What is Imperial Oil's downstream — exploration expense?

Imperial Oil (IMO) reported downstream — exploration expense of 0% in Q1 2026.

What does downstream — exploration expense mean?

Costs incurred for geological and geophysical activities related to the downstream segment, though typically rare in this business unit. It represents speculative spending aimed at identifying future resource opportunities or infrastructure expansion feasibility.

Imperial Oil IMO Downstream — Exploration Expense

Other segment segments

Upstream

300,000,000%+50.0%

Chemical

0%—

Similar metrics at other companies

EQTUpstream — Exploration

$430K-59.1%

CVXDownstream — Properties, plant and equipment, at cost

$41.91B+3.0%

EQTExploration expenses

$430K-59.1%

CVXDownstream — Property, Plant and Equipment, Additions

$223.75M-38.8%

EPSNExploration Expense

$594.45K+7.6%

CRGYExploration Expense

$6.52M+2,030%

Other financials

Income statement

See full

Revenue$12.4B-0.6%

Net income$940.0M-27.0%

EPS (diluted)$1.94-23.0%

Balance sheet

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Cash & equivalents$1.0B-41.7%

Total debt$4.2B-0.4%

Total equity$22.7B-6.8%

Total assets$45.5B+3.6%

Cash flow

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Operating cash flow$756.0M-50.5%

CapEx$475.0M+19.3%

Free cash flow$281.0M-75.1%

Valuation

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Market cap$58.03B+42.2%

Enterprise value$61.22B+43.5%

P/E19.9×+11.2×

P/S1.2×+0.4×

Profitability

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Net margin6.2%-3.2pp

FCF margin8.2%-0.8pp

Returns & leverage

See full

Return on equity12.4%-8.2pp

Debt / equity0.2×0.0×

Current ratio1.2×-0.2×

Where this comes from

Reported directly by Imperial Oil in its filing.

Tagged under the XBRL concept us-gaap:ExplorationExpense.

The official record: Imperial Oil’s 10-Q, filed May 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Imperial Oil's downstream — exploration expense?: Imperial Oil (IMO) reported downstream — exploration expense of 0% in Q1 2026.
What does downstream — exploration expense mean?: Costs incurred for geological and geophysical activities related to the downstream segment, though typically rare in this business unit. It represents speculative spending aimed at identifying future resource opportunities or infrastructure expansion feasibility.