Business/Financial Results (Form 8-K)

						Q3 News Release

Calgary, October 30, 2026

Imperial announces third quarter 2026 financial and operating results

•Record quarterly net income of $2,454 million

•Cash flows from operating activities of $3,228 million and cash flows from operating activities excluding working capital1 of $2,957 million

•Quarterly Upstream production of 418,000 gross oil-equivalent barrels per day

•Kearl quarterly production of 282,000 total gross oil-equivalent barrels per day (200,000 barrels Imperial's share)

•Cold Lake quarterly production of 139,000 gross oil-equivalent barrels per day

•Downstream record quarterly earnings with refinery capacity utilization of 88 percent

•Returned $2,506 million to shareholders with $420 million in dividend payments and $2,086 million of share repurchases

			Third quarter									Nine months
millions of Canadian dollars, unless noted			2026			2025			∆I			2026			2025			∆I
Net income (loss) (U.S. GAAP)			2,454			539			+1,915			5,584			2,776			+2,808
Net income (loss) excluding identified items1			2,454			1,094			+1,360			5,584			3,331			+2,253
Net income (loss) per common share, assuming dilution (dollars)			5.11			1.07			+4.04			11.55			5.46			+6.09
Net income (loss) excluding identified items1 per common share, assuming dilution (dollars)			5.11			2.17			+2.94			11.55			6.55			+5.00
Capital and exploration expenditures			668			505			+163			1,677			1,376			+301

Imperial reported estimated net income in the third quarter of $2,454 million, up from net income of $2,190 million in the second quarter of 2026, primarily driven by higher commodity prices and downstream volumes.

Quarterly cash flows from operating activities were $3,228 million, up from $2,704 million generated in the second quarter of 2026. Excluding the impact of working capital1, cash flows from operating activities were $2,957 million, up from $2,522 million in the second quarter of 2026.

"Imperial's advantaged integrated business model continues to deliver strong financial results across all operating segments," said John Whelan, chairman, president and chief executive officer. "Downstream performance was enhanced by our investment in the Renewable Diesel facility at the Strathcona refinery which delivered high-value, low-carbon, locally-produced renewable diesel fuel to Canadian markets."

Upstream production in the quarter averaged 418,000 gross oil-equivalent barrels per day. At Kearl, quarterly total gross production averaged 282,000 barrels per day (200,000 barrels Imperial's share) including the impacts of a third-party pipeline outage which resulted in a full production shut down for multiple days. Given the impacts of third-party events to Kearl's year-to-date production, the company is now targeting total gross production of 280,000 barrels per day (199,000 barrels Imperial's share) in 2026. Cold Lake averaged 139,000 barrels per day inclusive of the planned turnaround. The company's share of Syncrude production in the quarter averaged 70,000 gross barrels per day inclusive of the planned coker turnaround.

1 Non-GAAP financial measure - see Attachment VI for definition and reconciliation

						Q3 News Release

Refinery throughput in the quarter averaged 381,000 barrels per day, resulting in refinery capacity utilization of 88 percent, including the impacts of a third-party pipeline outage and planned turnaround work at the Sarnia refinery. The Renewable Diesel facility at the Strathcona refinery achieved its highest canola throughput and delivered strong financial performance in the quarter. Work associated with debottlenecking rail logistics at Strathcona, to enable higher crude runs while supporting continued growth in canola throughput, is progressing and is anticipated to enhance refinery capacity utilization by year end. Petroleum product sales averaged 474,000 barrels per day.

During the quarter, Imperial returned $2,506 million to shareholders through dividend payments and share repurchases under the accelerated normal course issuer bid (NCIB) program, which is anticipated to be completed prior to year end. The company also declared a fourth quarter dividend of 87 cents per share.

"In the quarter, we increased our cash balance to $2.9 billion while funding our capital expenditures, dividend payments, and accelerated share repurchases," said John Whelan. "We're on pace to complete our NCIB by year end and are well positioned to return additional surplus cash to shareholders in the new year."

			IMPERIAL OIL LIMITED

Third quarter highlights

•Net income of $2,454 million or $5.11 per share on a diluted basis, up from $539 million or $1.07 per share in the third quarter of 2025. Results in the third quarter of 2025 include unfavourable identified items1 of $555 million after tax.

•Cash flows from operating activities of $3,228 million, up from cash flows from operating activities of $1,798 million in the third quarter of 2025. Cash flows from operating activities excluding working capital1 of $2,957 million, up from $1,600 million in the third quarter of 2025.

•Capital and exploration expenditures totaled $668 million, up from $505 million in the third quarter of 2025.

•The company returned $2,506 million to shareholders in the third quarter of 2026, including $420 million in dividends paid and $2,086 million in share repurchases under the NCIB. Imperial anticipates repurchasing all remaining allowable shares prior to year end.

•Upstream production averaged 418,000 gross oil-equivalent barrels per day, compared to 462,000 gross oil-equivalent barrels per day in the third quarter of 2025, primarily due to lower production at Kearl and planned turnaround impacts at Cold Lake and Syncrude.

•Total gross bitumen production at Kearl averaged 282,000 barrels per day (200,000 barrels Imperial's share), compared to 316,000 barrels per day (224,000 barrels Imperial's share) in the third quarter of 2025, primarily driven by the absence of exceptional high-quality ore grade versus the third quarter of 2025 and the impacts of a third-party pipeline outage.

•Gross bitumen production at Cold Lake averaged 139,000 barrels per day, compared to 150,000 barrels per day in the third quarter of 2025, primarily driven by planned turnaround impacts.

•The company's share of gross production from Syncrude averaged 70,000 barrels per day, compared to 78,000 barrels per day in the third quarter of 2025.

•Refinery throughput averaged 381,000 barrels per day, compared to 425,000 barrels per day in the third quarter of 2025. Capacity utilization was 88 percent, compared to 98 percent in the third quarter of 2025. Lower refinery throughput and capacity utilization were primarily due to unplanned downtime, a third-party pipeline outage, and planned turnaround impacts.

•Petroleum product sales were 474,000 barrels per day, up from 464,000 barrels per day in the third quarter of 2025, due to higher export sales.

•Chemical net income of $52 million in the quarter, up from $21 million in the third quarter of 2025.

1 Non-GAAP financial measure - see Attachment VI for definition and reconciliation

5

			IMPERIAL OIL LIMITED

Recent business environment

During the third quarter of 2026, the price of crude oil decreased, the Canadian WTI/WCS spread narrowed slightly, and industry refining margins improved relative to the second quarter of 2026. Global supply disruptions continued to drive volatility in crude oil prices, heavy crude differentials, and industry refining margins.

Starting in 2025, the United States implemented and adjusted a variety of trade-related measures, including tariffs on certain imports from Canada and several other countries. In response, Canada announced its own retaliatory tariffs. Based on Imperial's assessment of these actions and their effects to date, the company does not expect them to have a material impact on its consolidated financial position, results of operations, or cash flows.

Operating results

Third quarter 2026 vs. third quarter 2025

			Third Quarter
millions of Canadian dollars, unless noted			2026			2025
Net income (loss) (U.S. GAAP)			2,454			539
Net income (loss) per common share, assuming dilution (dollars)			5.11			1.07
Net income (loss) excluding identified items1			2,454			1,094

Third quarter 2025 results include identified items1 of a $306 million after-tax ($406 million before-tax) non-cash impairment charge and a $249 million after-tax ($330 million before-tax) restructuring charge.

Upstream

Net income (loss) factor analysis

millions of Canadian dollars

Price - Average bitumen realizations increased by $23.94 per barrel, primarily driven by higher marker prices, partially offset by a weaker WTI/WCS spread and higher diluent costs. Synthetic crude oil realizations increased by $33.71 per barrel, primarily driven by higher marker prices and an improved Synthetic/WTI spread.

Volume - Lower volumes were primarily driven by lower production at Kearl and Syncrude.

Royalty - Higher royalties were primarily driven by higher commodity prices.

Other - Primarily due to higher operating costs of about $210 million driven by higher energy costs and planned turnaround activities, partially offset by other sales of about $70 million, mainly sulphur.

1 Non-GAAP financial measure - see Attachment VI for definition and reconciliation

6

			IMPERIAL OIL LIMITED

Marker prices and average realizations

			Third Quarter
Canadian dollars, unless noted			2026			2025
West Texas Intermediate (US$ per barrel)			85.68			64.97
Western Canada Select (US$ per barrel)			71.90			54.62
WTI/WCS Spread (US$ per barrel)			13.78			10.35
Bitumen (per barrel)			92.16			68.22
Synthetic crude oil (per barrel)			124.83			91.12
Average foreign exchange rate (US$)			0.71			0.73

Production

			Third Quarter
thousands of barrels per day			2026			2025
Kearl (Imperial's share)			200			224
Cold Lake			139			150
Syncrude (a)			70			78
Kearl total gross production (thousands of barrels per day)			282			316

(a)In the third quarter of 2026, Syncrude gross production included about 4 thousand barrels per day of bitumen and other products (2025 - 0 thousand barrels per day) that were exported to the operator's facilities.

Lower production at Kearl was driven by the absence of exceptional high-quality ore grade versus the third

quarter of 2025 and the impacts of a third-party pipeline outage.

Lower production at Cold Lake was driven by planned turnaround impacts.

Downstream

Net income (loss) factor analysis

millions of Canadian dollars

Margins - Higher margins primarily reflect improved market conditions.

Other - Due to favourable product mix effects of about $170 million primarily related to renewable diesel, offset by higher operating expenditures of about $80 million and unplanned downtime of about $50 million.

Refinery utilization and petroleum product sales

			Third Quarter
thousands of barrels per day, unless noted			2026			2025
Refinery throughput			381			425
Refinery capacity utilization (percent)			88			98
Petroleum product sales			474			464

Lower refinery throughput and capacity utilization were primarily due to unplanned downtime, a third-party pipeline outage, and planned turnaround impacts.

Higher petroleum product sales were primarily due to higher export sales.

7

			IMPERIAL OIL LIMITED

Chemical

Net income (loss) factor analysis

millions of Canadian dollars

Margins - Higher margins primarily reflect improved industry polyethylene margins.

Corporate and other

			Third Quarter
millions of Canadian dollars			2026			2025
Net income (loss) (U.S. GAAP)			(94)			(654)

Third quarter 2025 results include identified items1 of a $306 million after-tax ($406 million before-tax) non-cash impairment charge and a $249 million after-tax ($330 million before-tax) restructuring charge.

Liquidity and capital resources

			Third Quarter
millions of Canadian dollars			2026			2025
Cash flows from (used in):
Operating activities			3,228			1,798
Investing activities			(662)			(482)
Financing activities			(2,512)			(1,841)
Increase (decrease) in cash and cash equivalents			54			(525)
Cash and cash equivalents at period end			2,893			1,861

Cash flows from operating activities primarily reflect higher earnings.

Cash flows used in investing activities primarily reflect higher additions to property, plant, and equipment.

Cash flows used in financing activities primarily reflect:

			Third Quarter
millions of Canadian dollars, unless noted			2026			2025
Dividends paid			420			366
Per share dividend paid (dollars)			0.87			0.72
Share repurchases (a)			2,086			1,469
Number of shares purchased (millions) (a)			11.6			12.2

(a)Share repurchases were made under the company's normal course issuer bid program, and include shares purchased from ExxonMobil.

1 Non-GAAP financial measure - see Attachment VI for definition and reconciliation

8

			IMPERIAL OIL LIMITED

Nine months 2026 vs. nine months 2025

			Nine Months
millions of Canadian dollars, unless noted			2026			2025
Net income (loss) (U.S. GAAP)			5,584			2,776
Net income (loss) per common share, assuming dilution (dollars)			11.55			5.46
Net income (loss) excluding identified items1			5,584			3,331

Prior year results include identified items1 of a $306 million after-tax ($406 million before-tax) non-cash impairment charge and a $249 million after-tax ($330 million before-tax) restructuring charge.

Upstream

Net income (loss) factor analysis

millions of Canadian dollars

Price - Average bitumen realizations increased by $15.71 per barrel, primarily driven by higher marker prices, partially offset by a weaker WTI/WCS spread and higher diluent costs. Synthetic crude oil realizations increased by $28.38 per barrel, primarily driven by higher marker prices and an improved Synthetic/WTI spread.

Volume - Lower volumes were primarily driven by lower production at Kearl and Syncrude.

Royalty - Higher royalties were primarily driven by higher commodity prices.

Other - Primarily due to higher operating costs of about $300 million driven by higher energy costs and planned turnaround activities, and unfavourable foreign exchange impacts of about $70 million, partially offset by other sales of about $120 million, mainly sulphur.

Marker prices and average realizations

			Nine Months
Canadian dollars, unless noted			2026			2025
West Texas Intermediate (US$ per barrel)			83.76			66.65
Western Canada Select (US$ per barrel)			69.43			55.70
WTI/WCS Spread (US$ per barrel)			14.33			10.95
Bitumen (per barrel)			85.39			69.68
Synthetic crude oil (per barrel)			120.82			92.44
Average foreign exchange rate (US$)			0.72			0.71

1 Non-GAAP financial measure - see Attachment VI for definition and reconciliation

9

			IMPERIAL OIL LIMITED

Production

			Nine Months
thousands of barrels per day			2026			2025
Kearl (Imperial's share)			189			200
Cold Lake			148			150
Syncrude (a)			72			76
Kearl total gross production (thousands of barrels per day)			266			282

(a)In 2026, Syncrude gross production included about 4 thousand barrels per day of bitumen and other products (2025 - 2 thousand barrels per day) that were exported to the operator's facilities.

Lower production at Kearl was driven by the absence of exceptional high-quality ore grade versus 2025.

Downstream

Net income (loss) factor analysis

millions of Canadian dollars

Margins - Higher margins primarily reflect improved market conditions.

Other - Due to favourable product mix effects of about $400 million primarily related to renewable diesel and favourable foreign exchange impacts of about $70 million, partially offset by turnaround impacts of about $240 million and higher operating expenditures of about $130 million.

Refinery utilization and petroleum product sales

			Nine Months
thousands of barrels per day, unless noted			2026			2025
Refinery throughput			365			400
Refinery capacity utilization (percent)			84			92
Petroleum product sales			454			466

Lower refinery throughput and capacity utilization were primarily due to planned turnaround impacts and unplanned downtime.

Lower petroleum product sales were aligned with lower throughput related to planned turnaround work.

10

			IMPERIAL OIL LIMITED

Chemical

Net income (loss) factor analysis

millions of Canadian dollars

Margins - Higher margins primarily reflect improved industry polyethylene margins.

Corporate and other

			Nine Months
millions of Canadian dollars			2026			2025
Net income (loss) (U.S. GAAP)			(220)			(770)

Prior year results include identified items1 of a $306 million after-tax ($406 million before-tax) non-cash impairment charge and a $249 million after-tax ($330 million before-tax) restructuring charge, partially offset by higher incentive compensation as a result of the higher share price in the current year.

Liquidity and capital resources

			Nine Months
millions of Canadian dollars			2026			2025
Cash flows from (used in):
Operating activities			6,688			4,790
Investing activities			(1,582)			(1,331)
Financing activities			(3,355)			(2,577)
Increase (decrease) in cash and cash equivalents			1,751			882

Cash flows from operating activities primarily reflect higher earnings.

Cash flows used in investing activities primarily reflect higher additions to property, plant, and equipment.

Cash flows used in financing activities primarily reflect:

			Nine Months
millions of Canadian dollars, unless noted			2026			2025
Dividends paid			1,191			1,040
Per share dividend paid (dollars)			2.46			2.04
Share repurchases (a)			2,086			1,469
Number of shares purchased (millions) (a)			11.6			12.2

(a)Share repurchases were made under the company's normal course issuer bid program, and include shares purchased from ExxonMobil.

1 Non-GAAP financial measure - see Attachment VI for definition and reconciliation

11

			IMPERIAL OIL LIMITED

On June 23, 2026, the company announced by news release that it had received final approval from the Toronto Stock Exchange for a new normal course issuer bid and will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 24,179,635 common shares during the period June 29, 2026 to June 28, 2027. This maximum includes shares purchased under the normal course issuer bid from ExxonMobil Holdings Corporation. As in the past, ExxonMobil Holdings Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. The program will end should the company purchase the maximum allowable number of shares or otherwise on June 28, 2027. Imperial plans to continue its acceleration of its share purchases under the normal course issuer bid program, and anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.

Key financial and operating data follow.

12

			IMPERIAL OIL LIMITED

Forward-looking statements

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans, are forward-looking statements. Similarly, discussion of roadmaps or future plans related to carbon capture, transportation and storage, biofuel, hydrogen, and other future plans to reduce emissions and emission intensity of the company, its affiliates and third parties are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting, and represent forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, estimate, expect, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this report include, but are not limited to, discussion relating to volumes, targets, unit cash costs and fourth quarter performance; references to debottlenecking rail logistics at Strathcona to enable higher crude runs and to support continued growth in canola throughput; anticipated enhanced refinery crude utilization by year end; references to purchases under the normal course issuer bid and plans to accelerate purchases to complete the program prior to year end; discussion around the company being well positioned to return surplus cash to shareholders in the new year; opportunities to grow operated production, including potential opportunities related to undeveloped resources; the potential for policy and regulatory certainty to support industry reinvestment; and, the impact on the company of trade-related actions.