What factors drove the changes in Imperial Oil's revenue and profit?

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Did Imperial Oil beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Imperial Oil year over year?

What were the key takeaways from Imperial Oil’s earnings call?

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What is Imperial Oil's latest dividend and current dividend yield?

- **Record Cash Flow and Shareholder Returns:** Generated CAD 4.8 billion in free cash flow and returned CAD 4.6 billion to shareholders in 2025.
- **Dividend Growth:** 21% dividend increase to CAD 0.87 per share, reflecting confidence in long-term cash flow resilience.
- **Operational Resilience:** Kearl production rebounded to 298,000 b/d in December after wet weather, with 2026 target of 285,000-295,000 b/d.
- **Cost Optimization:** CAD 156 million one-time charge to reduce inventory levels and improve operational efficiency.
- **Downstream Strength:** Q4 refining earnings up 15% vs. Q3, driven by strong distillate margins and strategic asset utilization.

**【CEO Opening Remarks】**
- Reported CAD 1.9 billion in Q4 cash flow from operations and CAD 6.7 billion for the full year.
- Returned CAD 4.6 billion to shareholders in 2025, including a record CAD 0.87 per share dividend (21% increase).
- Highlighted free cash flow resilience across oil price environments, generating CAD 4.8 billion in 2025.
- Announced first production from the Cold Lake Leming SAGD project and the start of Mahican SA-SAGD in 2029.

**【CFO Financial Commentary】**
- Q4 net income: CAD 492 million (CAD 968 million excluding one-time charges).
- One-time charges: CAD 320 million (Norman Wells closure) and CAD 156 million (inventory optimization).
- Operating cash flow: CAD 1.918 billion, with CAD 1.260 billion excluding working capital effects.
- 2025 capital expenditures: CAD 2 billion, aligned with guidance.

**【Operations Update】**
- **Upstream:**
  - Q4 production: 444,000 boe/d (down 18,000 vs. Q3).
  - Kearl: 274,000 b/d (impacted by wet weather, rebounded to 298,000 b/d in December).
  - Cold Lake: 153,000 b/d, with Leming SAGD ramping to 4,000 b/d.
  - Syncrude: 87,000 b/d (up 9,000 vs. Q3).
- **Downstream:**
  - Refined 408,000 b/d (94% utilization), with strong margins driven by distillate demand.
  - Completed Sarnia turnaround ahead of schedule and below budget.
- **Chemicals:**
  - Earnings: CAD 9 million (down CAD 12 million vs. Q4 2024 due to inventory optimization).

**【Q&A Highlights】**
- **Kearl Production:**
  - Wet weather in Q4 caused temporary disruption, but December production reached second-highest monthly level.
  - 2026 target: 285,000-295,000 b/d, with confidence in long-term growth.
- **Inventory Optimization:**
  - CAD 156 million one-time charge to reduce working capital and improve efficiency.
- **Dividend Policy:**
  - Focus on long-term cash flow generation and unit cost reduction to support dividend growth.
  - 2026 NCIB renewal expected, with surplus cash allocation based on commodity prices.
- **Downstream Resilience:**
  - Flexibility to adjust refining output to capture high distillate margins.
  - Strathcona Renewable Diesel facility reduces reliance on imported products.


Imperial Oil Ltd (IMO) Q4 2025 Earnings Call Transcript

- **Record Production & Cash Flow:** Q3 2025 crude production at 462,000 boe/d (new company record), with $1.8 billion in cash flow from operations.
- **Restructuring Impact:** $330 million one-time charge vs. $150 million annual savings by 2028; Calgary campus sold for $406 million non-cash impairment.
- **Operational Excellence:** Kearl unit costs down 20% YoY to $15.13/bbl; Sarnia turnaround completed 10 days early, 15% under budget.
- **Strategic Growth:** Aspen EBRT pilot on track for 2027; 165,000 bpd Cold Lake target reaffirmed with Mohican SA-SAGD in 2029.

**【CEO Opening Remarks】**
- Reported strong financial performance with $1.8 billion in cash flow from operations and $1.9 billion in cash on hand.
- Announced restructuring plan with a one-time charge of $330 million (pre-tax) and expected annual expense reduction of $150 million by 2028.
- Highlighted record crude production and 98% refinery utilization, with planned turnarounds completed ahead of schedule.

**【CFO Financial Update】**
- Net income of $539 million, excluding restructuring and impairment charges, compared to $1.094 billion in Q3 2024.
- Recorded a $406 million (pre-tax) impairment charge for Calgary campus sale and leaseback.
- Generated $1.798 billion in operating cash flow, with $1.5 billion returned to shareholders via dividends and buybacks.

**【Operational Highlights】**
- **Upstream:**
  - Kearl set quarterly record at 316,000 bpd, with unit cash costs down $4/bbl to $15.13/bbl.
  - Cold Lake production at 150,000 bpd, with unit costs at $13.38/bbl.
  - Syncrude completed COCR turnaround ahead of schedule, supporting 78,000 bpd.
- **Downstream:**
  - Refinery throughput at 425,000 bpd (98% utilization), with Sarnia turnaround completed under budget.
  - Chemicals segment earned $21 million, consistent with Q2 2025.

**【Q&A Highlights】**
- **Kearl Efficiency:** Team credited to $15/bbl unit costs through ore selectivity, hydrotransport upgrades, and reliability gains.
- **Restructuring Timeline:** Workforce reduction (above-field roles) to be completed by end-2027; Calgary campus sale expected Q4 2025.
- **In-Situ Projects:** Aspen EBRT pilot on track for early 2027 startup; Mohican SA-SAGD targeting 30,000 bpd by 2029.
- **Share Buybacks:** Accelerated NCIB to complete by year-end; next buyback program renewal in late Q2 2026.

Imperial Oil Ltd (IMO) Q3 2025 Earnings Call Transcript

- **Record Cash Flow & Share Buybacks**: $1.5B cash flow and accelerated NCIB to return $20B+ to shareholders since 2020.
- **Operational Excellence**: Upstream production at 427,000 bpd, Kearl costs down $3/bbl YoY, and renewable diesel first production achieved.
- **Project Momentum**: Cold Lake SAGD steaming begins, EBRT pilot on track, and AHS technology driving $1/bbl cost savings.
- **Financial Discipline**: Net income $949M, $1.465B cash flow, and $367M dividends paid, with no balance sheet leverage for buybacks.

**【CEO Summary Section】**
- Generated $1.5 billion in cash flow from operations and ended the quarter with $2.4 billion in cash.
- Achieved major project milestones: renewable diesel first production in July, Cold Lake SAGD steaming, and Kearl turnaround completion.
- Announced acceleration of NCIB share buybacks to complete by year-end, returning surplus cash to shareholders.

**【CFO Financial Commentary】**
- Reported net income of $949 million, down 17% year-over-year due to lower upstream realizations.
- Cash flow from operations was $1.465 billion, excluding $52 million in working capital benefits.
- Capital expenditures totaled $473 million, with $353 million allocated to upstream projects.
- Paid $367 million in dividends and renewed NCIB for up to 5% of shares over 12 months.

**【CEO Operational Update】**
- Upstream production reached 427,000 barrels per day (bpd), a 9,000 bpd sequential increase and highest second-quarter output in 30 years.
- Kearl achieved record production of 275,000 bpd, with unit cash costs down $2/bbl to $18.86.
- Cold Lake SAGD redevelopment at Leming began steaming, targeting 9,000 bpd peak production.
- Downstream renewable diesel facility completed, with first production in July.

**【Q&A Highlights】**
- **NCIB Acceleration**: Confirmed confidence in completing NCIB from free cash flow without balance sheet leverage.
- **Technology Benefits**: Autonomous haul system reduced unit costs by $1/bbl and demonstrated further optimization potential.
- **CapEx Timing**: 2025 guidance of $1.9-2.1 billion remains unchanged, with back-half spending to align with project milestones.
- **Project Momentum**: Renewable diesel ramp-up tied to hydrogen supply, and EBRT pilot on track for 2027 start-up.

Imperial Oil Limited (IMO) Q2 2025 Earnings Call Transcript

- **Record Earnings and Cash Flow**: Q1 2025 earnings of $1.288 billion (13% YoY growth) and $1.15 billion free cash flow highlight Imperial's operational resilience.
- **Upstream Excellence**: Cold Lake's Grand Rapids SAGD outperforms expectations, driving 12% YoY production growth and $3/bbl cost reduction. Kearl production near all-time highs post-extreme weather.
- **Downstream Strength**: 91% refinery utilization and renewable diesel project progress underscore Downstream margin capture and growth.
- **Strategic Projects**: EBRT pilot and Leming SAGD project poised to deliver long-term, low-cost growth. Kearl targeting $18/bbl unit costs by 2026.
- **Shareholder Returns**: $0.72 dividend and renewed NCIB reflect commitment to returning surplus cash, with flexibility to accelerate based on market conditions.

**【CEO Summary Section】**
- **Record First Quarter Earnings**: $1.288 billion, up 13% year-over-year and 6% sequentially, marking the highest first-quarter earnings in company history.
- **Free Cash Flow and Liquidity**: Generated $1.15 billion in free cash flow, ending the quarter with $1.8 billion in cash, supporting a renewed NCIB later in the quarter.
- **Upstream Performance**: Total production of 418,000 boe/d, with Cold Lake's Grand Rapids SAGD exceeding expectations (23,000 b/d) and unit cash costs down $3/bbl year-over-year. Kearl production resilient despite extreme weather, with April near all-time highs.
- **Downstream Strength**: 91% refinery utilization, strong margin capture in a recovering crack spread environment. Renewable diesel project on track for mid-2025 startup.
- **Strategic Projects**: EBRT pilot milestone with well drilling; Leming SAGD project nearing commissioning (9,000 b/d peak). Focus on cost reduction (Kearl targeting $18/bbl, Cold Lake $13/bbl by 2026).
- **Management Transition**: John Whelan to succeed Brad Corson, emphasizing continuity of strategy and shareholder value creation.

**【CFO Financial Commentary】**
- **Net Income**: $1.288 billion, up $93 million YoY, driven by higher Upstream margins and $228 million sequential increase in Downstream earnings.
- **Cash Flow**: Operating cash flow of $1.76 billion (excluding working capital), up $239 million YoY. Capital expenditures $398 million, lower than prior year due to project timing.
- **Dividends and NCIB**: $0.72 dividend declared, consistent with prior quarter. NCIB renewal planned for June, with flexibility to accelerate based on market conditions.
- **Balance Sheet**: $1.76 billion cash on hand, supporting disciplined capital allocation and shareholder returns.

**【Q&A Key Highlights】**
- **Downstream Margin Capture**: Structural advantages (integration, feedstock proximity) and market volatility enabled higher uplift. First-quarter maintenance activity also contributed to margin gains.
- **NCIB Execution**: Acceleration possible in second half if market conditions warrant, driven by surplus cash and commitment to timely returns.
- **Cold Lake Cost Reduction**: Unit cash costs down $3/bbl YoY, targeting $13/bbl by 2026. Grand Rapids and Leming SAGD projects key to achieving this goal.
- **Refinery Demand Resilience**: No material demand degradation seen; industry inventories at lower end of five-year range supporting margins.
- **Turnaround Optimization**: Kearl targeting four-year turnaround interval post-2025, reducing volume impact and improving efficiency.
- **EBRT Pilot**: Focused on validating production uplift, recovery, and solvent recovery. Success could enable Aspen lease sanctioning, offering decades of low-cost, low-emission growth.
- **Extreme Cold Mitigation**: Enhanced protocols (e.g., throughput reduction, equipment integrity focus) improved performance vs. 2022, with further investments in redundancy planned.


Actual											0.1098	-0.5286	0	-1.2245	0.4217	0.4038	1.0168	0.9329	1.3986	2.8186	2.1015	2.086	1.5749	0.8676	2.0316	1.8636	1.6462	1.5418	1.722	1.6469	1.751	1.3662	1.5581	1.4284
Forecast											-0.0408	-0.6817	-0.0759	0.0834	0.3988	0.4968	1.0253	1.0718	1.4377	2.5685	1.9864	1.888	1.4251	0.8376	1.8819	1.6024	1.5318	1.4308	1.5198	1.4408	1.5064	1.196	1.4058	1.3691	1.2779
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+369.12%	+22.46%	+100.00%	-1568.23%	+5.74%	-18.72%	-0.83%	-12.96%	-2.72%	+9.74%	+5.79%	+10.49%	+10.51%	+3.58%	+7.95%	+16.30%	+7.47%	+7.76%	+13.30%	+14.30%	+16.24%	+14.23%	+10.83%	+4.33%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	4.70B	2.72B	4.46B	4.74B	5.57B	6.50B	8.07B	9.73B	10.14B	13.44B	11.00B	10.66B	8.96B	8.92B	10.25B	9.89B	9.07B	9.78B	9.80B	8.76B	8.70B	8.25B	8.65B	8.18B	--
Forecast	--	--	--	--	--	--	--	--	--	--	4.79B	3.06B	4.31B	5.31B	6.49B	6.86B	8.42B	8.91B	9.53B	13.20B	11.04B	12.95B	10.89B	8.59B	11.15B	9.88B	10.38B	9.59B	10.50B	9.90B	9.35B	8.98B	9.45B	8.78B	8.74B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.87%	-10.98%	+3.52%	-10.89%	-14.25%	-5.30%	-4.18%	+9.30%	+6.34%	+1.82%	-0.40%	-17.65%	-17.67%	+3.83%	-8.13%	+0.12%	-12.68%	+1.94%	-6.65%	-11.52%	-7.02%	-8.09%	-8.43%	-6.89%	0.00%

IMO

IMO fundamentals

IMO Q1 2026 Earnings Preview

Earnings Call

You can ask Aime

IMO

IMO fundamentals

IMO Q1 2026 Earnings Preview

Earnings Call

IMO Earnings Call Summary for Q1/2026Upcoming Apr 1, 2026

IMO Earnings Call Summary for Q4/202511:00 AM on Jan 30, 2026

IMO Earnings Call Summary for Q3/202511:00 AM on Oct 31, 2025

IMO Earnings Call Summary for Q2/202511:00 AM on Aug 1, 2025

IMO Earnings Call Summary for Q1/202511:00 AM on May 2, 2025

You can ask Aime