[Q2 2025 Financial and Operating Results](index=1&type=section&id=Imperial%20announces%20second%20quarter%202025%20financial%20and%20operating%20results) Imperial announces its second quarter 2025 financial and operating results, highlighting key performance metrics and strategic advancements [Financial and Operating Highlights](index=1&type=section&id=Financial%20and%20Operating%20Highlights) Imperial reported a net income of $949 million in Q2 2025, a decrease from Q2 2024, despite achieving record upstream production and advancing strategic projects Q2 2025 Key Financial Metrics | Metric | Q2 2025 (million CAD) | Q2 2024 (million CAD) | Change (million CAD) | Six Months 2025 (million CAD) | Six Months 2024 (million CAD) | Change (million CAD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income | $949 | $1,133 | ($184) | $2,237 | $2,328 | ($91) | | Diluted EPS (CAD) | $1.86 | $2.11 | ($0.25) | $4.38 | $4.34 | +$0.04 | | Cash Flow from Operations | $1,465 | $1,629 | ($164) | $2,992 | $2,705 | +$287 | | Capital & Exploration Expenditures | $473 | $462 | +$11 | $871 | $958 | ($87) | - Upstream production reached **427,000 gross oil-equivalent barrels per day**, marking the highest second-quarter output in over 30 years[3](index=3&type=chunk)[6](index=6&type=chunk) - Kearl achieved its highest-ever second-quarter total gross production, averaging **275,000 barrels per day** (**195,000 barrels Imperial's share**)[3](index=3&type=chunk)[6](index=6&type=chunk)[12](index=12&type=chunk) - The company completed construction and commissioning of Canada's largest renewable diesel facility at the Strathcona refinery, with first production in July[6](index=6&type=chunk)[7](index=7&type=chunk)[12](index=12&type=chunk) [Shareholder Returns and Business Environment](index=2&type=section&id=Shareholder%20Returns%20and%20Business%20Environment) Imperial renewed its share repurchase program and returned $367 million to shareholders amidst lower crude prices but improved refining margins - The company renewed its share repurchase program (NCIB) to buy back up to **5%** of outstanding common shares and plans to accelerate purchases to complete the program before the end of the year[6](index=6&type=chunk)[8](index=8&type=chunk)[12](index=12&type=chunk) - Returned **$367 million** to shareholders in Q2 2025 through dividend payments and declared a Q3 dividend of **$0.72 per share**[7](index=7&type=chunk)[12](index=12&type=chunk) - The Q2 2025 business environment saw decreased crude oil prices from Q1, a narrower Canadian WTI/WCS spread, and improved refining margins due to strong seasonal demand[13](index=13&type=chunk) [Segment Performance Analysis (Q2 2025 vs Q2 2024)](index=4&type=section&id=Segment%20Performance%20Analysis%20%28Q2%202025%20vs%20Q2%202024%29) Upstream net income declined due to lower prices, Downstream improved from better margins, and Chemicals significantly dropped from weaker polyethylene margins Net Income by Segment (Q2, million CAD) | Segment | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Upstream | $664 | $799 | ($135) | | Downstream | $322 | $294 | +$28 | | Chemical | $21 | $65 | ($44) | | Corporate and other | ($58) | ($25) | ($33) | | **Total Net Income** | **$949** | **$1,133** | **($184)** | [Upstream](index=4&type=section&id=Upstream_Q2) Upstream net income decreased to $664 million due to lower commodity prices, partially offset by higher production volumes from Kearl and Syncrude Average Realizations (CAD per barrel) | Product | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Bitumen | $65.82 | $83.02 | | Synthetic crude oil | $87.85 | $111.56 | Gross Production (thousand barrels per day) | Asset | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Kearl (Imperial's share) | 195 | 181 | | Cold Lake | 145 | 147 | | Syncrude | 77 | 66 | - Higher production at Kearl was driven by mine productivity and improved reliability, while higher Syncrude production was due to the timing of its annual coker turnaround[21](index=21&type=chunk)[22](index=22&type=chunk) [Downstream](index=5&type=section&id=Downstream_Q2) Downstream net income rose to $322 million, driven by improved margins and increased petroleum product sales, despite slightly lower refinery throughput Downstream Operations | Metric | Q2 2025 (kbbl/d) | Q2 2024 (kbbl/d) | | :--- | :--- | :--- | | Refinery throughput | 376 | 387 | | Refinery capacity utilization (%) | 87% | 89% | | Petroleum product sales | 480 | 470 | - Higher margins were the primary driver of increased net income, reflecting improved market conditions[23](index=23&type=chunk) - Increased petroleum product sales were enabled by the Trans Mountain pipeline expansion[25](index=25&type=chunk) [Chemicals](index=6&type=section&id=Chemicals_Q2) Chemicals net income sharply declined to $21 million, primarily due to significantly lower polyethylene margins - Chemical net income was **$21 million** in Q2 2025, compared to **$65 million** in Q2 2024[12](index=12&type=chunk)[62](index=62&type=chunk) - The decline in chemical earnings was primarily driven by lower polyethylene margins[12](index=12&type=chunk)[26](index=26&type=chunk) [Liquidity and Capital Resources (Q2 2025)](index=6&type=section&id=Liquidity%20and%20Capital%20Resources%20%28Q2%202025%29) Q2 2025 saw operating cash flow decrease to $1,465 million due to lower earnings, with $371 million used in financing activities, primarily for dividends Cash Flow Summary (Q2, million CAD) | Activity | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Operating activities | 1,465 | 1,629 | | Investing activities | (472) | (456) | | Financing activities | (371) | (329) | | **Increase in cash** | **622** | **844** | - Dividends paid in the quarter totaled **$367 million**, or **$0.72 per share**, up from **$321 million**, or **$0.60 per share**, in Q2 2024[30](index=30&type=chunk) - The company did not repurchase any shares during the second quarter of 2025 or 2024[30](index=30&type=chunk) [Year-to-Date Performance Analysis (Six Months 2025 vs 2024)](index=7&type=section&id=Year-to-Date%20Performance%20Analysis%20%28Six%20Months%202025%20vs%202024%29) Year-to-date net income slightly decreased to $2,237 million, with Upstream earnings increasing, while Downstream and Chemicals declined Net Income by Segment (Six Months, million CAD) | Segment | 6M 2025 | 6M 2024 | Change | | :--- | :--- | :--- | :--- | | Upstream | $1,395 | $1,357 | +$38 | | Downstream | $906 | $925 | ($19) | | Chemical | $52 | $122 | ($70) | | Corporate and other | ($116) | ($76) | ($40) | | **Total Net Income** | **$2,237** | **$2,328** | **($91)** | [Upstream](index=7&type=section&id=Upstream_6M) Upstream net income increased to $1,395 million year-to-date, driven by higher volumes and favorable foreign exchange, despite lower commodity prices Gross Production (Six Months, thousand barrels per day) | Asset | 6M 2025 | 6M 2024 | | :--- | :--- | :--- | | Kearl (Imperial's share) | 189 | 189 | | Cold Lake | 150 | 144 | | Syncrude | 75 | 70 | - Key drivers for higher year-to-date income were higher volumes, primarily from Grand Rapids solvent-assisted SAGD, and favorable foreign exchange impacts[34](index=34&type=chunk)[37](index=37&type=chunk) [Downstream](index=8&type=section&id=Downstream_6M) Downstream net income slightly decreased to $906 million year-to-date, as improved margins were offset by unfavorable wholesale volumes and lower throughput Downstream Operations (Six Months) | Metric | 6M 2025 (kbbl/d) | 6M 2024 (kbbl/d) | | :--- | :--- | :--- | | Refinery throughput | 387 | 397 | | Refinery capacity utilization (%) | 89% | 92% | | Petroleum product sales | 468 | 460 | - The earnings decrease was primarily due to unfavorable wholesale volume impacts of about **$70 million**[39](index=39&type=chunk) [Chemicals](index=8&type=section&id=Chemicals_6M) Chemicals net income significantly declined to $52 million year-to-date, primarily due to weaker industry polyethylene margins - Chemical net income was **$52 million** for the first six months of 2025, down from **$122 million** in 2024, primarily due to weaker polyethylene margins[41](index=41&type=chunk)[62](index=62&type=chunk) [Liquidity and Capital Resources (Six Months 2025)](index=10&type=section&id=Liquidity%20and%20Capital%20Resources%20%28Six%20Months%202025%29) Year-to-date operating cash flow increased to $2,992 million, driven by lower deferred tax and working capital impacts, while financing cash use rose due to higher dividends Cash Flow Summary (Six Months, million CAD) | Activity | 6M 2025 | 6M 2024 | | :--- | :--- | :--- | | Operating activities | 2,992 | 2,705 | | Investing activities | (849) | (937) | | Financing activities | (736) | (612) | | **Increase in cash** | **1,407** | **1,156** | - Dividends paid in the first six months totaled **$674 million**, or **$1.32 per share**, up from **$599 million**, or **$1.10 per share**, in the same period of 2024[46](index=46&type=chunk) [Forward-Looking Statements](index=11&type=section&id=Forward-looking%20statements) This section outlines forward-looking statements on future plans and projections, subject to various risks and uncertainties that could cause actual results to differ materially - Forward-looking statements include plans to accelerate the NCIB share repurchase program, commitment to returning surplus cash to shareholders, and expected performance from the Strathcona renewable diesel and Leming SAGD projects[48](index=48&type=chunk) - Actual results could differ materially due to factors like changes in supply and demand for oil, regulatory events, competition, operational difficulties, and currency exchange rates[50](index=50&type=chunk)[51](index=51&type=chunk) [Financial Statements and Operating Data (Attachments)](index=13&type=section&id=Financial%20Statements%20and%20Operating%20Data%20%28Attachments%29) This section provides detailed unaudited financial and operating data, including consolidated statements, segmented results, operating statistics, and non-GAAP reconciliations [Consolidated Financial Statements](index=13&type=section&id=Consolidated%20Financial%20Statements) This section presents the Consolidated Statement of Income and Cash Flows, detailing revenues, expenses, net income, and cash movements from core activities Consolidated Income Statement Summary (Q2, million CAD) | Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total revenues and other income | 11,232 | 13,383 | | Total expenses | 9,988 | 11,894 | | Income before income taxes | 1,244 | 1,489 | | Net income | 949 | 1,133 | Consolidated Cash Flow Summary (Six Months, million CAD) | Item | 6M 2025 | 6M 2024 | | :--- | :--- | :--- | | Cash flows from operating activities | 2,992 | 2,705 | | Cash flows from investing activities | (849) | (937) | | Cash flows from financing activities | (736) | (612) | [Segmented Data and Operating Statistics](index=15&type=section&id=Segmented%20Data%20and%20Operating%20Statistics) This section provides detailed segmented financial data and operating statistics, including production volumes, price realizations, and refinery metrics - Attachment III provides a comprehensive breakdown of revenues, purchases, production costs, and capital expenditures for each business segment (Upstream, Downstream, Chemical)[62](index=62&type=chunk) - Attachment IV details key operating metrics, including gross and net crude oil and natural gas production, refinery throughput and utilization, and sales volumes for various petroleum products[64](index=64&type=chunk) [Non-GAAP Financial Measures Reconciliation](index=18&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section explains and reconciles non-GAAP financial measures like 'Free cash flow' and 'Cash operating costs' to their comparable GAAP figures for transparency Free Cash Flow Reconciliation (Q2, million CAD) | Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Cash flows from operating activities | 1,465 | 1,629 | | Additions to property, plant and equipment | (471) | (461) | | Proceeds from asset sales | 2 | 3 | | Other investing activities | (3) | 2 | | **Free cash flow** | **993** | **1,173** | Cash Operating Costs Reconciliation (Q2, million CAD) | Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total expenses | 9,988 | 11,894 | | Less: Purchases, taxes, D&D, etc. | (8,073) | (9,983) | | **Cash operating costs** | **1,915** | **1,911** |

Core Insights - Imperial Oil (IMO) is expected to report quarterly earnings of $1.22 per share, a decline of 20.8% year-over-year, with revenues projected at $10.54 billion, reflecting a 7.8% increase compared to the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised 1.4% higher over the last 30 days, indicating a collective reevaluation by analysts [2] - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [3] Key Metrics Projections - Analysts estimate 'Gross Oil - Equivalent Production' to reach 416 thousand barrels, up from 404 thousand barrels year-over-year [5] - 'Gross Natural Gas Production' is forecasted at 29.59 thousand cubic feet, slightly down from 30.00 thousand cubic feet in the same quarter last year [5] - 'Gross Total Crude Oil Production' is projected at 410 thousand barrels, compared to 399 thousand barrels in the same quarter of the previous year [6] - 'Net Crude Oil and NGL Production per day - Kearl' is expected to be 173 thousand barrels, up from 167 thousand barrels year-over-year [7] - 'Net Crude Oil and NGL Production per day - Cold Lake' is estimated at 109 thousand barrels, consistent with the previous year's figure [8] - 'Gross Crude Oil and NGL Production per day - Syncrude' is projected at 79 thousand barrels, an increase from 66 thousand barrels year-over-year [9] - 'Total Refinery Throughput' is estimated at 393 thousand barrels, up from 387 thousand barrels in the same quarter last year [10] - 'Net Petroleum Products Sales' is expected to be 458 thousand barrels, down from 470 thousand barrels in the same quarter last year [11] Stock Performance - Over the past month, shares of Imperial Oil have returned +4.1%, outperforming the Zacks S&P 500 composite's +2.7% change [12] - Currently, Imperial Oil holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [12]

Core Viewpoint - Analysts forecast a quarterly earnings per share (EPS) of $1.22 for Imperial Oil, indicating a year-over-year decline of 20.8%, while revenues are expected to reach $10.54 billion, reflecting a 7.8% increase compared to the same quarter last year [1]. Earnings Estimates - The consensus EPS estimate has been revised upward by 1.4% over the past 30 days, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Key Metrics Projections - Gross Oil - Equivalent Production is projected to reach 416 thousand barrels, up from 404 thousand barrels in the same quarter last year [5]. - Gross Natural Gas Production is estimated at 29.59 thousand cubic feet, slightly down from 30.00 thousand cubic feet year-over-year [5]. - Gross Total Crude Oil Production is expected to be 410 thousand barrels, compared to 399 thousand barrels in the previous year [6]. - Net Crude Oil and NGL Production per day from Kearl is anticipated at 173 thousand barrels, up from 167 thousand barrels year-over-year [7]. - Net Crude Oil and NGL Production per day from Cold Lake is expected to remain stable at 109 thousand barrels, unchanged from the previous year [7]. - Gross Crude Oil and NGL Production per day from Syncrude is projected to reach 79 thousand barrels, an increase from 66 thousand barrels year-over-year [8]. - Total Refinery throughput is forecasted at 393 thousand barrels, up from 387 thousand barrels in the same quarter last year [9]. Stock Performance - Over the past month, shares of Imperial Oil have returned +6.8%, outperforming the Zacks S&P 500 composite's +3.6% change [11]. - Currently, Imperial Oil holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [11].

Investment Rating - The report provides a "Buy" rating for Chevron, ExxonMobil, Shell, TotalEnergies, GALP, OMV, and Cenovus Energy, while BP and Eni are rated as "Neutral" [10]. Core Insights - The report highlights a positive outlook for major oil companies, driven by expected increases in free cash flow and production growth rates. The average expected production growth for 2025-2027 is projected at 7% for the global sector [10]. - The report emphasizes the importance of refining margins, with European composite margins expected to stabilize around 5.00 in 2025, while US composite margins are projected to be around 15.67 [7][10]. - The macroeconomic assumptions indicate a gradual recovery in commodity prices, with Brent crude oil expected to average $65.99 per barrel in 2025, reflecting a slight increase from previous years [7]. Summary by Relevant Sections Company Ratings - BP: Current price at 380.7, target price 400, with a 5% upside, rated as Neutral (CBE) [10]. - Chevron: Current price at 144.97, target price 177, with a 22% upside, rated as Buy (CBE) [10]. - ExxonMobil: Current price at 109.73, target price 130, with an 18% upside, rated as Buy (CBE) [10]. - Shell: Current price at 2,615, target price 2,900, with an 11% upside, rated as Buy (CBE) [10]. - TotalEnergies: Current price at 54.74, target price 60, with a 10% upside, rated as Buy (CBE) [10]. - Eni: Current price at 13.86, target price 13.0, with a -6% downside, rated as Neutral (CBE) [10]. - Cenovus Energy: Current price at 14.42, target price 25, with a 73% upside, rated as Buy [10]. Financial Metrics - The report provides various financial metrics for the companies, including EV/DACF, FCF Yield, and P/E ratios, indicating strong financial health and potential for growth in the coming years [10]. - The average expected free cash flow yield for the sector is projected at 7.4% for 2025, reflecting robust cash generation capabilities [10]. Market Trends - The report notes a trend towards increased investment in renewable energy sources among major oil companies, which may impact their long-term strategies and market positioning [10]. - The refining sector is expected to see improvements in margins, particularly in the US and Europe, as demand recovers post-pandemic [7][10].

Core Insights - Imperial Oil Ltd. has identified a small diesel leak from its dock in Ontario, which has leaked into the Saint Clair River, and the company has taken measures to contain the spillage [1][8] Containment and Cleanup Efforts - Containment booms were deployed in the river to limit the damage caused by the leakage, and the source of the leak was promptly identified and stopped [2][8] - Cleanup efforts are currently underway, and precautionary water quality checks downstream indicate no significant levels of hydrocarbons have been detected [3]

Financial Performance - Net income for Q1 2025 was CAD 1,288 million, an increase from CAD 1,195 million in Q1 2024, representing a 7.8% year-over-year growth[44] - Cash flows from operating activities increased to CAD 1,527 million in Q1 2025, up from CAD 1,076 million in Q1 2024, reflecting higher upstream realizations[53] - Dividends paid increased to CAD 307 million in Q1 2025 from CAD 278 million in Q1 2024, with per share dividends rising to CAD 0.60 from CAD 0.50[55] Production and Operations - Kearl's production decreased to 181,000 barrels per day in Q1 2025 from 196,000 barrels per day in Q1 2024, primarily due to extreme cold weather and unplanned downtime[47] - Production at Cold Lake increased to 154,000 barrels per day in Q1 2025 from 142,000 barrels per day in Q1 2024, driven by Grand Rapids solvent-assisted SAGD[48] - Refinery throughput decreased to 397,000 barrels per day in Q1 2025 from 407,000 barrels per day in Q1 2024, with refinery capacity utilization dropping to 91% from 94%[50] Market Conditions - Average bitumen realizations increased by CAD 8.75 per barrel, driven by a narrowing WTI/WCS spread, while synthetic crude oil realizations rose by CAD 5.28 per barrel[45] - The average foreign exchange rate was CAD 0.70 per USD in Q1 2025, compared to CAD 0.74 per USD in Q1 2024[46] - The company continues to monitor the volatile global trade environment, with uncertainty regarding the impact of tariffs and trade sanctions on operations[43] Strategic Focus - The company is focused on executing its project plans, including the Strathcona renewable diesel project and autonomous operations at Kearl, amidst various market risks[58]

Core Insights - Imperial Oil reported revenue of $8.72 billion for Q1 2025, a year-over-year decline of 4.3%, and an EPS of $1.75, up from $1.65 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $11.11 billion, resulting in a surprise of -21.51%, while the EPS exceeded the consensus estimate of $1.52 by 15.13% [1] Financial Performance - Gross Oil-Equivalent Production was 418 KBBL, below the average estimate of 436.72 KBBL [4] - Gross Natural Gas Production reached 30 Mcf, slightly above the average estimate of 29.86 Mcf [4] - Total crude oil production was 413 KBBL, compared to the estimated 427.13 KBBL [4] - Total Refinery throughput was 397 KBBL, below the average estimate of 417.56 KBBL [4] - Net Petroleum Products Sales were 455 KBBL, compared to the average estimate of 469.33 KBBL [4] Stock Performance - Shares of Imperial Oil returned -0.8% over the past month, compared to a -0.5% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Core Viewpoint - Imperial Oil reported quarterly earnings of $1.75 per share, exceeding the Zacks Consensus Estimate of $1.52 per share, and showing an increase from $1.65 per share a year ago, representing an earnings surprise of 15.13% [1][2] Financial Performance - The company posted revenues of $8.72 billion for the quarter ended March 2025, which was 21.51% below the Zacks Consensus Estimate and a decrease from $9.11 billion year-over-year [2] - Over the last four quarters, Imperial Oil has surpassed consensus EPS estimates four times but has not beaten consensus revenue estimates [2] Stock Performance - Imperial Oil shares have increased approximately 10.5% since the beginning of the year, contrasting with a decline of 4.7% in the S&P 500 [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.19 on revenues of $10.98 billion, and for the current fiscal year, it is $5.64 on revenues of $40.1 billion [7] - The outlook for the industry, specifically the Oil and Gas - Integrated - Canadian sector, is favorable, ranking in the top 21% of over 250 Zacks industries [8]

Financial Performance - Net income for Q1 2025 was $1,288 million, an increase of $93 million from Q1 2024, with diluted earnings per share rising to $2.52 from $2.23[3] - Total revenues for Q1 2025 were CAD 12,517 million, an increase from CAD 12,283 million in Q1 2024, representing a growth of 1.9%[39] - Net income for Q1 2025 was CAD 1,288 million, compared to CAD 1,195 million in Q1 2024, reflecting an increase of 7.8%[39] - Earnings per share (diluted) for Q1 2025 were CAD 2.52, up from CAD 2.23 in Q1 2024, indicating a growth of 13.0%[39] - Total expenses for Q1 2025 were CAD 10,829 million, slightly up from CAD 10,711 million in Q1 2024, indicating a 1.1% increase[62] Cash Flow and Dividends - Cash flows from operating activities were $1,527 million, up from $1,076 million in Q1 2024, while cash flows excluding working capital increased to $1,760 million from $1,521 million[11] - The company returned $307 million to shareholders through dividends in Q1 2025, with a declared second quarter dividend of $0.72 per share[7] - Dividends declared on common stock increased to CAD 367 million in Q1 2025 from CAD 321 million in Q1 2024, representing a growth of 14.3%[39] - Free cash flow for Q1 2025 was CAD 1,150 million, significantly higher than CAD 595 million in Q1 2024, representing a 93% increase[58] Production and Operations - Upstream production averaged 418,000 gross oil-equivalent barrels per day, with Kearl production at 256,000 barrels per day, down from 277,000 barrels per day in Q1 2024 due to extreme cold weather[11] - Downstream throughput averaged 397,000 barrels per day, with refinery capacity utilization at 91%, down from 94% in Q1 2024 due to additional maintenance[22] - Gross crude oil production for Q1 2025 was 413,000 barrels per day, slightly down from 416,000 barrels per day in Q1 2024[46] Capital Expenditures and Projects - Capital and exploration expenditures totaled $398 million, a decrease from $496 million in Q1 2024[11] - Capital and exploration expenditures for Q1 2025 totaled CAD 398 million, down from CAD 496 million in Q1 2024, a decrease of 19.8%[44] - Construction of Canada's largest renewable diesel facility at the Strathcona refinery is on track for startup in mid-2025[4] - The Leming SAGD project is expected to start up in late 2025, with anticipated peak production of around 9,000 barrels per day[11] Asset and Debt Management - Total assets as of March 31, 2025, were CAD 43,889 million, an increase from CAD 42,513 million in the previous year[39] - Total debt decreased to CAD 4,006 million from CAD 4,127 million year-over-year, showing a reduction of 2.9%[39] Cost Management - Cash operating costs for Q1 2025 were CAD 1,947 million, compared to CAD 1,911 million in Q1 2024, reflecting a 1.9% increase[64] - Unit cash operating cost for the Upstream segment in Q1 2025 was CAD 31.31 per oil-equivalent barrel, up from CAD 31.04 in Q1 2024[66] - The Upstream segment's cash operating costs were CAD 1,178 million in Q1 2025, down from CAD 1,189 million in Q1 2024, showing a decrease of 0.9%[64] - The Downstream segment's cash operating costs increased to CAD 631 million in Q1 2025 from CAD 583 million in Q1 2024, a rise of 8.2%[64] Miscellaneous - Chemical net income for the quarter was $31 million, down from $57 million in Q1 2024[11] - There were no identified items impacting net income in Q1 2025 and Q1 2024, providing a clearer view of operational performance[60] - The company reported proceeds from asset sales of CAD 11 million in Q1 2025, up from CAD 4 million in Q1 2024[58] - The company plans to renew its normal course issuer bid in June 2025[6]