Imperial Oil Limited engages in exploration, production, and sale of crude oil and natural gas in Canada. The company operates in three segments: Upstream, Downstream and Chemical segments. The Upstream segment explores and produces crude oil, natural gas, synthetic crude oil, and bitumen. The Downstream segment transports and refines crude oil; blends refined products; and distributes and markets refined products. This segment also transports crude oil production and third-party crude oil to refineries by contracted and common carrier pipelines; owns and operates refineries; maintains a distribution system to move petroleum products to market by pipeline, tanker, rail, and road transport; owns and operates fuel terminals, natural gas liquids, and products pipelines in Alberta, Manitoba, and Ontario; markets petroleum products under the Esso and Mobil brands; and sells petroleum products, including fuel, asphalt, and lubricants to industrial and transportation customers, independent marketers, resellers, and other refiners, as well as the agriculture, residential heating, and commercial markets through branded fuel and lubricant resellers. The Chemical segment manufactures and markets aliphatic solvents, plasticizer intermediates, and polyethylene resins; and markets refinery grade propylene. It also provides petrochemicals. The company was incorporated in 1880 and is headquartered in Calgary, Canada. Imperial Oil Limited operates as a subsidiary of Exxon Mobil Corporation.
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Imperial Oil lowers downstream throughput guidance by 6% after rail congestion and unplanned downtime
Imperial Oil reported second-quarter net income of $2.190 billion, up $1.241 billion from a year earlier, driven by higher commodity prices. The company lowered its full-year downstream throughput guidance by approximately 6% to a range of 370,000 to 380,000 barrels per day, citing rail congestion at its Strathcona refinery, unplanned downtime at Nanticoke, and a prioritization of renewable diesel production. Upstream production averaged 414,000 gross oil-equivalent barrels per day, and management now expects full-year upstream production to be toward the low end of its guidance range. Imperial also announced plans to accelerate its share repurchase program, targeting the completion of its entire normal course issuer bid allowance by year-end. Cash flow from operations reached $2.704 billion, and the company declared a third-quarter dividend of $0.87 per share.
Imperial Oil reported second quarter 2026 earnings that exceeded expectations while keeping its quarterly dividend unchanged. The company also lowered its refinery throughput guidance and noted recent operational headwinds. The stock has returned 44.75% year to date, closing at CA$177.04, with a one-year total shareholder return of 54.95%. A popular narrative model suggests a fair value of CA$153.19, implying the stock is overvalued, though its price-to-earnings ratio of 20.6x is slightly below the Canadian Oil and Gas industry average of 21.1x.
Imperial Oil appoints ExxonMobil executive to board after director resignation
Imperial Oil has appointed Steven Abrahams, a senior executive from majority owner ExxonMobil, to its board of directors following the resignation of Neil Hansen. Abrahams serves as CFO of ExxonMobil Product Solutions and will sit on Imperial Oil's finance and safety and sustainability committees. The move tightens governance ties between the two companies and signals closer alignment on capital discipline, refining priorities, and emissions management. Investors will watch upcoming quarterly reports for any shifts in capital allocation or project approvals under the new board composition.
U.S. Oil and Gas Extraction Employment Falls to Second-Lowest June on Record
U.S. oil and gas extraction employment fell to 114,500 workers in June, the second-lowest June the Bureau of Labor Statistics has on record, beaten only by the pandemic bottom of 2021. The decline comes even as production remains near record highs, with major companies cutting thousands of jobs. Chevron is cutting up to 9,000 jobs this year, ExxonMobil trimmed 2,000, BP shed more than 5 percent of its staff plus 3,000 contractors, ConocoPhillips is cutting 20 to 25 percent, and Imperial Oil is cutting a fifth of its people and shutting its Calgary office entirely. The extraction workforce sits almost 40 percent below its January 2016 peak of 187,300, while oilfield services, which employs roughly 627,000 people, has been losing jobs even faster. Every upstream job is estimated to support roughly 232,000 supply chain jobs and 421,000 more through spending, meaning more than 850,000 positions ride on an industry that keeps needing fewer people directly.
Cenovus' Integrated Structure Offers an Edge Amid Lower Oil Prices
Cenovus Energy's integrated business model, combining upstream oil sands production with downstream refining, helps protect profitability as crude prices soften. With WTI settling at $68.69 per barrel on July 2, well below previous war-premium highs above $100, the company leverages its pipeline and transportation network to move crude into premium markets and adjusts refining operations to maximize higher-value product margins. This integrated approach partially offsets the impact of lower crude prices on its upstream segment. Shares of Cenovus have jumped 75.5% over the past year, outperforming the industry's 54.2% gain, and the stock trades at a trailing 12-month EV/EBITDA of 6.16X, below the industry average of 6.49X. Cenovus and Imperial Oil each carry a Zacks Rank #1 (Strong Buy), while Canadian Natural Resources holds a Zacks Rank #3 (Hold).
Imperial Oil Stock Looks Overvalued After a Very Large Run
Imperial Oil stock has delivered a 408% return over five years, but valuation signals are mixed. A Discounted Cash Flow analysis estimates intrinsic value at roughly C$245 per share, implying the stock is about 33.4% undervalued at the current price of C$163.29. However, the stock trades at 27.0 times earnings, above the Oil and Gas industry average of 22.8 times and a tailored fair P/E of 21.1 times, suggesting it is overvalued on an earnings basis. The company recently received upgraded earnings expectations and approved a 5% share buyback, which may support the current valuation, but any change in cash flow or capital return outlook could weigh on investor sentiment. Overall, Imperial Oil scores 2 out of 6 on broader valuation checks, indicating it does not screen as a clear bargain.
Imperial Oil Gets TSX Approval for 5% Share Buyback
Imperial Oil has received Toronto Stock Exchange approval for a normal course issuer bid allowing it to repurchase up to 5% of its outstanding common shares. The company may buy back up to 24.17 million shares over the next year, based on 483.59 million shares outstanding as of June 15, with purchases from majority shareholder ExxonMobil reducing that upper limit. The one-year program begins June 29 and runs until June 28, 2027, or until the maximum shares are acquired. The buyback reflects the company's strong balance sheet, cash flows, and focus on tax-efficient shareholder returns.
Imperial Oil renews share buyback program for up to 24.2 million shares
Imperial Oil Limited has received final acceptance from the Toronto Stock Exchange for a new normal course issuer bid to repurchase up to five percent of its outstanding common shares, or a maximum of 24,179,635 shares, over the next 12 months. The program begins June 29, 2026, and will end when the maximum is reached or on June 28, 2027. Majority shareholder ExxonMobil, which holds approximately 69.6 percent, intends to participate to maintain its proportionate ownership, as it has in prior years. Under the previous program, Imperial repurchased the maximum 25,452,248 shares at a total cost of about $3,180 million and an average cost of $124.93 per share. The company says the buyback reflects its strong balance sheet, low capital requirements, and priority to return cash to shareholders.