Imperial Oil Limited (IMO): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique d'Imperial Oil Limited (IMO), une puissance du paysage énergétique du Canada qui navigue magistralement sur les marchés du pétrole complexes grâce à une toile de modèle commercial innovante. Avec Exxonmobil En tant qu'actionnaire majoritaire et un cadre opérationnel robuste couvrant l'exploration, le raffinage et la distribution, l'OMI démontre une approche sophistiquée pour fournir des solutions énergétiques fiables tout en équilibrant l'innovation technologique et la durabilité environnementale. Cette analyse complète révèle comment l'entreprise se positionne stratégiquement dans le secteur de l'énergie canadien compétitif, transformant les défis en opportunités stratégiques qui stimulent la création de valeur à long terme.

Imperial Oil Limited (IMO) - Modèle d'entreprise: partenariats clés

ExxonMobil Corporation (actionnaire majoritaire)

Imperial Oil Limited Propriété Structure à partir de 2024:

Actionnaire	Pourcentage de propriété
ExxonMobil Corporation	69.6%
Actionnaires publics	30.4%

Communautés autochtones en Alberta et dans le nord-ouest

Accords de partenariat actuels:

• Partenariats avec 7 communautés autochtones en Alberta
• 4 accords de collaboration dans les territoires du Nord-Ouest
• Dépenses de l'approvisionnement indigène annuel: 157,3 millions de dollars

Piéner et partenaires des infrastructures de transport

Partenaire	Type d'infrastructure	Capacité annuelle
Pembina Pipeline Corporation	Transport de pétrole brut	350 000 barils / jour
Énergie TC	Transmission de gaz naturel	250 000 mmcf / jour

Collaborateurs de technologie avancée et de recherche

Partenariats de recherche et développement:

• Université de Calgary - Recherche d'énergie propre
• Conseil national de recherche du Canada
• Investissement annuel de R&D: 43,6 millions de dollars

Partners de service environnemental et de durabilité

Métriques de collaboration environnementale:

Partenaire	Domaine de mise au point	Investissement annuel
Solutions propres en carbone	Technologie de capture de carbone	22,5 millions de dollars
Réduction des émissions Alberta	Réduction des gaz à effet de serre	18,7 millions de dollars

Imperial Oil Limited (OMI) - Modèle d'entreprise: activités clés

Exploration et production du pétrole brut

Imperial Oil exploite des activités d'exploration et de production importantes au Canada, en mettant principalement sur:

• Production de pétrole brut de 426 000 barils par jour en 2022
• Total des réserves prouvées de 1,26 milliard de barils à partir de 2022
• Les principaux sites opérationnels de la région des sables pétroliers de l'Alberta

Métrique opérationnelle	Valeur 2022
Production totale de sables bitumineux	272 000 barils par jour
Production brute conventionnelle	154 000 barils par jour

Raffinage et traitement du pétrole

Imperial Oil maintient quatre raffineries à travers le Canada avec des capacités de traitement substantielles:

• Capacité de raffinage totale de 404 000 barils par jour
• Raffineries situées à Sarnia, Nanticoke, Edmonton et Montréal

Emplacement de la raffinerie	Capacité de traitement
Raffinerie d'Edmonton	187 000 barils par jour
Raffinerie de Sarnia	117 000 barils par jour

Distribution de l'essence et du carburant au détail

Esso Le réseau de vente au détail de marque comprend:

• 1 750 stations de carburant au détail à travers le Canada
• Volume de ventes de carburant de 8,4 milliards de litres par an

Opérations intégrées en amont et en aval

L'approche intégrée d'Imperial Oil englobe:

• Investissement en amont de 2,1 milliards de CAD en 2022
• Revenus de traitement en aval de 1,8 milliard de CAD
• Gestion complète de la chaîne de valeur

Innovation technologique dans l'extraction d'énergie

Les investissements technologiques se sont concentrés sur:

• Dépenses de R&D de 78 millions de CAD en 2022
• Technologies de capture et de stockage du carbone
• Techniques de récupération d'huile améliorées

Zone d'innovation	Focus d'investissement
Technologies de réduction du carbone	CAD 45 millions
Efficacité d'extraction	33 millions CAD

Imperial Oil Limited (IMO) - Modèle d'entreprise: Ressources clés

De vastes réserves de sables d'huile en Alberta

L'huile impériale tient 4,6 milliards de barils de réserves de sables de pétrole dans la région d'Athabasca. Détails de réserve spécifiques à partir de 2023:

Emplacement	Volume de réserve	Production estimée
Projet Kearl Oil Sands	4,2 milliards de barils	240 000 barils par jour
Cold Lake Asset	400 millions de barils	85 000 barils par jour

Installations de raffinage avancées

L'huile impériale fonctionne 4 raffineries majeures à travers le Canada:

• Sarnia, raffinerie de l'Ontario - 118 000 barils par jour.
• Edmonton, Alberta Refinery - 187 000 barils par jour de capacité
• Nanticoke, raffinerie de l'Ontario - 156 000 barils par jour
• Montréal East, Québec Rafinerie - 80 000 barils par jour Capacité

Capacités de recherche et de développement

Le pétrole impérial a investi 279 millions de dollars en R&D et en développement technologique en 2022, en se concentrant sur:

• Technologies de capture de carbone
• Méthodes de récupération d'huile améliorées
• Initiatives de transformation numérique

Main-d'œuvre qualifiée

Catégorie des employés	Nombre d'employés
Total de main-d'œuvre	5 400 employés
Professionnels de l'ingénierie	1 200 employés
Spécialistes techniques	850 employés

Capital financier

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Actif total	31,2 milliards de dollars
Equivalents en espèces et en espèces	2,1 milliards de dollars
Total des capitaux propres des actionnaires	19,7 milliards de dollars

Imperial Oil Limited (IMO) - Modèle d'entreprise: propositions de valeur

Alimentation énergétique fiable et efficace pour les marchés canadiens

Le pétrole impérial a produit 397 000 barils de pétrole équivalent par jour en 2022. La société exploite 5 raffineries majeures à travers le Canada avec une capacité de raffinage totale de 404 000 barils par jour.

Emplacement de la raffinerie	Capacité (barils / jour)
Sarnia, Ontario	118,000
Edmonton, Alberta	160,000
Montréal, Québec	74,000
Autres installations	52,000

Produits pétroliers et lubrifiants de haute qualité

Imperial Oil génère un chiffre d'affaires annuel d'environ 47,7 milliards de dollars (2022) grâce à diverses offres de produits.

• Esso de marque à l'essence
• Carburant diesel
• Carburant d'aviation
• Produits pétrochimiques
• Lubrifiants et huiles industrielles spécialisées

Engagement envers la durabilité environnementale

Le pétrole impérial a investi 1,5 milliard de dollars en technologies de réduction des gaz à effet de serre entre 2020-2022.

Prix ​​compétitifs dans les secteurs du carburant et de l'énergie

Imperial Oil maintient des prix compétitifs avec une marge de produit raffinée moyenne de 15,57 $ le baril en 2022.

Innovation technologique dans les méthodes d'extraction d'huile

L'entreprise a investi 682 millions de dollars en recherche et développement En 2022, en nous concentrant sur les techniques de récupération d'huile améliorées et les technologies de capture de carbone.

Catégorie d'innovation	Montant d'investissement
Technologies de capture de carbone	342 millions de dollars
Récupération d'huile améliorée	240 millions de dollars
Transformation numérique	100 millions de dollars

Imperial Oil Limited (IMO) - Modèle d'entreprise: relations avec les clients

Contrats d'entreprise à long terme

Imperial Oil maintient des contrats B2B stratégiques avec les principaux clients industriels et commerciaux à travers le Canada. En 2023, la société a rapporté:

Type de contrat	Nombre de contrats	Valeur du contrat annuel
Alimentation industrielle	87	624 millions de dollars
Accords de lubrifiant commercial	53	215 millions de dollars

Programmes de fidélité pour les clients du carburant au détail

Le programme Esso Extra Fidélité d'Imperial Oil fournit des incitations aux clients:

• Membres du programme de fidélité totale: 2,3 millions
• Taux de rachat des points moyens: 14,6%
• Programme annuel de fidélité à la fidélisation de la clientèle: 68%

Plateformes de service client numérique

Métriques d'engagement numérique pour les plates-formes de service client d'Imperial Oil en 2023:

Plate-forme	Utilisateurs actifs mensuels	Taux de satisfaction client
Application mobile	412,000	86%
Portail client en ligne	289,000	82%

Communication transparente sur les pratiques environnementales

Investissements en communication environnementale:

• Budget annuel de rapports sur la durabilité: 1,2 million de dollars
• Nombre de rapports publics de divulgation environnementale: 4
• Conformité des rapports de transparence des émissions de carbone: 100%

Initiatives d'engagement et de soutien communautaires

Détails d'investissement communautaire pour 2023:

Catégorie d'initiative	Investissement total	Nombre de communautés soutenues
Programmes communautaires locaux	3,7 millions de dollars	82
Soutien de la communauté autochtone	1,5 million de dollars	37

Imperial Oil Limited (IMO) - Modèle d'entreprise: canaux

Stations de gaz au détail à travers le Canada

Imperial Oil exploite environ 1 750 stations de gaz au détail de marque Esso à travers le Canada à partir de 2023. Ces stations génèrent des ventes de carburant de détail annuelles d'environ 12,5 milliards de CAD.

Type de station	Nombre d'emplacements	Revenus annuels
Stations de marque Esso	1,750	CAD 12,5 milliards
Stations appartenant à l'entreprise	325	3,2 milliards de CAD
Stations de franchise	1,425	CAD 9,3 milliards

Ventes directes aux clients industriels et commerciaux

Imperial Oil dessert environ 5 600 clients industriels et commerciaux dans plusieurs secteurs, générant des ventes annuelles B2B de 8,7 milliards de CAD.

• Secteur de la fabrication: 2 100 clients
• Secteur des transports: 1 450 clients
• Secteur agricole: 1 250 clients
• Secteur de la construction: 800 clients

Plates-formes numériques en ligne et applications mobiles

Les plates-formes numériques d'Imperial Oil traitent environ 1,2 milliard de transactions annuelles avec 2,3 millions d'utilisateurs numériques enregistrés.

Plate-forme numérique	Utilisateurs enregistrés	Valeur de transaction annuelle
Application Esso	1,6 million	750 millions CAD
Commande de carburant en ligne	450,000	350 millions CAD
Portail client commercial	250,000	100 millions CAD

Réseaux de distribution en gros

Imperial Oil maintient 12 principaux centres de distribution à travers le Canada, gérant environ 45 millions de mètres cubes de produits pétroliers par an, avec des revenus en gros atteignant 6,5 milliards de CAD.

Canaux de marketing direct et de communication client

Imperial Oil utilise plusieurs canaux de commercialisation directs, atteignant environ 3,8 millions de clients grâce à diverses méthodes de communication.

• Marketing par e-mail: 2,1 millions d'abonnés
• CUMER DE PRODUIRE: 1,2 million de destinataires
• Marketing SMS: 500 000 abonnés

Imperial Oil Limited (OMI) - Modèle d'entreprise: segments de clientèle

Consommateurs résidentiels canadiens

Imperial Oil dessert environ 1,9 million de clients résidentiels à travers le Canada. Répartition de la consommation d'énergie résidentielle:

Type d'énergie	Consommation annuelle
Chauffage	425 000 ménages
Essence	1,2 million de consommateurs
Lubrifiants	375 000 ménages

Utilisateurs d'énergie industrielle et commerciale

Imperial Oil fournit de l'énergie à 12 500 clients commerciaux et industriels à travers le Canada.

• Ventes annuelles d'énergie industrielle: 3,7 milliards de dollars
• Consommation d'énergie du secteur commercial: 2,1 millions de gigajoules
• Les principaux clients industriels dans des secteurs comme la fabrication, les services publics et la construction

Sociétés de transport et de logistique

Imperial Oil dessert 8 700 clients du secteur des transports:

Segment des transports	Nombre de clients
Entreprise de camionnage	4,200
Opérateurs de flotte	2,500
Systèmes de transport en commun	650
Transport ferroviaire	1,350

Secteurs de fabrication et de construction

Approvisionnement énergétique aux segments de fabrication et de construction:

• Total des clients manufacturiers: 3 600
• Ventes d'énergie du secteur de la construction: 1,2 milliard de dollars par an
• Consommation d'énergie de fabrication: 1,8 million de gigajoules

Industries agricoles et minières

La clientèle d'Imperial Oil dans les secteurs des ressources primaires:

Industrie	Nombre de clients	Ventes d'énergie annuelles
Entreprises agricoles	2,300	675 millions de dollars
Sociétés minières	850	1,1 milliard de dollars

Imperial Oil Limited (IMO) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de production

En 2022, les frais d'exploration et de production d'Imperial Oil ont totalisé 2,4 milliards de dollars. Les dépenses en capital en amont de l'entreprise étaient d'environ 1,7 milliard de dollars, axées principalement sur des projets de sables bitumineux en Alberta.

Catégorie de dépenses	Montant (CAD)
Dépenses en capital en amont	1,7 milliard de dollars
Coûts d'exploration totaux	2,4 milliards de dollars

Infrastructure de raffinage et de traitement

Imperial Oil exploite quatre raffineries avec une capacité de traitement totale d'environ 360 000 barils par jour. La maintenance des infrastructures et les coûts opérationnels de ces installations étaient estimées à 650 millions de dollars en 2022.

• Emplacements de raffinerie: Sarnia, on; Edmonton, AB; Nanticoke, sur; Montréal, QC
• Capacité de raffinage totale: 360 000 barils par jour
• Coûts de maintenance des infrastructures: 650 millions de dollars

Conformité environnementale et investissements en durabilité

En 2022, Imperial Oil a investi 180 millions de dollars dans les initiatives de conformité environnementale et de durabilité. Cela comprend les projets de réduction des gaz à effet de serre et les technologies de capture de carbone.

Catégorie d'investissement en durabilité	Montant (CAD)
Conformité environnementale	120 millions de dollars
Technologies de réduction du carbone	60 millions de dollars

Coûts de recherche et de développement

Le pétrole impérial a alloué 85 millions de dollars à la recherche et au développement en 2022, en se concentrant sur les innovations technologiques dans les solutions d'extraction, de transformation et d'énergie propre.

• Budget total de R&D: 85 millions de dollars
• Domaines de recherche clés:
  • Techniques de récupération d'huile améliorées
  • Capture et stockage du carbone
  • Technologies de transformation numérique

Compensation et formation des employés

Les dépenses liées aux employés pour Imperial Oil en 2022 étaient d'environ 750 millions de dollars, y compris les salaires, les avantages sociaux et les programmes de formation.

Catégorie de compensation	Montant (CAD)
Salaires de base	500 millions de dollars
Avantages et pension	180 millions de dollars
Formation et développement	70 millions de dollars

Imperial Oil Limited (IMO) - Modèle d'entreprise: Strots de revenus

Ventes de produits pétroliers

Imperial Oil a déclaré un chiffre d'affaires total de 47,1 milliards de dollars pour l'exercice 2022.

Catégorie de revenus	Montant (CAD)
Ventes de pétrole brut	22,3 milliards de dollars
Ventes de produits pétroliers	24,8 milliards de dollars

Essence et carburant diesel

Imperial Oil exploite environ 1 800 stations de carburant au détail à travers le Canada.

Segment de vente au détail de carburant	Revenus annuels
Ventes d'essence	12,6 milliards de dollars
Ventes de carburant diesel	5,4 milliards de dollars

Offres de produits lubrifiants et spécialisés

• Revenus de la gamme de produits lubrifiants: 875 millions de dollars
• Lubrifiants industriels spécialisés: 345 millions de dollars
• Part de marché du lubrifiant automobile: 22%

Distribution d'énergie en gros

Le segment de l'énergie en gros a généré 8,2 milliards de dollars de revenus pour 2022.

Segment d'énergie en gros	Revenu
Distribution commerciale de carburant	5,7 milliards de dollars
Approvisionnement en énergie industrielle	2,5 milliards de dollars

Sous-produits et ventes pétrochimiques

• Revenus pétrochimiques: 1,2 milliard de dollars
• Produits d'asphalte et de spécialité: 620 millions de dollars

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.