Imperial provides 2026 corporate guidance outlook

Executive Summary

• Imperial Oil released its 2026 corporate guidance, projecting capital and exploration expenditures of C$2.0‑2.2 billion and upstream production of 441,000‑460,000 boe/d.
• Downstream refinery throughput is forecast at 395,000‑405,000 bpd with utilization of 91%‑93%; planned turnarounds at Cold Lake, Syncrude, Kearl (K1 plant), Strathcona and Sarnia are outlined.
• The company emphasizes a strategy to increase cash flow, improve unit cash costs, and deliver “industry‑leading” shareholder returns through asset optimization and high‑value growth projects.

Key Details

• Capital & Exploration Expenditures: C$2.0 billion – C$2.2 billion for 2026, focused on secondary bitumen recovery at Kearl, infill drilling and Mahihkan SA‑SAGD at Cold Lake, mine progression at Kearl and Syncrude, plus downstream digital infrastructure and emissions‑related projects.
• Upstream Production Guidance: 441,000 – 460,000 boe/d (gross). Asset breakdown:
• Kearl: 285,000 – 295,000 bbl/d (100% gross basis)
• Cold Lake: 152,000 – 160,000 bbl/d
• Syncrude: 78,000 – 82,000 bbl/d
• Downstream Throughput Guidance: 395,000 – 405,000 bbl/d with refinery utilization of 91% – 93%.
• Planned Turnarounds (2026):
• Upstream: Kearl (2Q, 8 kbd, $61 M operating cost), Cold Lake (3Q/4Q, 3 kbd, $18 M), Syncrude (2Q, 4 kbd, $105 M).
• Downstream & Chemical: Strathcona refinery (2Q, 17 kbd, $122 M), Sarnia refinery (3Q/4Q, 7 kbd, $107 M).
• Strategic Focus: Strengthen long‑term profitability via volume growth and unit cash cost reductions at Kearl and Cold Lake; enhance downstream logistics, feedstock flexibility, and emissions compliance.
• CEO Quote: “Our 2026 plan builds on Imperial’s strong foundation… to structurally increase cash flow and deliver industry‑leading shareholder returns.” – John Whelan, Chairman, President & CEO.

Notable Quotes

“Imperial’s high‑quality, advantaged assets, coupled with our unique competitive advantages, are key to delivering profitable growth and driving shareholder value,” – John Whelan.