Integrated Oil & Gas · Senior · Integrated · Oil-weighted · Oil · Canada
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Imperial Oil Portfolio
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Imperial Oil Limited - integrated Canadian oil company majority-owned by Exxon Mobil (69.6%). Upstream operations include Kearl mine (70.96% WI), Cold Lake in-situ (100% WI), Syncrude joint venture (25% WI), Aspen approved SA-SAGD project (on hold), and various Athabasca in-situ leases. Downstream: three refineries (Strathcona AB, Sarnia ON, Nanticoke ON) totaling 434 mbbl/d capacity; chemical operations in Sarnia; St Clair ethanol plant. 2025 net production 382 mbbl/d liquids + 29 mmcfd gas = 387 mboe/d.
Portfolio Aggregate
Multiple effective dates · 1P
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Oil & Gas inventory & footprint
Multiple effective dates
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Reserves & resources — detail
As at 31 December 2025
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Operating · 3 projects
Cold Lake
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI in-situ heavy oil bitumen operation - product is a blend of bitumen and diluent. Leming SAGD project achieved first oil in November 2025, re-developing the original pilot area. ~161,000 net acres of oil sands leases. 2025 net production 122 mbbls/d (151 gross). 4 net development wells drilled in 2025 plus 9 wells drilling at year-end.
Oil & Gas metrics
Multiple effective dates
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Oil & Gas inventory & footprint
Multiple effective dates
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Kearl
Asset · Ownership 70.96%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Open-pit oil sands mining joint venture ~40 miles north of Fort McMurray, Alberta. Imperial Oil 70.96% participating interest; ExxonMobil Canada Properties 29.04%. Bitumen is extracted through extraction and froth treatment trains, then blended with diluent and shipped to refineries. Six oil sands leases covering ~49,000 gross acres (Imperial ~34,000 net). Autonomous Haulage Systems deployed at Kearl. 2025 gross production 199 mbbls/d / Imperial net 188 mbbls/d.
Oil & Gas metrics
Multiple effective dates
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Oil & Gas inventory & footprint
Multiple effective dates
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Syncrude
Asset · Ownership 25%
Project information
As at 31 December 2025
Description
As at 31 December 2025
25% participating interest in Syncrude joint venture - open-pit oil sands mining + integrated upgrader producing high-quality 32° API light sweet synthetic crude oil. Located north and east of Oil Sands Base operation. Mildred Lake Extension West (MLX-W) achieved first ore extraction in Q2 2025. Imperial's 25% share covers 55,000 net acres. 2025 net production 68 mbbls/d (79 gross).
Oil & Gas metrics
Multiple effective dates
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Oil & Gas inventory & footprint
Multiple effective dates
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Exploration · 1 project
Other Athabasca In-Situ Leases
Segment · Feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
Other bitumen oil sands leases in the Athabasca region totaling ~171,000 net acres suitable for in-situ recovery techniques. Includes: Clyden 62K net acres, Clarke Creek 29K net acres, Corner 28K net acres, Chard 18K net acres (plus 34K Aspen reported separately). Work progresses on technical/technology evaluations for potential future Clarke Creek and Corner regulatory applications. Mineable Athabasca undeveloped 68,000 net acres separately.
Oil & Gas metrics
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Oil & Gas inventory & footprint
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Suspended · 1 project
Aspen
Asset · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI Aspen SA-SAGD (Solvent Assisted - Steam Assisted Gravity Drainage) project. AER regulatory approval received Oct 2018. Two phases planned at ~75,000 bbl/d each (before royalties). Phase 1 was board-approved with $2.6B appropriated, construction started Q4 2018. Slowed in March 2019 due to market uncertainty; major investment remains on hold. EBRT (Enhanced Bitumen Recovery Technology) field pilot on the Aspen lease received funding approval in 2023, with pilot start-up anticipated 2027. ~34,000 net acres.
Oil & Gas metrics
As at 31 December 2025
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Oil & Gas inventory & footprint
As at 31 December 2025
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Processing facilities · 3 projects
Strathcona Refinery
Asset · Other
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI Strathcona refinery in Alberta. Rated capacity 197 mbbl/d crude throughput. 2025 throughput 186 mbbl/d (94% utilization).
Processing facilities
As at 31 December 2025
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Sarnia Refinery
Asset · Other
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI Sarnia refinery in Ontario. Rated capacity 124 mbbl/d crude throughput. 2025 throughput 113 mbbl/d (91% utilization). Processes SCO from Oil Sands segment + conventional crude from third parties. Also adjacent to Imperial's petrochemical and polyethylene manufacturing operations.
Processing facilities
As at 31 December 2025
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Nanticoke Refinery
Asset · Other
Project information
As at 31 December 2025
Description
As at 31 December 2025
100% WI Nanticoke refinery in Ontario. Rated capacity 113 mbbl/d crude throughput. 2025 throughput 103 mbbl/d (91% utilization).
Processing facilities
As at 31 December 2025
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Oil
Natural gas
Bitumen
Synthetic crude
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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