 of this report, the company’s principal executive officer and principal financial officer have evaluated the company’s disclosure controls and procedures as of March 31, 2025. Based on that evaluation, these officers have concluded that the company’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There has not been any change in the company’s internal control over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting.
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IMPERIAL OIL LIMITED
PART II. OTHER INFORMATION
Item 1. Legal proceedings
Imperial has elected to use a $1 million (U.S. dollars) threshold for disclosing environmental proceedings.
Item 2. Unregistered sales of equity securities and use of proceeds
Issuer purchases of equity securities
 
Total number of
shares purchased
Average price paid
per share
(Canadian dollars) (a)
Total number of
shares purchased
as part of publicly
announced plans
or programs
Maximum number
of shares that may
yet be purchased
under the plans or
programs (b)
January 2025
    
(January 1 - January 31)
— — — — 
February 2025
(February 1 - February 28)
— — — — 
March 2025
  
(March 1 - March 31)— — — — 
(a)Excludes 2 percent tax on repurchases of equity.
(b)On June 24, 2024, the company announced by news release that it had received final approval from the Toronto Stock Exchange for a new normal course issuer bid and to continue its existing share purchase program. The program enabled the company to purchase up to a maximum of 26,791,840 common shares during the period June 29, 2024 to June 28, 2025. This maximum included shares purchased under the normal course issuer bid from Exxon Mobil Corporation. As in the past, Exxon Mobil Corporation advised the company that it intended to participate to maintain its ownership percentage at approximately 69.6 percent. The program ended on December 19, 2024 as a result of the company purchasing the maximum allowable number of shares under the program.

Item 5. Other information

During the three months ended March 31, 2025, none of the company's directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
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IMPERIAL OIL LIMITED
Item 6. Exhibits
(31.1) Certification by the principal executive officer of the company pursuant to Rule 13a-14(a).
(31.2) Certification by the principal financial officer of the company pursuant to Rule 13a-14(a).
(32.1) Certification by the chief executive officer of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350.
(32.2) Certification by the chief financial officer of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350.
(101) Interactive Data Files (formatted as Inline XBRL).
(104) Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
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IMPERIAL OIL LIMITED
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Imperial Oil Limited
(Registrant)
Date:May 5, 2025
/s/ Daniel E. Lyons
(Signature)
Daniel E. Lyons
Senior vice-president, finance and
administration, and controller
(Principal accounting officer)
Date:May 5, 2025
/s/ Cathryn Walker
(Signature)
Cathryn Walker
Assistant corporate secretary
24