Here are the 10-K annual reports from Imperial Oil Limited (IMO) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow IMO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full IMO filings page.
Imperial Oil Limited provides a detailed overview of its 2025 operations, reserves and key risks. Net proved reserves totaled 2,036 million oil-equivalent barrels, all in Canada, with 1,740 million barrels of bitumen and 288 million barrels of synthetic crude oil. About 4.9 percent, or 100 million oil-equivalent barrels, were proved undeveloped, mainly at Cold Lake and Kearl.
Average 2025 net production reached 387 thousand oil-equivalent barrels per day, up from 371 thousand in 2024, driven by bitumen output of 310 thousand barrels per day and synthetic crude oil of 68 thousand barrels per day. Net natural gas production averaged 29 million cubic feet per day, with 8 million cubic feet per day available for sale.
Average realized prices fell, with bitumen at C$67.01 per barrel and synthetic crude oil at C$88.99 per barrel, while total unit production costs declined to C$34.54 per barrel on an oil-equivalent basis. The company invested about C$291 million to advance proved undeveloped reserves and has made about C$8.0 billion of environmental capital and operating expenditures over the past five years, including approximately C$1.7 billion in 2025 and an expected C$2.0 billion in 2026.
Imperial outlines major upstream projects such as Kearl, Cold Lake, Syncrude and the Aspen in-situ opportunity, along with pilots like Enhanced Bitumen Recovery Technology. It highlights extensive Canadian refining and marketing operations, with three refineries running at 93 percent utilization and 2025 net petroleum product sales of 470 thousand barrels per day.
The company also discloses a significant workforce restructuring announced in September 2025, planning to centralize additional corporate and technical activities in global business and technology centres and reduce employee roles by approximately 20 percent by the end of 2027. A comprehensive risk section emphasizes exposure to commodity price volatility, Canadian-specific heavy crude differentials, evolving climate and environmental regulation, carbon pricing regimes, and government policies affecting large energy projects and the energy transition.