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(a) Amounts from related parties included in revenues.	5,186	3,342	8,846	6,995



(b) Amounts to related parties included in purchases of crude oil and products.	1,895	1,363	3,145	2,569



(c) Amounts to related parties included in production and manufacturing, and selling and general expenses.	164	130	319	294



(d) Amounts to related parties included in financing.	22	23	43	49



Accounts receivable - net included net amounts receivable from related parties.	$	1,542	399



Investments and long-term receivables included amounts from related parties.	234	251

Long-term debt included amounts to related parties.

3,447




Number of common shares authorized (millions).	1,100	1,100
Number of common shares outstanding (millions).	484	484



(c) Includes contributions to registered pension plans.	(37)	(37)	(74)	(74)

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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 June 30, 2026

☐ 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 class

Trading symbol

Name of each exchange on

which registered

None

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 June 30, 2026 was 483,592,715.


			IMPERIAL OIL LIMITED

Table of contents


			Page

PART I. FINANCIAL INFORMATION			3
Item 1. Financial statements			3
Consolidated statement of income			3
Consolidated statement of comprehensive income			4
Consolidated balance sheet			5
Consolidated statement of shareholders’ equity			6
Consolidated statement of cash flows			7
Notes to consolidated financial statements			8
Item 2. Management’s discussion and analysis of financial condition and results of operations			20
Item 3. Quantitative and qualitative disclosures about market risk			28
Item 4. Controls and procedures			28

PART II. OTHER INFORMATION			29
Item 1. Legal proceedings			29
Item 2. Unregistered sales of equity securities and use of proceeds			29
Item 5. Other information			29
Item 6. Exhibits			30

SIGNATURES			31

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, 2025. 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.


			IMPERIAL OIL LIMITED

PART I. FINANCIAL INFORMATION

Item 1. Financial statements

Consolidated statement of income (U.S. GAAP, unaudited)


	Second Quarter		Six Months to June 30
millions of Canadian dollars	2026	2025	2026	2025
Revenues and other income
Revenues (a)	15,981	11,208	28,397	23,674
Investment and other income (note 3)	81	24	111	75
Total revenues and other income	16,062	11,232	28,508	23,749

Expenses
Exploration	1	—	4	2
Purchases of crude oil and products (b)	10,641	7,215	18,819	14,971
Production and manufacturing (c)	1,819	1,664	3,573	3,350
Selling and general (c) (note 11)	144	251	541	510
Federal excise tax and fuel charge	70	372	418	964
Depreciation and depletion (includes impairments)	511	478	1,031	1,009
Non-service pension and postretirement benefit	2	6	5	11
Financing (d) (note 5)	14	2	25	—
Total expenses	13,202	9,988	24,416	20,817

Income (loss) before income taxes	2,860	1,244	4,092	2,932

Income taxes	670	295	962	695

Net income (loss)	2,190	949	3,130	2,237

Per share information (Canadian dollars)
Net income (loss) per common share - basic (note 9)	4.53	1.86	6.47	4.39
Net income (loss) per common share - diluted (note 9)	4.52	1.86	6.46	4.38
(a) Amounts from related parties included in revenues.	5,186	3,342	8,846	6,995
(b) Amounts to related parties included in purchases of crude oil and products.	1,895	1,363	3,145	2,569
(c) Amounts to related parties included in production and manufacturing, and selling and general expenses.	164	130	319	294
(d) Amounts to related parties included in financing.	22	23	43	49

The information in the notes to consolidated financial statements is an integral part of these statements.


			IMPERIAL OIL LIMITED

Consolidated statement of comprehensive income (U.S. GAAP, unaudited)


	Second Quarter		Six Months to June 30
millions of Canadian dollars	2026	2025	2026	2025
Net income (loss)	2,190	949	3,130	2,237

Other comprehensive income (loss), net of income taxes
Postretirement benefits liability adjustment (excluding amortization)	23	—	(5)	12

Amortization of postretirement benefits liability adjustment included in net benefit costs	2	5	5	10
Total other comprehensive income (loss)	25	5	—	22

Comprehensive income (loss)	2,215	954	3,130	2,259

The information in the notes to consolidated financial statements is an integral part of these statements.


			IMPERIAL OIL LIMITED

Consolidated balance sheet (U.S. GAAP, unaudited)


		As at Jun 30	As at Dec 31
millions of Canadian dollars		2026	2025
Assets
Current assets
Cash and cash equivalents		2,839	1,142
Accounts receivable - net (a)		8,172	4,371
Inventories of crude oil and products		1,927	2,211
Materials, supplies and prepaid expenses		1,006	693
Total current assets		13,944	8,417
Investments and long-term receivables (b)		1,026	1,103
Property, plant and equipment,		60,985	60,031
less accumulated depreciation and depletion		(30,139)	(29,168)
Property, plant and equipment - net		30,846	30,863
Goodwill		166	166
Other assets, including intangibles - net		1,881	1,760
Total assets		47,863	42,309

Liabilities
Current liabilities
Notes and loans payable		19	19
Accounts payable and accrued liabilities (a) (note 7, 11)		9,612	6,595
Income taxes payable		500	2
Total current liabilities		10,131	6,616
Long-term debt (c) (note 6)		3,969	3,978
Other long-term obligations (note 7, 11)		4,981	4,959
Deferred income tax liabilities		4,239	4,502
Total liabilities		23,320	20,055

Shareholders’ equity
Common shares at stated value (d) (note 9)		895	895
Earnings reinvested		23,662	21,373
Accumulated other comprehensive income (loss) (note 10)		(14)	(14)
Total shareholders’ equity		24,543	22,254

Total liabilities and shareholders’ equity		47,863	42,309
(a)	Accounts receivable - net included net amounts receivable from related parties.	1,542	399
(b)	Investments and long-term receivables included amounts from related parties.	234	251
(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).	484	484

The information in the notes to consolidated financial statements is an integral part of these statements.


			IMPERIAL OIL LIMITED

Consolidated statement of shareholders’ equity (U.S. GAAP, unaudited)


	Second Quarter		Six Months to June 30
millions of Canadian dollars	2026	2025	2026	2025
Common shares at stated value (note 9)
At beginning of period	895	942	895	942
Share purchases at stated value	—	—	—	—
At end of period	895	942	895	942

Earnings reinvested
At beginning of period	21,892	23,666	21,373	22,745
Net income (loss) for the period	2,190	949	3,130	2,237
Share purchases in excess of stated value	—	—	—	—
Dividends declared	(420)	(366)	(841)	(733)
At end of period	23,662	24,249	23,662	24,249

Accumulated other comprehensive income (loss) (note 10)
At beginning of period	(39)	(197)	(14)	(214)
Other comprehensive income (loss)	25	5	—	22
At end of period	(14)	(192)	(14)	(192)

Shareholders’ equity at end of period	24,543	24,999	24,543	24,999

The information in the notes to consolidated financial statements is an integral part of these statements.


			IMPERIAL OIL LIMITED

Consolidated statement of cash flows (U.S. GAAP, unaudited)


	Second Quarter		Six Months to June 30
millions of Canadian dollars	2026	2025	2026	2025
Operating activities
Net income (loss)	2,190	949	3,130	2,237
Adjustments for non-cash items:
Depreciation and depletion (includes impairments)	511	478	1,031	1,009
(Gain) loss on asset sales (note 3)	(56)	(1)	(64)	(11)
Deferred income taxes and other	(40)	—	(386)	(31)

Changes in operating assets and liabilities:
Accounts receivable	(523)	168	(3,801)