Imperial Oil Limited (TSE: IMO, NYSE: IMO) declared a quarterly dividend of 87 cents per share on its outstanding common shares for the third quarter of 2026. The dividend is payable on October 1, 2026, to shareholders who held shares at the close of business on the record date of September 4, 2026. This declaration maintains the payout level established in the previous quarter, reflecting the company’s consistent approach to shareholder returns amidst its operations as Canada’s largest petroleum refiner.

The third quarter 2026 dividend of 87 cents per share is identical to the second quarter 2026 dividend. By maintaining this rate, Imperial Oil continues a long-standing tradition of financial stability and growth within the Canadian petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 31 consecutive years, underscoring its commitment to long-term value creation for investors.

Dividend Details

As Canada’s largest petroleum refiner, a major crude oil producer, a key petrochemical producer, and a leading fuels marketer from coast to coast, Imperial Oil applies technology and innovation to responsibly develop energy resources. The company remains committed to high standards across all areas of its business, supporting its ability to sustain dividend payments over more than a century of operation.

For further information regarding this announcement, investors may contact Investor Relations at (587) 962-4401 or Media Relations at (587) 476-7010.

Imperial Oil Limited reported second quarter 2026 earnings per share (EPS) of $4.52, surpassing the analyst consensus estimate of $4.06 by 11.33 percent. The Toronto-based energy giant’s net income surged to $2,190 million, up from $949 million in the prior year period, driven primarily by higher commodity prices and improved refining margins. However, total revenues and other income reached $16,062 million, missing the analyst consensus estimate of $20,673 million by 22.30 percent. This revenue figure represents a 43 percent increase over the $11,232 million reported in the second quarter of 2025.

Chairman, President and Chief Executive Officer John Whelan attributed the strong financial performance to the company’s advantaged integrated structure, which delivered results across Upstream, Downstream and Chemical segments even as it completed significant planned maintenance work. Imperial returned $421 million to shareholders through dividends in the quarter and declared a third quarter dividend of $0.87 per share, alongside a renewed annual normal course issuer bid (NCIB) allowing the repurchase of up to five percent of its outstanding common shares over the next 12 months.

Financial Performance Highlights

The company’s profitability surged due to favorable price realizations, with average bitumen realizations increasing by $29.97 per barrel and synthetic crude oil realizations rising by $53.25 per barrel compared to the prior year period. Net income per common share, assuming dilution, stood at $4.52, compared to $1.86 in the previous year. Operating cash flows from activities totaled $2,704 million, excluding working capital impacts of $182 million.

Segment Operations and Production

Upstream production averaged 414,000 gross oil-equivalent barrels per day, slightly down from 427,000 barrels per day in the second quarter of 2025, due to lower volumes at Kearl and Syncrude. At Kearl, total gross production averaged 257,000 barrels per day (182,000 barrels Imperial’s share), impacted by the absence of exceptional high-quality ore grade versus the prior year. Cold Lake production increased to 149,000 barrels per day from 145,000 barrels per day, supported by strong performance of solvent-assisted SAGD technology at Grand Rapids.

In the Downstream segment, refinery throughput averaged 331,000 barrels per day, resulting in capacity utilization of 76 percent, down from 87 percent in the prior year due to planned turnaround work at the Strathcona refinery and unplanned downtime. Petroleum product sales averaged 446,000 barrels per day. Imperial updated its 2026 refinery throughput guidance to 370,000–380,000 barrels per day and utilization to 85–88 percent, reflecting short-term rail logistic challenges at Strathcona targeted for resolution by year end.

What the Numbers Show

The divergence between rising profitability and declining production volumes highlights Imperial’s pricing power and margin resilience in the current market environment. While upstream volumes dipped due to operational factors like ore grade variations at Kearl and rainfall impacts at Syncrude, the substantial increase in bitumen and synthetic crude realizations more than compensated for the volume decline. This dynamic underscores the sensitivity of Imperial’s earnings to commodity price movements, where higher marker prices and improved spreads drove a $1,010 million positive price impact on upstream net income, offsetting a $120 million negative volume impact. The miss on revenue estimates contrasts with the beat on EPS, indicating that margin expansion rather than volume growth was the primary driver of shareholder value in this period.

Liquidity and Shareholder Returns

Cash flows from investing activities totaled $(470) million, primarily reflecting additions to property, plant and equipment offset by proceeds from asset sales. Financing activities used $(424) million, largely due to dividend payments. The company did not purchase any shares under the NCIB program in the second quarter but plans to accelerate purchases to complete the program prior to year end. Total assets stood at $47,863 million at June 30, 2026, with total debt at $3,988 million.