Imperial Oil Limited (IMO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Imperial Oil Limited (IMO), uma potência no cenário energético do Canadá que navega magistralmente mercados de petróleo complexos por meio de uma tela inovadora de modelo de negócios. Com ExxonMobil Como acionista majoritário e uma estrutura operacional robusta que abrange a exploração, refino e distribuição, a IMO demonstra uma abordagem sofisticada para fornecer soluções de energia confiáveis, equilibrando a inovação tecnológica e a sustentabilidade ambiental. Essa análise abrangente revela como a empresa se posiciona estrategicamente no setor de energia canadense competitivo, transformando desafios em oportunidades estratégicas que impulsionam a criação de valor a longo prazo.

Imperial Oil Limited (IMO) - Modelo de Negócios: Principais Parcerias

ExxonMobil Corporation (acionista majoritário)

Estrutura de propriedade da Imperial Oil Limited a partir de 2024:

Acionista	Porcentagem de propriedade
ExxonMobil Corporation	69.6%
Acionistas públicos	30.4%

Comunidades indígenas em Alberta e Territórios do Noroeste

Acordos de parceria atuais:

• Parcerias com 7 comunidades indígenas em Alberta
• 4 acordos de colaboração em territórios do noroeste
• Gastos anuais de compras indígenas: US $ 157,3 milhões

Parceiros de infraestrutura de pipeline e transporte

Parceiro	Tipo de infraestrutura	Capacidade anual
Pembina Pipeline Corporation	Transporte de petróleo bruto	350.000 barris/dia
Energia TC	Transmissão de gás natural	250.000 mmcf/dia

Colaboradores avançados de tecnologia e pesquisa

Parcerias de pesquisa e desenvolvimento:

• Universidade de Calgary - Pesquisa de Energia Limpa
• Conselho Nacional de Pesquisa do Canadá
• Investimento anual de P&D: US $ 43,6 milhões

Serviço Ambiental e Parceiros de Sustentabilidade

Métricas de colaboração ambiental:

Parceiro	Área de foco	Investimento anual
Soluções limpas de carbono	Tecnologia de captura de carbono	US $ 22,5 milhões
Redução de emissões Alberta	Redução de gases de efeito estufa	US $ 18,7 milhões

Imperial Oil Limited (IMO) - Modelo de Negócios: Atividades -chave

Exploração e produção de petróleo bruto

O petróleo imperial opera atividades significativas de exploração e produção no Canadá, com foco primário em:

• Produção de petróleo bruto de 426.000 barris por dia em 2022
• Reservas totais comprovadas de 1,26 bilhão de barris a partir de 2022
• Principais locais operacionais na região de areias petrolíferas de Alberta

Métrica operacional	2022 Valor
Produção total de areias petrolíferas	272.000 barris por dia
Produção de petróleo convencional	154.000 barris por dia

Refino e processamento de petróleo

O Oil Imperial mantém quatro refinarias em todo o Canadá com recursos substanciais de processamento:

• Capacidade total de refino de 404.000 barris por dia
• Refinarias localizadas em Sarnia, Nanticoke, Edmonton e Montreal

Localização da refinaria	Capacidade de processamento
Refinaria de Edmonton	187.000 barris por dia
Refinaria de Sarnia	117.000 barris por dia

Gasolina e distribuição de combustível de varejo

Esso A rede de varejo de marca inclui:

• 1.750 postos de combustível de varejo em todo o Canadá
• Volume de vendas de combustível de 8,4 bilhões de litros anualmente

Operações integradas a montante e a jusante

A abordagem integrada do Imperial Oil abrange:

• Investimento a montante de CAD 2,1 bilhões em 2022
• Receita de processamento a jusante de CAD 1,8 bilhão
• Gerenciamento abrangente da cadeia de valor

Inovação tecnológica em extração de energia

Investimentos tecnológicos focados em:

• Despesas de P&D de CAD 78 milhões em 2022
• Tecnologias de captura e armazenamento de carbono
• Técnicas aprimoradas de recuperação de petróleo

Área de inovação	Foco de investimento
Tecnologias de redução de carbono	CAD 45 milhões
Eficiência de extração	CAD 33 milhões

Imperial Oil Limited (IMO) - Modelo de negócios: Recursos -chave

Reservas extensas de areias petrolíferas em Alberta

O óleo imperial se mantém 4,6 bilhões de barris de reservas de areias petrolíferas na região de Athabasca. Detalhes de reserva específicos a partir de 2023:

Localização	Volume de reserva	Produção estimada
Projeto Kearl Oil Sands	4,2 bilhões de barris	240.000 barris por dia
Ativo frio do lago	400 milhões de barris	85.000 barris por dia

Instalações de refino avançadas

O petróleo imperial opera 4 grandes refinarias em todo o Canadá:

• Sarnia, Refinaria de Ontário - 118.000 barris por dia
• Edmonton, Alberta Refinery - 187.000 barris por dia
• Nanticoke, Refinaria de Ontário - 156.000 barris por dia
• Montreal East, Refinaria de Quebec - 80.000 barris por dia

Capacidades de pesquisa e desenvolvimento

O petróleo imperial investiu US $ 279 milhões em desenvolvimento de P&D e tecnologia em 2022, concentrando -se em:

• Tecnologias de captura de carbono
• Métodos de recuperação de óleo aprimorados
• Iniciativas de transformação digital

Força de trabalho qualificada

Categoria de funcionários	Número de funcionários
Força de trabalho total	5.400 funcionários
Profissionais de engenharia	1.200 funcionários
Especialistas técnicos	850 funcionários

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Total de ativos	US $ 31,2 bilhões
Caixa e equivalentes de dinheiro	US $ 2,1 bilhões
Equidade total dos acionistas	US $ 19,7 bilhões

Imperial Oil Limited (IMO) - Modelo de Negócios: Proposições de Valor

Fornecimento de energia confiável e eficiente para mercados canadenses

O petróleo imperial produziu 397.000 barris de petróleo equivalente por dia em 2022. A Companhia opera 5 principais refinarias em todo o Canadá com uma capacidade total de refino de 404.000 barris por dia.

Localização da refinaria	Capacidade (barris/dia)
Sarnia, Ontário	118,000
Edmonton, Alberta	160,000
Montreal, Quebec	74,000
Outras instalações	52,000

Produtos de petróleo e lubrificantes de alta qualidade

O óleo imperial gera receita anual de aproximadamente US $ 47,7 bilhões (2022) por meio de diversas ofertas de produtos.

• Gasolina da marca Esso
• Combustível diesel
• Combustível de aviação
• Produtos petroquímicos
• Lubrificantes e óleos industriais especializados

Compromisso com a sustentabilidade ambiental

O petróleo imperial investiu US $ 1,5 bilhão em tecnologias de redução de gases de efeito estufa entre 2020-2022.

Preços competitivos em setores de combustível e energia

O Oil Imperial mantém preços competitivos com uma margem de produto refinada média de US $ 15,57 por barril em 2022.

Inovação tecnológica em métodos de extração de petróleo

A empresa investiu US $ 682 milhões em pesquisa e desenvolvimento Em 2022, concentrando -se em técnicas aprimoradas de recuperação de petróleo e tecnologias de captura de carbono.

Categoria de inovação	Valor do investimento
Tecnologias de captura de carbono	US $ 342 milhões
Recuperação aprimorada de óleo	US $ 240 milhões
Transformação digital	US $ 100 milhões

Imperial Oil Limited (IMO) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de negócios a longo prazo

O Imperial Oil mantém contratos estratégicos de B2B com os principais clientes industriais e comerciais em todo o Canadá. A partir de 2023, a empresa informou:

Tipo de contrato	Número de contratos	Valor anual do contrato
Fornecimento de combustível industrial	87	US $ 624 milhões
Acordos de lubrificantes comerciais	53	US $ 215 milhões

Programas de fidelidade para clientes de combustível de varejo

O Programa Extra de Fidelidade Extra da Imperial Oil fornece incentivos ao cliente:

• Membros do programa de fidelidade total: 2,3 milhões
• Pontos médios Taxa de resgate: 14,6%
• Programa anual de retenção de clientes por meio de fidelidade: 68%

Plataformas de atendimento ao cliente digital

Métricas de engajamento digital para plataformas de atendimento ao cliente da Imperial Oil em 2023:

Plataforma	Usuários ativos mensais	Taxa de satisfação do cliente
Aplicativo móvel	412,000	86%
Portal de clientes on -line	289,000	82%

Comunicação transparente sobre práticas ambientais

Investimentos de comunicação ambiental:

• Orçamento anual de relatórios de sustentabilidade: US $ 1,2 milhão
• Número de relatórios de divulgação ambiental pública: 4
• Emissões de carbono Relatório de transparência de conformidade: 100%

Iniciativas de engajamento e apoio da comunidade

Detalhes do investimento comunitário para 2023:

Categoria de iniciativa	Investimento total	Número de comunidades apoiadas
Programas comunitários locais	US $ 3,7 milhões	82
Apoio da comunidade indígena	US $ 1,5 milhão	37

Imperial Oil Limited (IMO) - Modelo de Negócios: Canais

Postos de gasolina em varejo em todo o Canadá

A Imperial Oil opera aproximadamente 1.750 postos de gasolina da marca Essoa em todo o Canadá a partir de 2023. Essas estações geram vendas anuais de combustível de varejo de aproximadamente CAD 12,5 bilhões.

Tipo de estação	Número de locais	Receita anual
Estações de marca Esso	1,750	CAD 12,5 bilhões
Estações de propriedade da empresa	325	CAD 3,2 bilhões
Estações de franquia	1,425	CAD 9,3 bilhões

Vendas diretas para clientes industriais e comerciais

O petróleo imperial atende a aproximadamente 5.600 clientes industriais e comerciais em vários setores, gerando vendas anuais de B2B de CAD 8,7 bilhões.

• Setor de manufatura: 2.100 clientes
• Setor de transporte: 1.450 clientes
• Setor agrícola: 1.250 clientes
• Setor de construção: 800 clientes

Plataformas digitais online e aplicativos móveis

As plataformas digitais da Imperial Oil processam aproximadamente 1,2 bilhão em transações anuais com 2,3 milhões de usuários digitais registrados.

Plataforma digital	Usuários registrados	Valor anual da transação
App Esso	1,6 milhão	CAD 750 milhões
Pedidos de combustível online	450,000	CAD 350 milhões
Portal de clientes comerciais	250,000	CAD 100 milhões

Redes de distribuição por atacado

O Imperial Oil mantém 12 principais centros de distribuição em todo o Canadá, lidando com aproximadamente 45 milhões de metros cúbicos de produtos petrolíferos anualmente, com as receitas de atacado atingindo CAD 6,5 bilhões.

Canais de marketing direto e comunicação do cliente

A Imperial Oil utiliza vários canais de marketing direto, atingindo aproximadamente 3,8 milhões de clientes por meio de vários métodos de comunicação.

• Marketing por e -mail: 2,1 milhões de assinantes
• Mala direta: 1,2 milhão de destinatários
• Marketing de SMS: 500.000 assinantes

Imperial Oil Limited (IMO) - Modelo de negócios: segmentos de clientes

Consumidores residenciais canadenses

O petróleo imperial atende a aproximadamente 1,9 milhão de clientes residenciais em todo o Canadá. Redução de consumo de energia residencial:

Tipo de energia	Consumo anual
Óleo de aquecimento	425.000 famílias
Gasolina	1,2 milhão de consumidores
Lubrificantes	375.000 famílias

Usuários de energia industrial e comercial

A Imperial Oil fornece energia a 12.500 clientes comerciais e industriais em todo o Canadá.

• Vendas anuais de energia industrial: US $ 3,7 bilhões
• Consumo de energia do setor comercial: 2,1 milhões de gigajoules
• Principais clientes industriais em setores como fabricação, serviços públicos e construção

Empresas de transporte e logística

O petróleo imperial atende a 8.700 clientes do setor de transporte:

Segmento de transporte	Número de clientes
Empresas de caminhões	4,200
Operadores de frota	2,500
Sistemas de transporte público	650
Transporte ferroviário	1,350

Setores de fabricação e construção

Fornecimento de energia para segmentos de fabricação e construção:

• Total de clientes de fabricação: 3.600
• Vendas de energia do setor de construção: US $ 1,2 bilhão anualmente
• Consumo de energia de fabricação: 1,8 milhão de gigajoules

Indústrias agrícolas e de mineração

A base de clientes da Imperial Oil nos setores de recursos primários:

Indústria	Número de clientes	Vendas anuais de energia
Negócios agrícolas	2,300	US $ 675 milhões
Empresas de mineração	850	US $ 1,1 bilhão

Imperial Oil Limited (IMO) - Modelo de negócios: estrutura de custos

Despesas de exploração e produção

Em 2022, as despesas de exploração e produção da Imperial Oil totalizaram US $ 2,4 bilhões. As despesas de capital a montante da empresa foram de aproximadamente US $ 1,7 bilhão, focadas principalmente em projetos de areias petrolíferas em Alberta.

Categoria de despesa	Quantidade (CAD)
Despesas de capital a montante	US $ 1,7 bilhão
Custos totais de exploração	US $ 2,4 bilhões

Refinando e processamento de infraestrutura

O Oil Imperial opera quatro refinarias com uma capacidade total de processamento de aproximadamente 360.000 barris por dia. A manutenção da infraestrutura e os custos operacionais para essas instalações foram estimados em US $ 650 milhões em 2022.

• Locais da refinaria: Sarnia, ON; Edmonton, AB; Nanticoke, ON; Montreal, QC
• Capacidade total de refino: 360.000 barris por dia
• Custos de manutenção de infraestrutura: US $ 650 milhões

Investimentos de conformidade ambiental e sustentabilidade

Em 2022, o Imperial Oil investiu US $ 180 milhões em iniciativas de conformidade e sustentabilidade ambientais. Isso inclui projetos de redução de gases de efeito estufa e tecnologias de captura de carbono.

Categoria de investimento em sustentabilidade	Quantidade (CAD)
Conformidade ambiental	US $ 120 milhões
Tecnologias de redução de carbono	US $ 60 milhões

Custos de pesquisa e desenvolvimento

O petróleo imperial alocou US $ 85 milhões à pesquisa e desenvolvimento em 2022, com foco em inovações tecnológicas em soluções de extração, processamento e energia limpa.

• Orçamento total de P&D: US $ 85 milhões
• Principais áreas de pesquisa:
  • Técnicas aprimoradas de recuperação de petróleo
  • Captura e armazenamento de carbono
  • Tecnologias de transformação digital

Compensação e treinamento de funcionários

As despesas relacionadas aos funcionários do petróleo imperial em 2022 foram de aproximadamente US $ 750 milhões, incluindo salários, benefícios e programas de treinamento.

Categoria de compensação	Quantidade (CAD)
Salários da base	US $ 500 milhões
Benefícios e pensão	US $ 180 milhões
Treinamento e desenvolvimento	US $ 70 milhões

Imperial Oil Limited (IMO) - Modelo de negócios: fluxos de receita

Vendas de produtos petrolíferos

O petróleo imperial registrou receita total de US $ 47,1 bilhões para o ano fiscal de 2022.

Categoria de receita	Quantidade (CAD)
Vendas de petróleo bruto	US $ 22,3 bilhões
Vendas de produtos petrolíferos	US $ 24,8 bilhões

Varejo de combustível a gasolina e diesel

A Imperial Oil opera aproximadamente 1.800 postos de combustível de varejo em todo o Canadá.

Segmento de varejo de combustível	Receita anual
Vendas de gasolina	US $ 12,6 bilhões
Vendas de combustível a diesel	US $ 5,4 bilhões

Ofertas de produtos lubrificantes e especializados

• Receita da linha de produtos de lubrificante: US $ 875 milhões
• Lubrificantes industriais especializados: US $ 345 milhões
• Participação no mercado de lubrificante automotivo: 22%

Distribuição de energia por atacado

O segmento de energia por atacado gerou US $ 8,2 bilhões em receita para 2022.

Segmento de energia por atacado	Receita
Distribuição comercial de combustível	US $ 5,7 bilhões
Fornecimento de energia industrial	US $ 2,5 bilhões

Subproduto e vendas petroquímicas

• Receita petroquímica: US $ 1,2 bilhão
• Produtos de asfalto e especialidade: US $ 620 milhões

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.