Imperial Oil Targets Production Growth with Oil Sands Deal

Imperial Oil's Production Plan

Imperial Oil says it could double production over time but ties plans to governments finalizing an oilsands investment deal by November 15, 2026.

“There’s no lack of energy or desire to get to definitive agreements”

Stock Price Rise

Imperial Oil shares climbed three per cent to $188.70 after posting record third-quarter results that beat analysts' expectations.

Cash Position

Imperial ended the quarter with $2.9 billion in cash and breaks even with oil at US$35 a barrel.

Weekly Meetings

Oil Sands Alliance chief executives meet weekly on the investment deal file while staff work with both levels of government daily.

Non-Binding Agreement

Oilsands producers and governments reached a non-binding agreement setting tax, royalty and regulatory conditions for globally competitive new investments.

November 15 Deadline

All parties aim for a November 15 deadline but Whelan cautioned there is still a lot of work left to do.

Share Buyback Program

Imperial expects to complete its accelerated share buyback program this quarter with a new program starting in late 2027.

Aspen Project Details

Imperial's Aspen project tests new enhanced bitumen recovery technology with a pilot starting in early 2027.