Imperial Oil Ltd.
IMO - Insider Information
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+ FollowMarket Cap$60.42B
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Earnings Call Q3 2026
October 30, 2026 - AI Summary
Strong overall financial performance; cash generation up
- Net income: $2.454B in Q3’26, up $1.915B YoY, mainly due to higher commodity prices (noted $555M of identified items in Q3’25 for comparable purposes).
- Segment earnings (QoQ): Upstream $941M (-$358M) (lower realizations), Downstream $1.555B (+$768M) (higher margins/volumes); Chemicals $52M.
- Operating cash flow: about $3.2B (and ~$3B excluding working capital), with cash balance $2.9B after capital spend, dividends, and accelerated buybacks.
Shareholder returns emphasized (dividend + accelerated buybacks); toolset for more cash
- Dividend: $0.87/share declared for Q4’26 (in line with Q3).
- Buybacks: ~$2.1B via accelerated NCIB in the quarter; company expects to complete the accelerated NCIB by year-end and return surplus cash in the New Year.
- Capital allocation expectation: management reiterated goal to return ~100% of surplus cash; said additional buybacks are possible even after the NCIB (e.g., issuer bid), depending on cash/conditions.
Downstream strength and structural tailwinds; margins could persist
- Record renewable diesel progress: higher renewable diesel output at Strathcona (highest production to date), supporting margin uplift (renewable diesel noted as not counted in refinery throughput but contributes to earnings).
- Refining: Q3 throughput 381 kbpd, 88% utilization; up vs Q2, but impacted by an 18-day unplanned third-party pipeline outage that reduced throughput by ~12 kbpd.
- Outlook on refining margins: management believes margins could remain elevated longer than usual because refining capacity appears to recover slower than crude supply (Russia/Black Sea disruptions, reduced Strait supplies, China export restrictions).
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$138.43
10.8% upside
Current Fair Value
10.8% upsideUndervalued by 10.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $60.42 Billion |
|---|---|
| Enterprise Value | $61.23 Billion |
| Annual dividend | $2.41 |
| Dividend yield | 1.72% |
| Earnings per Share | $6.49 |
| Beta | 0.81 |
| Outstanding Shares | 483,444,000 |
Return
| Return on Equity | 11.93% |
|---|---|
| Return on Assets | 6.12% |
| Return on Invested Capital | 9.28% |
Valuation & Multiples
| P/E Ratio | 21.59 |
|---|---|
| PEG | 16.5 |
| Price to Sales | 1.17 |
| Price to Book Ratio | 1.74 |
| Enterprise Value to Revenue | 1.18 |
| Enterprise Value to EBIT | 11.4 |
| Enterprise Value to Net Income | 14 |
| Total Debt to Enterprise | 0.08 |
| Debt to Equity | 0.14 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 30, 2026
EPS Estimate
$3.43
Consensus analyst estimateRevenue Estimate
$12.42 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 29, 2027
EPS Estimate
$3.44
Consensus analyst estimateRevenue Estimate
$12.66 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 48.52% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.30%▼ 26.49% |
|---|---|
| Total Invested | $182.37M▼ 98.75% |
| Investors Holding | 106▼ 329.00% |
About Imperial Oil Ltd.
5,000 employees
CEO: John R. Whelan
Imperial Oil Limited operates as a Canadian energy enterprise, primarily engaged in the exploration, production, and marketing of crude oil and natural gas. Its extensive operations are segmented into three main areas: Upstream, Downstre...