Imperial Oil Limited (IMO) Stock

Imperial Oil Limited (IMO) is a Energy stock trading at $122.56 (as of 2026-07-17), with a market capitalization of $59.32B and a trailing P/E of 20.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Imperial Oil Limited engages in exploration, production, and sale of crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream and Chemical segments. The Upstream segment explores for, and produces crude oil, natural gas, synthetic oil, and bitumen. As of December 31, 2021, this segment had 386 million oil-equivalent barrels of proved undeveloped reserves. The Downstream segment is involved in the transportation and refining of crude oil, blending of refined products and the distribution, and marketing of refined products. It also transports crude oil to refineries by contracted pipelines, common carrier pipelines, and rail; maintains a distribution system to move petroleum products to market by pipeline, tanker, rail, and road transport; and owns and operates fuel terminals, natural gas liquids, and products pipelines in Alberta, Manitoba, and Ontario. In addition, this segment markets and supplies petroleum products to motoring public through approximately 2,400 Esso and Mobil-branded sites. Further, it sells petroleum products, including fuel, asphalt, and lubricants for industrial and transportation customers, independent marketers, and resellers, as well as other refiners serving the agriculture, residential heating, and commercial markets through branded fuel and lubricant resellers. The Chemical segment manufactures and markets various petrochemicals, benzene, aromatic and aliphatic solvents, plasticizer intermediates, and polyethylene resin. Imperial Oil Limited has a strategic agreement with E3 Metals Corp. to advance a lithium-extraction pilot in Alberta. The company was incorporated in 1880 and is headquartered in Calgary, Canada. Imperial Oil Limited is a subsidiary of Exxon Mobil Corporation.

Understand Imperial Oil Limited: how it makes money

Imperial Oil Limited explores for, produces, and sells crude oil and natural gas in Canada, and it also refines and distributes petroleum products, earning money from upstream production and downstream refining and marketing.

Imperial Oil is an integrated model, upstream production feeds crude and synthetic oil supply that is converted in the downstream refinery, so results depend on both upstream production volumes and downstream refinery throughput and capacity utilization.

Business quality (Weak): Segment business lines are clearly defined (Upstream, Downstream, Chemical), and the provided operating KPIs focus on production volumes and refinery throughput/utilization, but segment revenue by business line is not provided.

Valuation: At 19× earnings, IMO trades 11% above the Petroleum & Natural Gas average (17×). Note: one-time items can distort reported P/E.

Bull case

  • High refinery utilization: Refinery capacity utilization is 88 percent, supporting strong downstream operating throughput.
  • Large upstream production base: Upstream production is 419,000 gross oil-equivalent barrels per day, which supports ongoing supply for sales and, as an integrated producer, potential feed for refining.

Bear case

  • Downstream volume and utilization sensitivity: Downstream performance is closely linked to refinery throughput and capacity utilization, so declines in either could pressure results.
  • Upstream production volatility: Upstream results depend on production levels (including specific assets like Kearl, Cold Lake, and Syncrude), so lower production volumes could reduce what the company can sell and refine.
Valuation — source: SEC EDGAR (first-party)
Price$122.56
Market Cap$59.32B
P/E Ratio20.3
EV / EBITDA9.7
Price / Book2.61
Price / Sales1.26
FCF Yield6.5%
DCF Value (model)$102.48
DCF Upside vs Price-16.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$47.08B
Net Margin6.9%
Revenue Growth (YoY)-0.6%
EPS Growth (YoY)-23.3%
FCF Growth (YoY)-75.1%
Financial Health — source: SEC EDGAR
Altman Z-Score3.98 (safe)
Valuation vs Sector & Industry
Stock P/E20.3
Sector P/E (Energy)19.4
Industry P/E (Petroleum & Natural Gas)19.2
vs Sector4.9%
vs Industry5.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderFMR LLC ($7.29B)
Institutional Holders Tracked10
Company
SectorEnergy
IndustryPetroleum & Natural Gas
CEOJohn R. Whelan
Employees5,100
CountryCA
IPO Date1980-03-17

Related Companies (Business model: Refining & Midstream Energy; 8 closest by market cap; US-domiciled)

  • Exxon Mobil Corporation (XOM)
  • Chevron Corporation (CVX)
  • Valero Energy Corporation (VLO)
  • Marathon Petroleum Corporation (MPC)
  • Phillips 66 (PSX)
  • Delek US Holdings, Inc. (DK)
  • Calumet, Inc. (CLMT)
  • CVR Energy, Inc. (CVI)
IMO earnings history · IMO institutional & insider holders · IMO KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-17.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.