Company Reports Q1 Revenue of C$12.4B
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 01 2026
0mins
Should l Buy IMO?
Reports Q1 revenue C$12.4B vs. C$12.5B last year. Upstream production averaged 419,000 gross oil-equivalent barrels per day, up from 418,000 gross oil-equivalent barrels per day in the first quarter of 2025. Total gross bitumen production at Kearl averaged 259,000 barrels per day, up from 256,000 barrels per day in the first quarter of 2025, despite the impact of a third-party natural gas supply outage. Gross bitumen production at Cold Lake averaged 155,000 barrels per day, up from 154,000 barrels per day in the first quarter of 2025. The company's share of gross production from Syncrude averaged 72,000 barrels per day, compared to 73,000 barrels per day in the first quarter of 2025. Lower volumes at Syncrude were driven by unplanned coker downtime, partially offset by improved mine reliability. Refinery throughput averaged 384,000 barrels per day, compared to 397,000 barrels per day in the first quarter of 2025. Capacity utilization was 88 percent, compared to 91 percent in the first quarter of 2025. Lower refinery throughput and capacity utilization were primarily due to unplanned downtime and a disruption of synthetic crude feedstock caused by Syncrude's coker outage. Petroleum product sales were 441,000 barrels per day, compared to 455,000 barrels per day in the first quarter of 2025, mainly due to the lower volumes in the supply channel.
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Analyst Views on IMO
Wall Street analysts forecast IMO stock price to fall
10 Analyst Rating
1 Buy
4 Hold
5 Sell
Moderate Sell
Current: 125.840
Low
67.67
Averages
82.50
High
100.78
Current: 125.840
Low
67.67
Averages
82.50
High
100.78
About IMO
Imperial Oil Limited is a Canada-based integrated energy company. The Company’s principal business involves exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a variety of specialty products; and pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen, lower-emission fuels, and lithium. Its segments include Upstream, Downstream and Chemical. The Upstream segment is organized and operates to explore for and produce crude oil and its equivalent, and natural gas. The Downstream segment is organized and operates to refine crude oil into petroleum products and to distribute and market these products. The Chemical segment is organized and operates to manufacture and market hydrocarbon-based chemicals and chemical products. The Company's operations include Cold Lake, Kearl, Syncrude, Nanticoke, Sarnia and Strathcona refinery.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Cash Flow Status: Operating cash flows for the first quarter were $1.239 billion, a decrease of $521 million year-over-year, impacted by $350 million in deferred tax effects, reflecting challenges in cost control and cash flow management.
- Capital Expenditure Dynamics: Capital expenditures in Q1 totaled $478 million, up $80 million from Q1 2025 but down $173 million from Q4 2025, indicating a cautious investment strategy focused on core projects.
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- Shareholder Record Date: The dividend will be payable on July 1, with a record date of June 4 and an ex-dividend date also on June 4, ensuring shareholders receive their earnings promptly, thereby strengthening the shareholder base.
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Imperial Oil Declares CAD 0.87 Quarterly Dividend
- Quarterly Dividend Announcement: Imperial Oil has declared a quarterly dividend of CAD 0.87 per share, consistent with previous distributions, indicating stable cash flow and profitability, which is likely to attract more investor interest.
- Dividend Yield: The forward yield of 1.91% offers a relatively attractive return in the current market environment, potentially boosting shareholder confidence and encouraging long-term stock holding.
- Shareholder Record Dates: The dividend will be payable on July 1, with a record date of June 4 and an ex-dividend date also on June 4, ensuring that eligible shareholders receive their dividends promptly, thereby strengthening the relationship between the company and its investors.
- Financial Performance Review: Imperial Oil's recent GAAP EPS of CAD 1.94 and revenue of CAD 12.45 billion reflect improving fundamentals and compounding returns, which may positively influence future dividend policies.
See More
Imperial Oil Q1 Earnings Highlights
- Earnings Per Share: Imperial Oil reported a Q1 GAAP EPS of C$1.94, reflecting stability in profitability despite a 0.6% year-over-year decline, showcasing the company's resilience in a volatile market.
- Revenue Performance: The company generated C$12.45 billion in revenue for Q1, a slight decrease of 0.6% year-over-year, indicating its ability to maintain relatively stable income levels amidst global oil price fluctuations, demonstrating market adaptability.
- Cash Flow Insights: Operating cash flows amounted to C$756 million, with cash flows from operations excluding working capital reaching C$1.239 billion, highlighting effective cash management that enhances future investment and dividend capabilities.
- Production Metrics: Quarterly upstream production averaged 419,000 gross oil-equivalent barrels per day, with Kearl producing 259,000 barrels (Imperial's share at 183,000 barrels) and Cold Lake at 155,000 barrels, reflecting strong performance in oil and gas production that supports the company's long-term growth strategy.
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- Focus on Iran: The conversations have been characterized as very positive, indicating a potential shift in diplomatic relations.
See More
Imperial Oil Elects Board Members at Annual Meeting
- Board Election Results: At the annual shareholders' meeting on May 4, 2026, all seven nominees proposed by Imperial Oil were elected as directors, reflecting shareholder trust and support for the management team.
- Voting Participation: A total of 448,035,687 shares, representing 92.65% of outstanding common shares, were voted, indicating high shareholder engagement and concern for corporate governance.
- Election Support Rates: Each nominee received over 430 million votes, with S.R. (Sharon) Driscoll securing 441,335,843 votes, demonstrating her broad recognition among shareholders.
- Commitment to Development: As Canada's largest petroleum refiner, Imperial Oil remains committed to applying technology and innovation responsibly to develop energy resources, ensuring its leadership position in the industry.
See More
Imperial Oil Q1 2026 Earnings Call Insights
- Financial Performance Overview: Imperial Oil reported a net income of $940 million in Q1 2026, down $348 million from Q1 2025, primarily due to increased incentive compensation charges and unfavorable upstream realizations, indicating financial pressure amid market volatility.
- Cash Flow Status: Operating cash flows for the first quarter were $1.239 billion, a decrease of $521 million year-over-year, impacted by $350 million in deferred tax effects, reflecting challenges in cost control and cash flow management.
- Capital Expenditure Dynamics: Capital expenditures in Q1 totaled $478 million, up $80 million from Q1 2025 but down $173 million from Q4 2025, indicating a cautious investment strategy focused on core projects.
- Future Outlook and Strategy: Management reiterated its commitment to advancing the Kearl and Cold Lake projects, targeting 300,000 and 165,000 barrels per day respectively, while planning to renew its Normal Course Issuer Bid by the end of June, demonstrating confidence in future growth and commitment to shareholder returns.
See More
Imperial Oil Declares Quarterly Dividend of CAD 0.87
- Quarterly Dividend Declaration: Imperial Oil has declared a quarterly dividend of CAD 0.87 per share, consistent with previous distributions, indicating stable cash flow and profitability, which helps bolster investor confidence.
- Shareholder Record Date: The dividend will be payable on July 1, with a record date of June 4 and an ex-dividend date also on June 4, ensuring shareholders receive their earnings promptly, thereby strengthening the shareholder base.
- Financial Performance: Imperial Oil reported a GAAP EPS of CAD 1.94 and revenue of CAD 12.45 billion in its latest earnings report, indicating improving competitiveness and profitability, which may attract more investor interest.
- Rating Upgrade: With improving fundamentals and compounding returns, market ratings for Imperial Oil have been upgraded, reflecting analysts' optimistic outlook on its future growth potential.
See More
Imperial Oil Declares CAD 0.87 Quarterly Dividend
- Quarterly Dividend Announcement: Imperial Oil has declared a quarterly dividend of CAD 0.87 per share, consistent with previous distributions, indicating stable cash flow and profitability, which is likely to attract more investor interest.
- Dividend Yield: The forward yield of 1.91% offers a relatively attractive return in the current market environment, potentially boosting shareholder confidence and encouraging long-term stock holding.
- Shareholder Record Dates: The dividend will be payable on July 1, with a record date of June 4 and an ex-dividend date also on June 4, ensuring that eligible shareholders receive their dividends promptly, thereby strengthening the relationship between the company and its investors.
- Financial Performance Review: Imperial Oil's recent GAAP EPS of CAD 1.94 and revenue of CAD 12.45 billion reflect improving fundamentals and compounding returns, which may positively influence future dividend policies.
See More
Imperial Oil Q1 Earnings Highlights
- Earnings Per Share: Imperial Oil reported a Q1 GAAP EPS of C$1.94, reflecting stability in profitability despite a 0.6% year-over-year decline, showcasing the company's resilience in a volatile market.
- Revenue Performance: The company generated C$12.45 billion in revenue for Q1, a slight decrease of 0.6% year-over-year, indicating its ability to maintain relatively stable income levels amidst global oil price fluctuations, demonstrating market adaptability.
- Cash Flow Insights: Operating cash flows amounted to C$756 million, with cash flows from operations excluding working capital reaching C$1.239 billion, highlighting effective cash management that enhances future investment and dividend capabilities.
- Production Metrics: Quarterly upstream production averaged 419,000 gross oil-equivalent barrels per day, with Kearl producing 259,000 barrels (Imperial's share at 183,000 barrels) and Cold Lake at 155,000 barrels, reflecting strong performance in oil and gas production that supports the company's long-term growth strategy.
See More
