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flag Imperial Oil raises 2026 capital budget to $2–2.2B, boosts oil output, cuts refinery throughput due to maintenance.

flag Imperial Oil plans a 2026 capital budget of $2 billion to $2.2 billion, a slight increase from 2025, and expects upstream production to rise to 441,000 to 460,000 oil-equivalent barrels per day, driven by stronger performance at Kearl and Cold Lake oilsands. flag Refinery throughput is projected to decline to 395,000 to 405,000 barrels per day in 2026 due to planned maintenance, down from 2025’s forecast. flag The update, announced December 15, 2025, reflects a strategic shift toward higher-return upstream projects and ongoing operational adjustments.

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