Imperial Oil Key Takeaways GS Canada Oil and Gas Series

Imperial Oil continues to execute on high-quality organic growth and operational resilience, though its high valuation maintains its 'Sell' rating. The company is focused on solvent technologies and refining integration to drive consistent cash flow for shareholder returns.

Key Takeaways

• 1.Imperial Oil's upstream portfolio is targeting growth through high-recovery, low-cost projects like Kearl (285-295 kbd guidance) and solvent technology transitions at Cold Lake.
• 2.Downstream operations generate roughly half of the company's cash flow, benefiting from a structurally advantaged Canadian refining market and integration with Chemicals.
• 3.Management maintains a disciplined capital allocation strategy prioritizing dividends and opportunistic buybacks (NCIB/SIB) while keeping capital spend at C$2.0-C$2.2 bn for 2026.

Table of Contents

• Key Takeaways
• Valuation & Key Risks
• Disclosure Appendix
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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