Imperial Oil Limited (IMO): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Imperial Oil Limited (IMO), einem Kraftpaket in der kanadischen Energielandschaft, das sich mithilfe eines innovativen Business Model Canvas meisterhaft durch die komplexen Erdölmärkte navigiert. Mit ExxonMobil Als Mehrheitsaktionär und mit einem robusten operativen Rahmen, der Exploration, Raffinierung und Vertrieb umfasst, demonstriert IMO einen anspruchsvollen Ansatz zur Bereitstellung zuverlässiger Energielösungen bei gleichzeitiger Balance zwischen technologischer Innovation und ökologischer Nachhaltigkeit. Diese umfassende Analyse zeigt, wie sich das Unternehmen strategisch im wettbewerbsintensiven kanadischen Energiesektor positioniert und Herausforderungen in strategische Chancen umwandelt, die die langfristige Wertschöpfung vorantreiben.

Imperial Oil Limited (IMO) – Geschäftsmodell: Wichtige Partnerschaften

ExxonMobil Corporation (Mehrheitsaktionär)

Eigentümerstruktur von Imperial Oil Limited ab 2024:

Aktionär	Eigentumsprozentsatz
ExxonMobil Corporation	69.6%
Öffentliche Aktionäre	30.4%

Indigene Gemeinschaften in Alberta und den Nordwest-Territorien

Aktuelle Partnerschaftsverträge:

• Partnerschaften mit 7 indigenen Gemeinschaften in Alberta
• 4 Kooperationsvereinbarungen in den Nordwest-Territorien
• Jährliche Beschaffungsausgaben für indigene Bevölkerung: 157,3 Millionen US-Dollar

Partner für Pipeline- und Transportinfrastruktur

Partner	Infrastrukturtyp	Jährliche Kapazität
Pembina Pipeline Corporation	Rohöltransport	350.000 Barrel/Tag
TC-Energie	Erdgastransport	250.000 MMcf/Tag

Fortgeschrittene Technologie- und Forschungsmitarbeiter

Forschungs- und Entwicklungspartnerschaften:

• Universität Calgary – Forschung zu sauberer Energie
• Nationaler Forschungsrat von Kanada
• Jährliche F&E-Investitionen: 43,6 Millionen US-Dollar

Partner für Umweltservice und Nachhaltigkeit

Kennzahlen zur Umweltzusammenarbeit:

Partner	Fokusbereich	Jährliche Investition
Carbon Clean-Lösungen	Kohlenstoffabscheidungstechnologie	22,5 Millionen US-Dollar
Emissionsreduzierung Alberta	Reduzierung von Treibhausgasen	18,7 Millionen US-Dollar

Imperial Oil Limited (IMO) – Geschäftsmodell: Hauptaktivitäten

Rohölexploration und -produktion

Imperial Oil betreibt bedeutende Explorations- und Produktionsaktivitäten in Kanada, wobei der Schwerpunkt auf Folgendem liegt:

• Rohölproduktion von 426.000 Barrel pro Tag im Jahr 2022
• Insgesamt nachgewiesene Reserven von 1,26 Milliarden Barrel ab 2022
• Wichtige Betriebsstandorte in der Ölsandregion Albertas

Betriebsmetrik	Wert 2022
Gesamtölsandproduktion	272.000 Barrel pro Tag
Konventionelle Rohölproduktion	154.000 Barrel pro Tag

Erdölraffinierung und -verarbeitung

Imperial Oil unterhält in ganz Kanada vier Raffinerien mit umfangreichen Verarbeitungskapazitäten:

• Gesamtraffinierungskapazität von 404.000 Barrel pro Tag
• Raffinerien in Sarnia, Nanticoke, Edmonton und Montreal

Standort der Raffinerie	Verarbeitungskapazität
Edmonton-Raffinerie	187.000 Barrel pro Tag
Sarnia-Raffinerie	117.000 Barrel pro Tag

Einzelhandelsvertrieb von Benzin und Kraftstoffen

Esso Das Marken-Einzelhandelsnetzwerk umfasst:

• 1.750 Einzelhandelstankstellen in ganz Kanada
• Jährlicher Kraftstoffabsatz von 8,4 Milliarden Litern

Integrierte Upstream- und Downstream-Operationen

Der integrierte Ansatz von Imperial Oil umfasst:

• Upstream-Investitionen von 2,1 Milliarden CAD im Jahr 2022
• Downstream-Processing-Umsatz von 1,8 Milliarden CAD
• Umfassendes Wertschöpfungskettenmanagement

Technologische Innovation in der Energiegewinnung

Technologische Investitionen konzentrierten sich auf:

• F&E-Ausgaben von 78 Mio. CAD im Jahr 2022
• Technologien zur Kohlenstoffabscheidung und -speicherung
• Verbesserte Ölrückgewinnungstechniken

Innovationsbereich	Investitionsfokus
Technologien zur Kohlenstoffreduzierung	45 Millionen CAD
Extraktionseffizienz	33 Millionen CAD

Imperial Oil Limited (IMO) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Ölsandreserven in Alberta

Imperial Oil hält 4,6 Milliarden Barrel Ölsandreserven in der Athabasca-Region. Spezifische Reservedetails ab 2023:

Standort	Reservevolumen	Geschätzte Produktion
Kearl Oil Sands-Projekt	4,2 Milliarden Barrel	240.000 Barrel pro Tag
Cold Lake-Vermögenswert	400 Millionen Barrel	85.000 Barrel pro Tag

Fortschrittliche Raffinationsanlagen

Imperial Oil ist tätig 4 große Raffinerien in ganz Kanada:

• Raffinerie in Sarnia, Ontario – Kapazität 118.000 Barrel pro Tag
• Raffinerie in Edmonton, Alberta – Kapazität 187.000 Barrel pro Tag
• Raffinerie in Nanticoke, Ontario – Kapazität 156.000 Barrel pro Tag
• Raffinerie Montreal East, Quebec – Kapazität 80.000 Barrel pro Tag

Forschungs- und Entwicklungskapazitäten

Imperial Oil investiert 279 Millionen US-Dollar für Forschung und Entwicklung sowie Technologieentwicklung im Jahr 2022 mit den Schwerpunkten:

• Technologien zur Kohlenstoffabscheidung
• Verbesserte Methoden zur Ölrückgewinnung
• Initiativen zur digitalen Transformation

Qualifizierte Arbeitskräfte

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtbelegschaft	5.400 Mitarbeiter
Ingenieursprofis	1.200 Mitarbeiter
Technische Spezialisten	850 Mitarbeiter

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	31,2 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	2,1 Milliarden US-Dollar
Gesamteigenkapital	19,7 Milliarden US-Dollar

Imperial Oil Limited (IMO) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente Energieversorgung für kanadische Märkte

Imperial Oil produzierte im Jahr 2022 397.000 Barrel Öläquivalent pro Tag. Das Unternehmen betreibt 5 große Raffinerien in ganz Kanada mit einer Gesamtraffinierungskapazität von 404.000 Barrel pro Tag.

Standort der Raffinerie	Kapazität (Fässer/Tag)
Sarnia, Ontario	118,000
Edmonton, Alberta	160,000
Montreal, Québec	74,000
Andere Einrichtungen	52,000

Hochwertige Erdölprodukte und Schmierstoffe

Imperial Oil erwirtschaftet durch vielfältige Produktangebote einen Jahresumsatz von rund 47,7 Milliarden US-Dollar (2022).

• Benzin der Marke Esso
• Dieselkraftstoff
• Flugtreibstoff
• Petrochemische Produkte
• Schmierstoffe und spezielle Industrieöle

Engagement für ökologische Nachhaltigkeit

Imperial Oil investiert 1,5 Milliarden US-Dollar für Technologien zur Reduzierung von Treibhausgasen zwischen 2020-2022.

Wettbewerbsfähige Preise im Kraftstoff- und Energiesektor

Imperial Oil behält seine wettbewerbsfähigen Preise bei und erzielt im Jahr 2022 eine durchschnittliche Raffinerieproduktmarge von 15,57 US-Dollar pro Barrel.

Technologische Innovation bei Ölgewinnungsmethoden

Das Unternehmen investierte 682 Millionen US-Dollar für Forschung und Entwicklung im Jahr 2022 mit Schwerpunkt auf verbesserten Ölrückgewinnungstechniken und Kohlenstoffabscheidungstechnologien.

Kategorie „Innovation“.	Investitionsbetrag
Kohlenstoffabscheidungstechnologien	342 Millionen Dollar
Verbesserte Ölrückgewinnung	240 Millionen Dollar
Digitale Transformation	100 Millionen Dollar

Imperial Oil Limited (IMO) – Geschäftsmodell: Kundenbeziehungen

Langfristige Business-to-Business-Verträge

Imperial Oil unterhält strategische B2B-Verträge mit großen Industrie- und Gewerbekunden in ganz Kanada. Ab 2023 berichtete das Unternehmen:

Vertragstyp	Anzahl der Verträge	Jährlicher Vertragswert
Industrielle Kraftstoffversorgung	87	624 Millionen US-Dollar
Kommerzielle Schmierstoffverträge	53	215 Millionen Dollar

Treueprogramme für Kraftstoffkunden im Einzelhandel

Das Treueprogramm Esso Extra von Imperial Oil bietet Kundenanreize:

• Gesamtzahl der Mitglieder des Treueprogramms: 2,3 Millionen
• Durchschnittliche Punkteeinlösungsrate: 14,6 %
• Jährliche Kundenbindung durch Treueprogramm: 68 %

Digitale Kundenservice-Plattformen

Kennzahlen zum digitalen Engagement für die Kundendienstplattformen von Imperial Oil im Jahr 2023:

Plattform	Monatlich aktive Benutzer	Kundenzufriedenheitsrate
Mobile App	412,000	86%
Online-Kundenportal	289,000	82%

Transparente Kommunikation über Umweltpraktiken

Investitionen in die Umweltkommunikation:

• Jährliches Budget für die Nachhaltigkeitsberichterstattung: 1,2 Millionen US-Dollar
• Anzahl öffentlicher Umweltberichte: 4
• Einhaltung der CO2-Transparenzberichterstattung: 100 %

Community-Engagement und Unterstützungsinitiativen

Details zu Gemeinschaftsinvestitionen für 2023:

Initiative-Kategorie	Gesamtinvestition	Anzahl der unterstützten Communities
Lokale Gemeinschaftsprogramme	3,7 Millionen US-Dollar	82
Unterstützung der indigenen Gemeinschaft	1,5 Millionen Dollar	37

Imperial Oil Limited (IMO) – Geschäftsmodell: Kanäle

Einzelhandelstankstellen in ganz Kanada

Imperial Oil betreibt ab 2023 rund 1.750 Einzelhandelstankstellen der Marke Esso in ganz Kanada. Diese Tankstellen erwirtschaften einen jährlichen Kraftstoffeinzelhandelsumsatz von etwa 12,5 Milliarden CAD.

Stationstyp	Anzahl der Standorte	Jahresumsatz
Esso-Markenstationen	1,750	12,5 Milliarden CAD
Firmeneigene Stationen	325	3,2 Milliarden CAD
Franchise-Stationen	1,425	9,3 Milliarden CAD

Direktvertrieb an Industrie- und Gewerbekunden

Imperial Oil beliefert rund 5.600 Industrie- und Gewerbekunden aus verschiedenen Sektoren und erwirtschaftet einen jährlichen B2B-Umsatz von 8,7 Milliarden CAD.

• Fertigungssektor: 2.100 Kunden
• Transportsektor: 1.450 Kunden
• Agrarsektor: 1.250 Kunden
• Bausektor: 800 Kunden

Digitale Online-Plattformen und mobile Anwendungen

Die digitalen Plattformen von Imperial Oil verarbeiten jährliche Transaktionen mit 2,3 Millionen registrierten digitalen Nutzern im Wert von rund 1,2 Milliarden CAD.

Digitale Plattform	Registrierte Benutzer	Jährlicher Transaktionswert
Esso-App	1,6 Millionen	750 Millionen CAD
Online-Kraftstoffbestellung	450,000	350 Millionen CAD
Gewerbliches Kundenportal	250,000	100 Millionen CAD

Großhandelsvertriebsnetze

Imperial Oil unterhält 12 große Vertriebszentren in ganz Kanada, in denen jährlich etwa 45 Millionen Kubikmeter Erdölprodukte abgewickelt werden, wobei der Großhandelsumsatz 6,5 Milliarden CAD erreicht.

Direktmarketing und Kundenkommunikationskanäle

Imperial Oil nutzt mehrere Direktmarketingkanäle und erreicht über verschiedene Kommunikationsmethoden rund 3,8 Millionen Kunden.

• E-Mail-Marketing: 2,1 Millionen Abonnenten
• Direktwerbung: 1,2 Millionen Empfänger
• SMS-Marketing: 500.000 Abonnenten

Imperial Oil Limited (IMO) – Geschäftsmodell: Kundensegmente

Kanadische Privatkunden

Imperial Oil beliefert rund 1,9 Millionen Privatkunden in ganz Kanada. Aufschlüsselung des Energieverbrauchs von Wohngebäuden:

Energietyp	Jährlicher Verbrauch
Heizöl	425.000 Haushalte
Benzin	1,2 Millionen Verbraucher
Schmierstoffe	375.000 Haushalte

Industrielle und gewerbliche Energieverbraucher

Imperial Oil beliefert 12.500 Gewerbe- und Industriekunden in ganz Kanada mit Energie.

• Jährlicher Umsatz mit Industrieenergie: 3,7 Milliarden US-Dollar
• Energieverbrauch im gewerblichen Sektor: 2,1 Millionen Gigajoule
• Große Industriekunden in Branchen wie Fertigung, Versorgung und Baugewerbe

Transport- und Logistikunternehmen

Imperial Oil bedient 8.700 Kunden aus der Transportbranche:

Transportsegment	Anzahl der Kunden
Speditionen	4,200
Flottenbetreiber	2,500
Öffentliche Verkehrssysteme	650
Schienenverkehr	1,350

Fertigungs- und Bausektor

Energieversorgung der Produktions- und Bausektoren:

• Gesamtkundenzahl im verarbeitenden Gewerbe: 3.600
• Energieumsatz im Bausektor: 1,2 Milliarden US-Dollar pro Jahr
• Energieverbrauch bei der Herstellung: 1,8 Millionen Gigajoule

Agrar- und Bergbauindustrie

Der Kundenstamm von Imperial Oil in den Primärressourcensektoren:

Industrie	Anzahl der Kunden	Jährlicher Energieumsatz
Agrarbetriebe	2,300	675 Millionen Dollar
Bergbauunternehmen	850	1,1 Milliarden US-Dollar

Imperial Oil Limited (IMO) – Geschäftsmodell: Kostenstruktur

Explorations- und Produktionskosten

Im Jahr 2022 beliefen sich die Explorations- und Produktionskosten von Imperial Oil auf insgesamt 2,4 Milliarden US-Dollar. Die Upstream-Investitionsausgaben des Unternehmens beliefen sich auf etwa 1,7 Milliarden US-Dollar und konzentrierten sich hauptsächlich auf Ölsandprojekte in Alberta.

Ausgabenkategorie	Betrag (CAD)
Upstream-Kapitalausgaben	1,7 Milliarden US-Dollar
Gesamte Explorationskosten	2,4 Milliarden US-Dollar

Verfeinerungs- und Verarbeitungsinfrastruktur

Imperial Oil betreibt vier Raffinerien mit einer Gesamtverarbeitungskapazität von rund 360.000 Barrel pro Tag. Die Wartungs- und Betriebskosten für die Infrastruktur dieser Einrichtungen werden im Jahr 2022 auf 650 Millionen US-Dollar geschätzt.

• Raffineriestandorte: Sarnia, ON; Edmonton, AB; Nanticoke, ON; Montreal, QC
• Gesamtraffinierungskapazität: 360.000 Barrel pro Tag
• Kosten für die Instandhaltung der Infrastruktur: 650 Millionen US-Dollar

Umweltkonformität und Nachhaltigkeitsinvestitionen

Im Jahr 2022 investierte Imperial Oil 180 Millionen US-Dollar in Umweltschutz- und Nachhaltigkeitsinitiativen. Dazu gehören Projekte zur Reduzierung von Treibhausgasen und Technologien zur Kohlenstoffabscheidung.

Kategorie „Nachhaltige Investitionen“.	Betrag (CAD)
Umweltkonformität	120 Millionen Dollar
Technologien zur Kohlenstoffreduzierung	60 Millionen Dollar

Forschungs- und Entwicklungskosten

Imperial Oil stellte im Jahr 2022 85 Millionen US-Dollar für Forschung und Entwicklung bereit und konzentrierte sich dabei auf technologische Innovationen in den Bereichen Förderung, Verarbeitung und saubere Energielösungen.

• Gesamtbudget für Forschung und Entwicklung: 85 Millionen US-Dollar
• Forschungsschwerpunkte:
  • Verbesserte Ölrückgewinnungstechniken
  • Kohlenstoffabscheidung und -speicherung
  • Digitale Transformationstechnologien

Vergütung und Schulung der Mitarbeiter

Die mitarbeiterbezogenen Ausgaben für Imperial Oil beliefen sich im Jahr 2022 auf etwa 750 Millionen US-Dollar, einschließlich Gehältern, Sozialleistungen und Schulungsprogrammen.

Vergütungskategorie	Betrag (CAD)
Grundgehälter	500 Millionen Dollar
Leistungen und Rente	180 Millionen Dollar
Schulung und Entwicklung	70 Millionen Dollar

Imperial Oil Limited (IMO) – Geschäftsmodell: Einnahmequellen

Verkauf von Erdölprodukten

Imperial Oil meldete für das Geschäftsjahr 2022 einen Gesamtumsatz von 47,1 Milliarden US-Dollar.

Umsatzkategorie	Betrag (CAD)
Rohölverkäufe	22,3 Milliarden US-Dollar
Verkauf von Erdölprodukten	24,8 Milliarden US-Dollar

Einzelhandel mit Benzin- und Dieselkraftstoffen

Imperial Oil betreibt rund 1.800 Einzelhandelstankstellen in ganz Kanada.

Kraftstoffeinzelhandelssegment	Jahresumsatz
Benzinverkauf	12,6 Milliarden US-Dollar
Verkauf von Dieselkraftstoff	5,4 Milliarden US-Dollar

Schmierstoff- und Spezialproduktangebote

• Umsatz der Schmierstoffproduktlinie: 875 Millionen US-Dollar
• Spezialisierte Industrieschmierstoffe: 345 Millionen US-Dollar
• Marktanteil von Kfz-Schmierstoffen: 22 %

Energiegroßhandel

Das Energiegroßhandelssegment erwirtschaftete im Jahr 2022 einen Umsatz von 8,2 Milliarden US-Dollar.

Energiegroßhandelssegment	Einnahmen
Kommerzielle Kraftstoffverteilung	5,7 Milliarden US-Dollar
Industrielle Energieversorgung	2,5 Milliarden US-Dollar

Verkauf von Nebenprodukten und Petrochemikalien

• Petrochemischer Umsatz: 1,2 Milliarden US-Dollar
• Asphalt- und Spezialprodukte: 620 Millionen US-Dollar

Imperial Oil Limited (IMO) - Canvas Business Model: Value Propositions

You're looking at the core value Imperial Oil Limited (IMO) delivers to its customers and shareholders as of late 2025. It's all about scale, reliability, and a pivot toward lower-carbon offerings, grounded in massive asset performance.

Integrated Reliability: Stable Supply

The value here is the seamless flow from resource extraction to the final pump. You see this in the operational performance of their Downstream segment, which is a key part of that integrated chain. For instance, in the third quarter of 2025, refinery capacity utilization hit 98 percent.

This reliability is backed by their market presence:

• Canada's largest petroleum refiner.
• A major producer of crude oil and synthetic oil.
• A leading fuels marketer from coast to coast.

High-Volume Production: Upstream Scale

The sheer volume coming out of the Upstream segment is a major proposition. While the initial 2025 corporate guidance forecasted production between 433,000 and 456,000 gross oil equivalent barrels per day, the actual performance in the third quarter of 2025 showed they exceeded that range, achieving 462,000 gross oil-equivalent barrels per day, which was their highest quarterly production in over 30 years.

Here's a quick look at that production scale, using the Q3 2025 results:

Asset/Metric	Q3 2025 Gross Production (BOE/day)	Notes
Upstream Total	462,000	Highest quarterly production in over 30 years.
Kearl Operation	316,000 (Total)	Achieved highest-ever quarterly production for the asset.
Kearl (IMO Share)	224,000	Imperial's working interest in the record quarter.
Cold Lake	150,000	Progressing the Leming SAGD project.

Low-Carbon Fuels: Strathcona Renewable Diesel

Imperial Oil is delivering on lower-carbon alternatives with the Strathcona renewable diesel facility. Construction was confirmed complete in Q2 2025, with operations starting around mid-2025. This was a $720-million investment.

The output potential is significant:

• Capacity to produce over 1 billion liters of renewable diesel annually.
• This equates to approximately 264.17 million gallons per year.

Brand Trust: Market Recognition

The value proposition includes the trust associated with established consumer-facing brands. You see this across their marketing network for fuels, lubricants, and convenience retail, primarily through the Esso and Mobil banners.

Shareholder Returns: Consistent Payouts

For investors, the commitment to returns is quantified by a long history of increases. While the prompt mentioned 29 years, the latest declaration shows the company has increased its annual dividend payment for 30 consecutive years. The third quarter 2025 dividend declared was 72 cents per share, payable on October 1, 2025. This puts the annualized dividend at $2.06 per share, yielding about 2.19%, with a payout ratio around 36.56% as of late 2025.

Finance: draft 13-week cash view by Friday.

Imperial Oil Limited (IMO) - Canvas Business Model: Customer Relationships

You're looking at how Imperial Oil Limited connects with the people and entities that buy its products and services as of late 2025. It's a mix of high-volume, low-touch transactions and deep, long-term commercial relationships, all underpinned by shareholder return programs.

Transactional Retail: Self-service at Esso and Mobil branded service stations.

The core of the retail relationship is transactional, relying on the ubiquity of the Esso and Mobil brands. These stations are owned and operated by independent businesses, but Imperial Oil supplies the fuel, maintaining brand standards. As of August 27, 2025, there are 2,465 Esso gas stations across Canada. Ontario holds the largest share with 942 locations, representing about 38% of the total Esso network. This network is described as consisting of more than 2,000 stations across Canada. At the end of 2024, Imperial Oil was supplying fuel to about 2,600 sites operating under a branded wholesaler model, where the company supplies fuel to independent third parties.

Here's a quick look at the geographic spread of the Esso retail footprint as of late 2025:

Province / Territory	Number of Locations	Percentage of Total Esso Stations
Ontario	942	38%
Quebec	493	20%
Alberta	376	15%

The relationship is also cemented through brand association, such as Imperial Oil's multiyear agreement naming them the Official Retail Fuel of the NHL in Canada, which was renewed in 2024.

Dedicated Account Management: Direct sales and long-term contracts with large industrial and commercial customers.

For large customers, the relationship shifts to dedicated account management, focusing on reliable supply through wholesale channels. Imperial Oil's petroleum product sales volume in the third quarter of 2025 was 464,000 barrels per day, a decrease from 487,000 barrels per day in the third quarter of 2024, with the drop driven by lower volumes in the supply and wholesale channels. Conversely, in the second quarter of 2025, petroleum product sales were 480,000 barrels per day, an increase from 470,000 barrels per day in the second quarter of 2024, aided by the Trans Mountain pipeline expansion. For the six months ended June 30, 2025, revenues from related parties totaled $23,674 million CAD.

The Downstream segment performance reflects this commercial focus:

• Refinery throughput averaged 425,000 barrels per day in Q3 2025, with capacity utilization at 98%.
• Refinery throughput averaged 376,000 barrels per day in Q2 2025, with capacity utilization at 87%.
• Upstream achieved its highest-ever quarterly production in over 30 years in Q3 2025 at 462,000 gross oil-equivalent barrels per day.

Investor Relations: Consistent communication and capital return programs like the accelerated NCIB (Normal Course Issuer Bid).

The relationship with shareholders is managed through clear communication on capital allocation priorities, emphasizing cash return. Imperial Oil announced a new Normal Course Issuer Bid (NCIB) on June 23, 2025, to repurchase up to 5% of its 509,044,963 outstanding common shares as of June 15, 2025, allowing for a maximum of 25,452,248 shares to be bought over the following year. This reflects the company's priority and capacity to return cash, consistent with its balance sheet strength and strong cash generation. The company returned $1,835 million to shareholders in the third quarter of 2025 alone, which included $366 million in dividend payments and $1,469 million in share repurchases under the NCIB. Specifically for the period from July 1, 2025, to September 30, 2025, the company repurchased 12,183,936 shares for CAD 1,469.07 million. The quarterly dividend declared for the second quarter of 2025 was 72 cents per share. Furthermore, the company is set to go ex-dividend on December 3rd, 2025, with a dividend of 0.53704 USD per share payable on January 1st, 2026.

Automated Digital Services: Loyalty programs and mobile payment options for retail consumers.

Digital services support the transactional retail relationship, though the primary loyalty mechanism appears external. Imperial Oil markets its fuels under the Esso and Mobil brands, and customers rely on these for quality performance. While the company has a history with various rewards programs, the current structure integrates with external digital ecosystems. General 2025 loyalty market data suggests that 92% of surveyed consumers are enrolled in at least one loyalty program, and almost 50% are part of more than five programs. More than half of participating customers engage with their loyalty programs weekly. More than 50% of US consumers surveyed in 2025 indicated they are willing to share their personal information for personalization benefits. The company continues to offer services that meet the growing needs of consumers, anticipating and meeting those needs across its branded network.

Imperial Oil Limited (IMO) - Canvas Business Model: Channels

Imperial Oil Limited (IMO) uses an integrated logistics network to move crude oil from its Upstream assets and refined products from its manufacturing hubs to market. This network is a key part of the Downstream segment, which focuses on efficiently moving product to high-value markets across Canada. Imperial Oil continues to optimize this network, as seen by the completion and start-up of the Strathcona renewable diesel facility around mid-2025, which is expected to increase product sales.

The Retail Network, branded as Esso and Mobil service stations, is the final touchpoint for many refined products. While the exact count of service stations isn't specified in recent guidance, the overall petroleum product sales volume reflects the activity through this and other commercial channels. For example, petroleum product sales averaged 455,000 barrels per day in the first quarter of 2025 and increased to 480,000 barrels per day in the second quarter of 2025.

Wholesale/Direct Sales to industrial and transportation sectors are a significant component of product off-take. This channel experienced some headwinds; for instance, the second quarter of 2025 reported an unfavorable wholesale volume impact of about $70 million. Similarly, the third quarter of 2025 also cited an unfavorable wholesale volume impact of about $70 million, with lower sales volumes noted in both supply and wholesale channels.

The efficiency of moving products to these channels is heavily reliant on the Pipeline System. Imperial Oil forecasts its 2025 downstream throughput to be between 405,000 and 415,000 barrels per day, with utilization targeted between 94% and 96%. The company explicitly focuses on leveraging its coast-to-coast logistics network. The expansion of the Trans Mountain pipeline was noted as enabling higher petroleum product sales in the second quarter of 2025. The company is also focused on optimizing processing flexibility across its network.

Here's a look at the throughput and sales volumes that move through these channels in 2025:

Metric (Thousands of Barrels per Day)	Q1 2025	Q2 2025	Q3 2025
Refinery Throughput	397	376	425
Petroleum Product Sales	455	480	464

Rail and Road Transport serve as necessary complements to the pipeline infrastructure, ensuring product delivery to markets not directly serviced by the company's owned or contracted pipelines. Imperial Oil's overall strategy involves enhancing logistics and processing flexibility across the entire network to maintain resiliency.

The company's distribution strategy is supported by its integrated operations, which include:

• Leveraging a coast-to-coast logistics network for efficient product movement.
• Maximizing refinery crude and product slate flexibility to improve resiliency.
• The mid-2025 start-up of the Strathcona renewable diesel facility, adding lower-emission fuels to the transportation sector.

Finance: draft 13-week cash view by Friday.

Imperial Oil Limited (IMO) - Canvas Business Model: Customer Segments

Imperial Oil Limited serves distinct customer groups across its integrated operations, spanning retail, commercial, industrial, and global commodity markets.

Retail Consumers

This segment includes Canadian drivers purchasing refined products through the branded retail network. In 2024, Imperial Oil grew its branded network to 2,600 sites. For the six months ended June 30, 2025, sales volumes for gasolines averaged 220 thousand barrels per day.

The product mix sold through these channels, based on six months 2025 volumes, is detailed below:

Product Category	Average Daily Sales Volume (Thousand Barrels per Day) - Six Months 2025
Gasolines	220
Heating, Diesel and Jet Fuels	180
Lube Oils and Other Products	49

Commercial/Industrial Fleets

This group comprises large-volume users such as airlines, trucking, and marine operations, primarily purchasing diesel and jet fuel. For the six months ended June 30, 2025, the combined sales volume for heating, diesel, and jet fuels was 180 thousand barrels per day. The Downstream segment, which serves these markets, reported total petroleum product sales averaging 480,000 barrels per day in the second quarter of 2025.

Refinery operations supporting this segment ran at an overall capacity utilization of 87 percent in the second quarter of 2025, with throughput averaging 376,000 barrels per day.

Petrochemical Industry

Manufacturers purchase hydrocarbon-based chemicals and intermediates from Imperial Oil Limited's Chemical segment. For the third quarter of 2025, petrochemical sales volumes were reported at 173 thousand tonnes. The total revenues for the Chemical segment for the six months ended June 30, 2025, were CAD728 million.

The segment revenue breakdown for the six months ended June 30, 2025, compared to 2024 is:

• Chemical Revenues (millions of Canadian dollars) - 2025: 728
• Chemical Revenues (millions of Canadian dollars) - 2024: 837

Global Refiners/Traders

This segment involves the sale of crude oil, synthetic crude, and bitumen to external refiners and commodity traders globally. Imperial Oil's total revenues for the second quarter of 2025 were CAD11.208 billion. For the nine months ended June 30, 2025, total revenues and other income reached CAD23.749 billion.

Upstream production, which feeds these sales, was forecasted for 2025 to be between 433,000 and 456,000 gross oil equivalent barrels per day. The company's share of gross production from Syncrude averaged 78,000 barrels per day in the third quarter of 2025. Gross bitumen production at Cold Lake averaged 150,000 barrels per day in the third quarter of 2025.

Key upstream production metrics for the second quarter of 2025:

• Total Upstream Production (gross oil-equivalent barrels per day): 427,000
• Kearl Total Gross Production (barrels per day): 275,000
• Imperial's Share of Kearl Production (barrels per day): 195,000

Imperial Oil Limited (IMO) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Imperial Oil Limited's cost base for 2025, focusing on where the cash is going to keep the integrated business running and growing.

Capital Expenditures

Imperial Oil Limited's spending plan for 2025 is set within a defined range, reflecting investment across both Upstream growth and Downstream optimization projects. The forecasted spending is between C$1.9 to C$2.1 billion. This capital allocation supports volume growth initiatives like mine progression work at Kearl and the completion of the Leming redevelopment project in the Upstream segment.

Raw Material Costs

A major component of the overall cost of goods sold involves the purchase of necessary feedstocks. For the three months ended March 31, 2025, the amount recorded for Purchases of crude oil and products that was transacted with related parties totaled $427 million (Canadian dollars). This highlights the scale of internal transactions within the broader corporate structure.

Operating Costs

Operating costs cover the day-to-day expenses to run the production and manufacturing facilities, excluding the cost of raw materials. For the first quarter of 2025 (three months ended March 31, 2025), total Production and manufacturing expenses were $1,686 million. Imperial Oil Limited is actively targeting reductions in unit cash costs at its key Upstream assets as part of its efficiency drive. The specific unit cash cost goals introduced for 2025 are:

• Kearl: Target of US$18 per barrel, down from a previous target of US$20 per barrel.
• Cold Lake: Target of $13 per barrel.

Additionally, the company incurred a significant one-time operating expense related to corporate restructuring in the third quarter of 2025, amounting to a charge of $330 million before tax.

Distribution and Logistics Costs

Maintaining the coast-to-coast network of pipelines and terminals is a key operational expense, though often embedded within broader categories. The Selling and general expense category, which includes overhead related to sales and distribution, was $259 million for the first quarter of 2025. Imperial Oil Limited continues to focus on improving its advantaged Canadian downstream business by leveraging this logistics network to move product to high-value markets.

Planned Turnarounds

Scheduled maintenance at refineries and upstream facilities requires significant operating expenditure. Imperial Oil Limited planned for a lighter turnaround schedule in 2025 compared to 2024, expecting a 30% lower cost impact from downstream turnarounds. The specific estimated operating costs (Imperial share, before royalties) associated with the 2025 planned turnarounds are detailed below:

Asset Location	Timing	Estimated Operating Cost (Imperial Share, before Royalties)
Kearl (Upstream)	2Q 2025	$57 million
Cold Lake (Upstream)	2Q 2025	$30 million
Syncrude (Upstream)	3Q 2025	$111 million
Strathcona refinery (Downstream & Chemical)	2Q 2025	$19 million
Nanticoke refinery (Downstream & Chemical)	2Q 2025	$41 million
Sarnia refinery (Downstream & Chemical)	3Q/4Q 2025	$51 million

The total estimated operating cost for these specific 2025 planned turnarounds is $310 million.

Imperial Oil Limited (IMO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Imperial Oil Limited generates cash from its integrated operations as of late 2025. This isn't just about the final sales number; it's about where the money actually comes from across the value chain.

Downstream Sales: This is historically the largest revenue driver, coming from refined products. Think gasoline, diesel, and jet fuel sold through the Esso and Mobil brands, plus sales to industrial customers. For the third quarter of 2025, the Downstream segment showed strong operational performance, hitting a refinery capacity utilization of 98 percent. Petroleum product sales for that quarter averaged 464,000 barrels per day.

Upstream Sales: This stream covers the sale of raw materials: crude oil, natural gas, and bitumen extracted from their assets. Upstream production hit a high note in the third quarter of 2025, averaging 462,000 gross oil-equivalent barrels per day. For context on pricing for the nine months ending September 30, 2025, the average realized price for West Texas Intermediate (WTI) was US$66.65 per barrel, and Bitumen averaged $69.68 per barrel (CAD).

Chemical Sales: This segment manufactures and markets petrochemicals, solvents, and related products. While direct revenue isn't broken out, the net income for the Chemicals segment in the third quarter of 2025 was $21 million.

Total Revenue: Trailing twelve months revenue ending September 30, 2025, was $34.589B. For a more recent snapshot, sales for the nine months ended September 30, 2025, totaled CAD 35,798 million.

Renewable Fuel Sales: This is the newest component, stemming from the Strathcona Renewable Diesel facility, which started operations in mid-2025. Once fully operational, this 20,000-barrel-per-day complex is projected to produce over 1 billion liters (approximately 264.17 million gallons) of renewable diesel annually.

Here's a quick look at the operational scale feeding these revenue streams for the nine months ending September 30, 2025, compared to the prior year:

Revenue Driver Segment	Metric	2025 (Nine Months)	2024 (Nine Months)
Upstream Production (Imperial's Share)	Kearl (thousand barrels per day)	200	195
Upstream Production (Gross)	Cold Lake (barrels per day)	150,000	147,000
Downstream Operations	Refinery Throughput (barrels per day)	425,000	(Implied lower due to Q3 throughput vs prior year)
Chemicals	Q3 Net Income (millions of CAD)	$21	$28

The company's strategy relies on the integration of these parts; for instance, the Downstream segment sells products refined from the Upstream segment's crude, and the new renewable diesel stream diversifies that offering. If onboarding the new renewable diesel feedstock takes longer than expected, cash flow projections for Q4 2025 will need adjustment. Finance: draft Q4 2025 cash flow impact analysis by next Tuesday.