Imperial Oil Limited (IMO) Stock Analysis
Energy · Oil & Gas Integrated
Hold if already holding. Not a fresh buy at $119.22, but acceptable to hold if already in. Reasons: Concentration risk — Geographic: Canada (100.0%); Concentration risk — Commodity: bitumen.
Imperial Oil is Canada's largest petroleum refiner and a major integrated oil company, operating through Upstream (bitumen at Cold Lake and Kearl, synthetic crude at Syncrude), Downstream (three refineries), and Chemical segments. ExxonMobil owns approximately 69.6% of the... Read more
Hold if already holding. Not a fresh buy at $119.22, but acceptable to hold if already in. Reasons: Concentration risk — Geographic: Canada (100.0%); Concentration risk — Commodity: bitumen. Chart setup: No clear chart pattern; technical signals are mixed. Mixed signals. Hold existing position. Score 5.5/10, moderate confidence.
Passes 6/8 gates (clean insider activity, no SEC red flags, news events none recent, earnings proximity 45d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio. Suitability: moderate.
About Imperial Oil Limited
About Imperial Oil Limited
Imperial Oil produced an average of 382,000 net oil-equivalent barrels per day in 2025, driven by 310,000 net barrels per day of bitumen from Kearl (188,000 net kbd) and Cold Lake (122,000 net kbd) and 68,000 net kbd of synthetic crude oil from Syncrude. ExxonMobil Corporation owns approximately 69.6% of the company's outstanding shares, and all reported production volumes were sourced from Canada. The Leming SAGD project at Cold Lake achieved first oil production in November 2025.
Imperial earns revenue across three segments. Upstream operations center on the Kearl oil sands joint venture—where Imperial holds a 70.96% interest and ExxonMobil Canada Properties holds 29.04%—Cold Lake in-situ bitumen, and the Syncrude synthetic crude oil joint venture at a 25% interest. Bitumen is blended with diluent condensate and shipped to Imperial's own refineries, ExxonMobil refineries, and third parties. Downstream operates three refineries processing predominantly Canadian crude. Chemical operations manufacture and market petrochemicals. Capital spending in 2025 included approximately $291 million to progress proved undeveloped reserves at Cold Lake, Syncrude, and Kearl. Proved undeveloped reserves totaled 100 million oil-equivalent barrels at year-end 2025—approximately 4.9% of total proved reserves of 2,036 million oil-equivalent barrels—down from 227 million oil-equivalent barrels at year-end 2024 following first ore extraction from Syncrude's Mildred Lake Extension West.
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Bitumen realizations are structurally discounted below WTI, and the WTI/WCS differential directly shapes Upstream margins. In 2025, Imperial's average Canadian dollar bitumen realization declined to CAD $67.01 per barrel from CAD $74.53 in 2024, primarily reflecting lower marker prices. In 2025, the United States imposed tariffs on Canadian imports and Canada responded with retaliatory measures; the 10-K warns these actions could depress economic activity, reduce demand for the company's products, limit or disrupt supply chains, increase costs, and reduce market prices and export volumes of the company's products. The full impact and duration of such tariffs remains uncertain, exposing the company to further realized-price pressure on bitumen and refined product exports.
See also: Energy · Oil & Gas Integrated
From Imperial Oil Limited's most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-06-15Recent Developments — Imperial Oil Limited
Latest news
- NEWS Imperial Oil Limited (IMO) soars to 52-week high, time to cash out? - MSN — MSN positive
- NEWS Imperial Oil Ltd. stock rises Wednesday, outperforms market - MarketWatch — MarketWatch positive
- NEWS Chairman Dibella Joins The U.S. Delegation To The IMO - Marine News Magazine — Marine News Magazine neutral
- NEWS Imperial Oil (IMO): Why Rising Tensions Could Matter More Than Expected - Insider Monkey — Insider Monkey negative
- NEWS Imperial Oil (IMO): Why Rising Tensions Could Matter More Than Expected - Yahoo Finance — Yahoo Finance neutral
Generated 2026-06-17T08:31:51Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHGeographicCanada100%10-K Item 1: 'All of the company's reported reserves are located in Canada'
- HIGHCommoditybitumen10-K Item 1: 'A significant portion of the company's production is bitumen, which is blended with diluent for transportation and marketability of heavy crude oil'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
1 floor-breaker
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
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Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $119.22, but acceptable to hold if already in. Reasons: Concentration risk — Geographic: Canada (100.0%); Concentration risk — Commodity: bitumen. Chart setup: No clear chart pattern; technical signals are mixed. Mixed signals. Hold existing position. Target $135.95 (+14.0%), stop $112.16 (−6.3%), A.R:R -3.3:1. Score 5.5/10, moderate confidence.
Take-profit target: $135.95 (+14.0% upside). Target $135.95 (+14.0%), stop $112.16 (−6.3%), A.R:R -3.3:1. Stop-loss: $112.16.
Concentration risk — Geographic: Canada (100.0%); Concentration risk — Commodity: bitumen; Analyst target reached - limited upside remaining.
Imperial Oil Limited trades at a P/E of 28.7 (forward 16.2). TrendMatrix value score: 8.0/10. Verdict: Hold.
22 analysts cover IMO with a consensus score of 2.4/5. Average price target: $109.
What does Imperial Oil Limited do?Imperial Oil is Canada's largest petroleum refiner and a major integrated oil company, operating through Upstream...
Imperial Oil is Canada's largest petroleum refiner and a major integrated oil company, operating through Upstream (bitumen at Cold Lake and Kearl, synthetic crude at Syncrude), Downstream (three refineries), and Chemical segments. ExxonMobil owns approximately 69.6% of the company; all proved reserves and production are located in Canada. Net production averaged 382,000 barrels per day oil-equivalent in 2025.