Imperial Oil's Receivables More Than Doubled This Year, But Payables Climbed Almost In Step
Customers owe Imperial C$9,153 million, and the company owes suppliers and tax authorities most of the difference, as buybacks hit C$2,086 million.
Customers owed Imperial Oil C$9,153 million at September 30, more than double the C$4,371 million at year-end, according to the company's 10-Q filed Monday. Imperial, a Canadian integrated oil company that produces crude, refines it and sells fuel under the Esso and Mobil brands, owes its own suppliers and the tax authorities nearly as much more than it did.
Two balance-sheet lines that rose together
Accounts payable and accrued liabilities climbed to C$10,519 million from C$6,595 million at December 31, 2025. Income taxes payable jumped to C$1,083 million from C$2 million.
Receivables were C$8,172 million at June 30, per the prior quarter's filing, so they grew C$981 million in the third quarter alone. Over nine months, the receivables line drained C$4,767 million of operating cash flow, while payables added C$3,828 million and income taxes payable another C$1,081 million. All changes in operating assets and liabilities netted to a C$30 million drag.
Net receivables from related parties were C$1,110 million at September 30, up from C$399 million at year-end. Nine-month revenue was C$44,576 million, against C$35,668 million a year earlier.
Record profit on higher oil prices
Net income for the quarter was C$2,454 million, or C$5.11 a diluted share, versus C$539 million a year earlier. That year-ago figure carried C$555 million of after-tax impairment and restructuring charges. Excluding them, income was C$1,094 million.
West Texas Intermediate averaged US$85.68 a barrel, up from US$64.97. Operating cash flow was C$3,228 million, up from C$1,798 million. Output softened at both ends: refineries ran at 88% utilization versus 98% before, and Kearl's share was 200,000 barrels a day against 224,000.
A C$2.1 billion buyback quarter
Imperial repurchased C$2,086 million of stock in the quarter, 11.6 million shares, including purchases from Exxon Mobil's holding company. Shares outstanding fell to 472 million from 484 million at year-end, and cash ended at C$2,893 million.
The repurchases run under a 12-month program that took effect June 29, 2026 and allows up to 24,179,635 shares. Imperial says it plans to keep accelerating and anticipates buying all remaining allowable shares before year end.
The 10-Q says purchase plans may be modified at any time, but Imperial's CEO John Whelan said the company is "on pace to complete our NCIB by year end."
Sources
- 10-Q Filing — Imperial Oil (IMO) — SEC EDGAR
- 10-Q Filing — Imperial Oil (IMO), Q2 FY2026 filed 2026-08-03 (comparison basis) — SEC EDGAR
- Earnings release (8-K Item 2.02, imperialoillimited-secform.htm) — Imperial Oil, filed 2026-10-30 — SEC EDGAR
- Imperial Oil beats Q3 profit estimates — Bloomberg
- Imperial Oil 3Q Profit Climbs on Higher Bitumen Prices, Positive Market Conditions — MarketWatch
- Imperial Oil CEO says oilsands giants meet weekly on deal — financialpost.com
- Imperial Oil: Q3 Earnings Snapshot – WTOP News — wtop.com
- Imperial Oil beats third-quarter profit estimates - The Globe and Mail — Reuters
