Imperial Oil Limited (IMO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Imperial Oil Limited (OMI), una potencia en el panorama energético de Canadá que navega magistralmente en los complejos mercados petroleros a través de un innovador lienzo de modelo de negocio. Con Exxonmobil Como su accionista mayoritario y un sólido marco operativo que abarca la exploración, la refinación y la distribución de la OMI demuestra un enfoque sofisticado para ofrecer soluciones energéticas confiables al tiempo que equilibra la innovación tecnológica y la sostenibilidad ambiental. Este análisis exhaustivo revela cómo la compañía se posiciona estratégicamente en el competitivo sector energético canadiense, transformando los desafíos en oportunidades estratégicas que impulsan la creación de valor a largo plazo.

Imperial Oil Limited (OMI) - Modelo de negocio: asociaciones clave

ExxonMobil Corporation (accionista mayoritario)

Imperial Oil Limited Propiedad Estructura a partir de 2024:

Accionista	Porcentaje de propiedad
ExxonMobil Corporation	69.6%
Accionistas públicos	30.4%

Comunidades indígenas en Alberta y Territorios del Noroeste

Acuerdos de asociación actuales:

• Asociaciones con 7 comunidades indígenas en Alberta
• 4 acuerdos de colaboración en los territorios del noroeste
• Gasto anual de adquisiciones indígenas: $ 157.3 millones

Socios de infraestructura de tuberías y transporte

Pareja	Tipo de infraestructura	Capacidad anual
Pembina Pipeline Corporation	Transporte de petróleo crudo	350,000 barriles/día
TC Energy	Transmisión de gas natural	250,000 mmcf/día

Collaboradores de tecnología e investigación avanzada

Asociaciones de investigación y desarrollo:

• Universidad de Calgary - Investigación de energía limpia
• Consejo Nacional de Investigación de Canadá
• Inversión anual de I + D: $ 43.6 millones

Servicio ambiental y socios de sostenibilidad

Métricas de colaboración ambiental:

Pareja	Área de enfoque	Inversión anual
Soluciones de carbono limpia	Tecnología de captura de carbono	$ 22.5 millones
Reducción de emisiones Alberta	Reducción de gases de efecto invernadero	$ 18.7 millones

Imperial Oil Limited (OMI) - Modelo de negocio: actividades clave

Exploración y producción de petróleo crudo

Imperial Oil opera actividades significativas de exploración y producción en Canadá, con un enfoque principal en:

• Producción de petróleo crudo de 426,000 barriles por día en 2022
• Total de reservas probadas de 1,26 mil millones de barriles a partir de 2022
• Los principales sitios operativos en la región de arenas petrolíferas de Alberta

Métrica operacional	Valor 2022
Producción total de arenas petrolíferas	272,000 barriles por día
Producción de crudo convencional	154,000 barriles por día

Refinación y procesamiento de petróleo

Imperial Oil mantiene cuatro refinerías en todo Canadá con capacidades de procesamiento sustanciales:

• Capacidad total de refinación de 404,000 barriles por día
• Refinerías ubicadas en Sarnia, Nanticoke, Edmonton y Montreal

Ubicación de la refinería	Capacidad de procesamiento
Refinería de Edmonton	187,000 barriles por día
Refinería de sarnia	117,000 barriles por día

Distribución minorista de gasolina y combustible

Esso La red minorista de marca incluye:

• 1.750 estaciones de combustible minorista en todo Canadá
• Volumen de ventas de combustible de 8,4 mil millones de litros anuales

Operaciones integradas aguas arriba y aguas abajo

El enfoque integrado de Imperial Oil abarca:

• Inversión aguas arriba de CAD 2.1 mil millones en 2022
• Ingresos de procesamiento posterior de CAD 1.8 mil millones
• Gestión integral de la cadena de valor

Innovación tecnológica en la extracción de energía

Inversiones tecnológicas centradas en:

• Gasto de I + D de CAD 78 millones en 2022
• Tecnologías de captura y almacenamiento de carbono
• Técnicas mejoradas de recuperación de aceite

Área de innovación	Enfoque de inversión
Tecnologías de reducción de carbono	CAD 45 millones
Eficiencia de extracción	CAD 33 millones

Imperial Oil Limited (OMI) - Modelo de negocio: recursos clave

Extensas reservas de arenas de petróleo en Alberta

El aceite imperial se mantiene 4.6 mil millones de barriles de reservas de arenas petrolíferas en la región de Athabasca. Detalles de reserva específicos a partir de 2023:

Ubicación	Volumen de reserva	Producción estimada
Proyecto Kearl Oil Sands	4.200 millones de barriles	240,000 barriles por día
Activo de lago frío	400 millones de barriles	85,000 barriles por día

Instalaciones de refinación avanzadas

Funciona el aceite imperial 4 refinerías principales en todo Canadá:

• Sarnia, Refinería de Ontario - 118,000 barriles por día de capacidad
• Refinería de Edmonton, Alberta - Capacidad de 187,000 barriles por día
• Nanticoke, Refinería de Ontario - 156,000 barriles por día de capacidad
• Montreal East, Refinería de Quebec - Capacidad de 80,000 barriles por día

Capacidades de investigación y desarrollo

Imperial Oil invertido $ 279 millones en I + D y desarrollo de tecnología En 2022, centrándose en:

• Tecnologías de captura de carbono
• Métodos de recuperación de aceite mejorados
• Iniciativas de transformación digital

Fuerza laboral hábil

Categoría de empleado	Número de empleados
Fuerza de trabajo total	5.400 empleados
Profesionales de ingeniería	1.200 empleados
Especialistas técnicos	850 empleados

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 31.2 mil millones
Equivalentes de efectivo y efectivo	$ 2.1 mil millones
Equidad total de los accionistas	$ 19.7 mil millones

Imperial Oil Limited (OMI) - Modelo de negocio: propuestas de valor

Suministro de energía confiable y eficiente para los mercados canadienses

Imperial Oil produjo 397,000 barriles de aceite equivalente por día en 2022. La compañía opera 5 refinerías principales en Canadá con una capacidad de refinación total de 404,000 barriles por día.

Ubicación de la refinería	Capacidad (barriles/día)
Sarnia, Ontario	118,000
Edmonton, Alberta	160,000
Montreal, Quebec	74,000
Otras instalaciones	52,000

Productos petroleros y lubricantes de alta calidad

Imperial Oil genera ingresos anuales de aproximadamente $ 47.7 mil millones (2022) a través de diversas ofertas de productos.

• Gasolina de marca Esso
• Gasóleo
• Combustible de aviación
• Productos petroquímicos
• Lubricantes y aceites industriales especializados

Compromiso con la sostenibilidad ambiental

Imperial Oil invertido $ 1.5 mil millones en tecnologías de reducción de gases de efecto invernadero entre 2020-2022.

Precios competitivos en sectores de combustible y energía

Imperial Oil mantiene los precios competitivos con un margen de producto refinado promedio de $ 15.57 por barril en 2022.

Innovación tecnológica en métodos de extracción de petróleo

La compañía invirtió $ 682 millones en investigación y desarrollo en 2022, centrándose en técnicas mejoradas de recuperación de petróleo y tecnologías de captura de carbono.

Categoría de innovación	Monto de la inversión
Tecnologías de captura de carbono	$ 342 millones
Recuperación de petróleo mejorada	$ 240 millones
Transformación digital	$ 100 millones

Imperial Oil Limited (IMO) - Modelo de negocio: relaciones con los clientes

Contratos de empresa a empresa a largo plazo

Imperial Oil mantiene contratos estratégicos B2B con importantes clientes industriales y comerciales en todo Canadá. A partir de 2023, la compañía informó:

Tipo de contrato	Número de contratos	Valor anual del contrato
Suministro de combustible industrial	87	$ 624 millones
Acuerdos de lubricantes comerciales	53	$ 215 millones

Programas de fidelización para clientes de combustible minorista

El programa de lealtad adicional de Imperial Oil's Esse proporciona incentivos del cliente:

• Miembros del programa de fidelización total: 2.3 millones
• Tasa de canje de puntos promedio: 14.6%
• Retención anual de clientes a través del programa de fidelización: 68%

Plataformas de servicio al cliente digital

Métricas de participación digital para las plataformas de servicio al cliente de Imperial Oil en 2023:

Plataforma	Usuarios activos mensuales	Tasa de satisfacción del cliente
Aplicación móvil	412,000	86%
Portal de clientes en línea	289,000	82%

Comunicación transparente sobre prácticas ambientales

Inversiones de comunicación ambiental:

• Presupuesto anual de informes de sostenibilidad: $ 1.2 millones
• Número de informes de divulgación ambiental pública: 4
• Cumplimiento de informes de transparencia de emisiones de carbono: 100%

Iniciativas de compromiso y apoyo de la comunidad

Detalles de la inversión comunitaria para 2023:

Categoría de iniciativa	Inversión total	Número de comunidades apoyadas
Programas comunitarios locales	$ 3.7 millones	82
Apoyo a la comunidad indígena	$ 1.5 millones	37

Imperial Oil Limited (IMO) - Modelo de negocio: canales

Estaciones de servicio minorista en todo Canadá

Imperial Oil opera aproximadamente 1,750 estaciones de gasolina de la marca Esso en todo Canadá a partir de 2023. Estas estaciones generan ventas anuales de combustible minorista de aproximadamente CAD 12.5 mil millones.

Tipo de estación	Número de ubicaciones	Ingresos anuales
Estaciones de marca Esso	1,750	CAD 12.5 mil millones
Estaciones propiedad de la empresa	325	CAD 3.200 millones
Estaciones de franquicia	1,425	CAD 9.3 mil millones

Ventas directas a clientes industriales y comerciales

Imperial Oil atiende a aproximadamente 5,600 clientes industriales y comerciales en múltiples sectores, generando ventas anuales B2B de CAD 8.7 mil millones.

• Sector de fabricación: 2,100 clientes
• Sector de transporte: 1.450 clientes
• Sector agrícola: 1.250 clientes
• Sector de la construcción: 800 clientes

Plataformas digitales en línea y aplicaciones móviles

Las plataformas digitales de Imperial Oil procesan aproximadamente CAD 1.2 mil millones en transacciones anuales con 2.3 millones de usuarios digitales registrados.

Plataforma digital	Usuarios registrados	Valor de transacción anual
Aplicación de Esse	1.6 millones	CAD 750 millones
Pedidos de combustible en línea	450,000	CAD 350 millones
Portal de clientes comerciales	250,000	CAD 100 millones

Redes de distribución al por mayor

Imperial Oil mantiene 12 centros de distribución principales en Canadá, manejando aproximadamente 45 millones de metros cúbicos de productos petroleros anualmente, con ingresos mayoristas que alcanzan CAD 6.5 mil millones.

Canal de marketing directo y comunicación del cliente

Imperial Oil utiliza múltiples canales de marketing directo, llegando a aproximadamente 3.8 millones de clientes a través de diversos métodos de comunicación.

• Marketing por correo electrónico: 2.1 millones de suscriptores
• Correo directo: 1.2 millones de destinatarios
• Marketing de SMS: 500,000 suscriptores

Imperial Oil Limited (OMI) - Modelo de negocio: segmentos de clientes

Consumidores residenciales canadienses

Imperial Oil atiende a aproximadamente 1,9 millones de clientes residenciales en todo Canadá. Desglose de consumo de energía residencial:

Tipo de energía	Consumo anual
Aceite de calefacción	425,000 hogares
Gasolina	1.2 millones de consumidores
Lubricantes	375,000 hogares

Usuarios de energía industrial y comercial

Imperial Oil suministra energía a 12,500 clientes comerciales e industriales en todo Canadá.

• Ventas anuales de energía industrial: $ 3.7 mil millones
• Consumo de energía del sector comercial: 2.1 millones de gigajulios
• Principales clientes industriales en sectores como fabricación, servicios públicos y construcción

Empresas de transporte y logística

Imperial Oil atiende a 8,700 clientes del sector de transporte:

Segmento de transporte	Número de clientes
Compañías de camiones	4,200
Operadores de flota	2,500
Sistemas de transporte público	650
Transporte ferroviario	1,350

Sectores de fabricación y construcción

Suministro de energía a segmentos de fabricación y construcción:

• Total de fabricación de clientes: 3.600
• Ventas de energía del sector de la construcción: $ 1.2 mil millones anuales
• Consumo de energía de fabricación: 1.8 millones de gigajulios

Industrias agrícolas y mineras

La base de clientes de Imperial Oil en los sectores de recursos primarios:

Industria	Número de clientes	Venta de energía anual
Negocios agrícolas	2,300	$ 675 millones
Compañías mineras	850	$ 1.1 mil millones

Imperial Oil Limited (IMO) - Modelo de negocio: Estructura de costos

Gastos de exploración y producción

En 2022, los gastos de exploración y producción de Imperial Oil totalizaron $ 2.4 mil millones. Los gastos de capital aguas arriba de la compañía fueron de aproximadamente $ 1.7 mil millones, centrados principalmente en proyectos de arenas petrolíferas en Alberta.

Categoría de gastos	Cantidad (CAD)
Gastos de capital aguas arriba	$ 1.7 mil millones
Costos de exploración total	$ 2.4 mil millones

Infraestructura de refinación y procesamiento

Imperial Oil opera cuatro refinerías con una capacidad de procesamiento total de aproximadamente 360,000 barriles por día. El mantenimiento de la infraestructura y los costos operativos para estas instalaciones se estimaron en $ 650 millones en 2022.

• Ubicaciones de refinería: Sarnia, ON; Edmonton, AB; Nanticoke, On; Montreal, QC
• Capacidad total de refinación: 360,000 barriles por día
• Costos de mantenimiento de infraestructura: $ 650 millones

Cumplimiento ambiental e inversiones de sostenibilidad

En 2022, Imperial Oil invirtió $ 180 millones en iniciativas de cumplimiento ambiental y sostenibilidad. Esto incluye proyectos de reducción de gases de efecto invernadero y tecnologías de captura de carbono.

Categoría de inversión de sostenibilidad	Cantidad (CAD)
Cumplimiento ambiental	$ 120 millones
Tecnologías de reducción de carbono	$ 60 millones

Costos de investigación y desarrollo

Imperial Oil asignó $ 85 millones a la investigación y el desarrollo en 2022, centrándose en innovaciones tecnológicas en extracción, procesamiento y soluciones de energía limpia.

• Presupuesto total de I + D: $ 85 millones
• Áreas de investigación clave:
  • Técnicas mejoradas de recuperación de aceite
  • Captura y almacenamiento de carbono
  • Tecnologías de transformación digital

Compensación y capacitación de empleados

Los gastos relacionados con los empleados para el petróleo imperial en 2022 fueron de aproximadamente $ 750 millones, incluidos salarios, beneficios y programas de capacitación.

Categoría de compensación	Cantidad (CAD)
Salarios base	$ 500 millones
Beneficios y pensión	$ 180 millones
Capacitación y desarrollo	$ 70 millones

Imperial Oil Limited (OMI) - Modelo de negocio: flujos de ingresos

Venta de productos de petróleo

Imperial Oil reportó ingresos totales de $ 47.1 mil millones para el año fiscal 2022.

Categoría de ingresos	Cantidad (CAD)
Ventas de petróleo crudo	$ 22.3 mil millones
Venta de productos de petróleo	$ 24.8 mil millones

Gasoline y diesel de combustible minorista

Imperial Oil opera aproximadamente 1,800 estaciones de combustible minorista en todo Canadá.

Segmento minorista de combustible	Ingresos anuales
Ventas de gasolina	$ 12.6 mil millones
Ventas de combustible diesel	$ 5.4 mil millones

Ofertas de productos lubricantes y especializados

• Ingresos de la línea de productos de lubricante: $ 875 millones
• Lubricantes industriales especializados: $ 345 millones
• Cuota de mercado de lubricantes automotrices: 22%

Distribución de energía al por mayor

El segmento de energía mayorista generó $ 8.2 mil millones en ingresos para 2022.

Segmento de energía al por mayor	Ganancia
Distribución de combustible comercial	$ 5.7 mil millones
Suministro de energía industrial	$ 2.5 mil millones

Subproducto y ventas petroquímicas

• Ingresos petroquímicos: $ 1.2 mil millones
• Asfalto y productos especializados: $ 620 millones

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.