Imperial Oil Limited (IMO) Stock Price & How to Invest

Imperial Oil Limited is an integrated energy company active across all phases of Canada's petroleum industry: upstream oil sands production (notably its Kearl and Cold Lake operations plus a stake in Syncrude), downstream refining and fuel marketing, and a chemicals business. ExxonMobil owns roughly 70% of the company, which gives Imperial access to Exxon's technology and capital discipline while leaving a public float that trades on both the Toronto Stock Exchange and NYSE American under the ticker IMO. Upstream gross production runs around 419,000 barrels of oil equivalent per day, and its refineries process roughly 380,000 to 400,000 barrels per day.

The investment picture is that of a mature, integrated oil major rather than a growth story. Imperial generates substantial operating cash flow, returns capital through a dividend it has raised for more than 30 consecutive years plus large share buybacks, and its integrated model (production plus refining plus chemicals) can cushion swings in any single segment. The 2026 numbers have moved a long way in a short time. After a soft first quarter, second quarter 2026 revenue rose about 43% year over year to roughly C$16.1 billion and net income reached about C$2.19 billion, with EPS of C$4.52 against a C$4.17 consensus. In late September 2026 the Kearl oil sands mine passed one billion barrels of cumulative production, and on 30 September the Canadian and Alberta governments signed an oil sands agreement linking production growth to carbon capture, which bears directly on the Pathways project Imperial is part of. The trade-offs are heavy exposure to crude and refining margins, oil sands cost and pipeline dynamics, Canadian carbon and regulatory policy, and the reality that ExxonMobil's controlling stake limits minority shareholders' influence.

Imperial's earnings are highly sensitive to crude oil prices, refining crack spreads, and the discount on Canadian heavy oil, all of which are outside its control. Q1 2026 net income fell to roughly C$940 million from about C$1.29 billion a year earlier and missed estimates, then Q2 net income jumped to about C$2.19 billion, a swing that shows how quickly results move with prices and margins in both directions. Consensus expects 2027 EPS to fall about 13% from 2026 levels, and the stock's 48% rise in 2026 leaves it above the lone tracked analyst target of about US$107 (RBC, which raised its Canadian target to C$133 in October 2026 while keeping an Underperform rating). Oil sands operations face carbon policy, pipeline and takeaway constraints, and large decarbonization commitments such as the Pathways carbon capture project. Unplanned downtime (for example Syncrude coker issues) can dent throughput and cash flow. Finally, ExxonMobil's controlling stake means minority holders have limited say, and the long-term energy transition poses a structural demand risk to fossil fuels.

We give no verdict on Imperial Oil Limited. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Integrated oil sands and refining base. Imperial pairs long-life, low-decline oil sands assets (Kearl and Cold Lake) with downstream refining and marketing.

The case against. Imperial's earnings are highly sensitive to crude oil prices, refining crack spreads, and the discount on Canadian heavy oil, all of which are outside its control.

Read the full bull and bear case on IMO, including what would have to change to break either one. Walnut is not an investment adviser.

No. Imperial Oil Limited (IMO) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Imperial Oil Limited's investor relations page or your broker.

• Market cap: ~US$66B at US$131.90 (16 October 2026)
• Revenue (TTM): ~C$51.6B; Q2 2026 revenue ~C$16.1B, up ~43% year over year
• Net income (TTM): ~C$4.16B; Q2 2026 net income ~C$2.19B
• EPS: ~C$6.19 trailing; Q2 2026 EPS C$4.52 vs C$4.17 consensus; 2026 consensus ~C$15.45
• P/E: ~21x trailing, ~14x forward
• Margins (TTM): Operating ~17%, net ~8%
• Dividend yield: ~1.9%, payout ratio ~37%
• Balance sheet: ~C$2.8B cash, ~C$4.2B debt; ~C$4.6B TTM free cash flow

The forward P/E near 14 is well below the trailing 21 because analysts expect 2026 EPS to roughly double from 2025 after the second quarter jump, with third quarter consensus at about C$4.65 per share. Expectations then ease for 2027, so the valuation depends on how durable this year's prices and margins prove. Company financials are in Canadian dollars while the NYSE American price and market value are in US dollars, so the CAD/USD rate affects every comparison.

Other names that sit close to IMO: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get IMO exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so IMO sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where IMO fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

IMO is a large, cash-generative Canadian integrated oil company backed by ExxonMobil, so the investment case rests on oil prices, oil sands economics, and its long dividend-growth record rather than on speculative upside. Earnings rebounded sharply in the second quarter of 2026, and the stock trades near 21 times trailing and 14 times forward earnings ahead of third quarter results on 30 October 2026.

Whether IMO is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is IMO a buy or a sell?, and where the stock could go from here in the IMO stock forecast.

For income investors, whether IMO pays a dividend and how the payout looks is covered in does IMO pay a dividend? And to weigh IMO against a peer, read the full side-by-side comparisons: IMO vs CNQ and IMO vs SU.