Imperial provides 2026 corporate guidance outlook

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CALGARY, Alberta — Imperial (TSE: IMO, NYSE American: IMO) today provided its corporate guidance outlook for 2026. The company’s strategy remains focused on maximizing the value of its existing assets and progressing advantaged high-value growth opportunities while delivering industry-leading returns to shareholders.

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“Our 2026 plan builds on Imperial’s strong foundation and positions the company to structurally increase cash flow, by progressing towards volume and unit cash cost² targets at Kearl and Cold Lake,” said John Whelan, chairman, president and chief executive officer. “In the Downstream, we remain focused on delivering industry-leading operational performance, while enhancing logistics and processing flexibility to further improve margins and long-term resilience.”

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Capital and exploration expenditures¹ are forecasted between $2.0 to $2.2 billion and are focused on projects to strengthen long-term profitability. In the Upstream, capital expenditures will progress secondary bitumen recovery projects at Kearl, high-value infill drilling and Mahihkan SA-SAGD at Cold Lake, and mine progression at both Kearl and Syncrude. In the Downstream, investments in digital infrastructure alongside targeted projects will strengthen logistics and feedstock flexibility and position the company’s refineries for upcoming emissions-related regulations.

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In the Upstream, production is forecasted to be between 441,000 and 460,000 gross oil equivalent barrels per day. Higher volumes reflect reliability improvements and continued growth at Kearl and Cold Lake, progressing towards targets of 300,000 and 165,000 barrels per day respectively. Turnarounds are planned at Cold Lake, Syncrude and at Kearl, where planned work at the K1 plant will extend the turnaround interval from 2 years to 4 years.

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In the Downstream, throughput is forecasted between 395,000 and 405,000 barrels per day with capacity utilization between 91% and 93%. The company is planning to complete turnarounds at Strathcona and Sarnia. At Strathcona, the work will focus on the crude unit, after achieving its longest-ever run length of 10 years. Imperial continues to focus on further improving and maximizing profitability of its downstream business by leveraging its coast-to-coast network of advantaged logistics and strong brand loyalty programs to move products, including renewable diesel, to high-value markets.

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“Imperial’s high-quality, advantaged assets, coupled with our unique competitive advantages, are key to delivering profitable growth and driving shareholder value,” said Whelan. “With our 2026 plan, track record of strong performance, along with our recently announced restructuring, we’re well positioned to advance our long-term growth plans and deliver industry-leading shareholder returns.”

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¹

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See supplemental information for definition

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²

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Non-GAAP financial measure, non-GAAP financial ratio – see supplemental information for definition and reconciliation

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¹

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See supplemental information for definition

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²

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Upstream production is Imperial share before royalties, except Kearl which is 100% gross basis. Kearl is jointly owned by Imperial (70.96%) and ExxonMobil Canada (29.04%)

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³

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Non-GAAP financial measure – see supplemental information for definition and reconciliation

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Cautionary statement

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Statements of future events or conditions in this release, including projections, forecasts, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, forecast, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, references to Imperial’s 2026 corporate guidance outlook and 2026 plan; forecasted capital and exploration expenditures of $2.0 to $2.2 billion for 2026, the planned focus of such expenditures and related investments, and the anticipated impacts thereof; total Upstream and asset production guidance for 2026, and production targets for Kearl and Cold Lake; Downstream throughput and utilization guidance for 2026; the company’s corporate strategy remaining focused on maximizing asset value, progressing certain growth opportunities, increasing cash flow and delivering returns to shareholders; the position of the company to structurally increase cash flow and progress towards volume and unit cash cost targets at Kearl and Cold Lake; the company’s focus on operational performance, logistics and flexibility to further improve margins and resilience; the cost, scope and impact of 2026 planned turnarounds including extended turnaround intervals at the Kearl K1 plant; improving and maximizing profitability of the company’s downstream business, including through leveraging logistics and brand loyalty programs to move products to certain markets; and the company’s ability to advance growth plans and deliver shareholder returns.