Business Segments · Capital and exploration expenditures
Upstream — Capital and exploration expenditures
Imperial Oil Upstream — Capital and exploration expenditures decreased by 28.7% to $362M in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 36.1%, from $266M to $362M. Over 4 years (FY 2021 to FY 2025), Upstream — Capital and exploration expenditures shows an upward trend with a 23.7% CAGR.
Analysis
StatementSegment
CategoryCapital Allocation
SignalContext dependent
VolatilityModerate
First reportedQ1 2013
Last reportedQ1 2026May 4, 2026
Rolls up toCapital and exploration expenditures
How to read this metric
Higher spending indicates aggressive growth or maintenance strategies, while lower spending may signal capital discipline or reduced investment opportunities.
Detailed definition
Total investment made by the upstream segment into property, plant, equipment, and exploration activities. This reflects...
Peer comparison
Commonly referred to as 'Upstream CAPEX' in industry peer analysis.
Metric ID:
imo_segment_upstream_capital_and_exploration_expendituresHistorical Data
20 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $130M | $151M | $266M | $222M | $233M | $309M | $364M | $321M | $303M | $244M | $240M | $290M | $267M | $300M | $221M | $266M | $353M | $353M | $508M | $362M |
| QoQ Change | — | +16.2% | +76.2% | -16.5% | +5.0% | +32.6% | +17.8% | -11.8% | -5.6% | -19.5% | -1.6% | +20.8% | -7.9% | +12.4% | -26.3% | +20.4% | +32.7% | +0.0% | +43.9% | -28.7% |
| YoY Change | — | — | — | — | +79.2% | +104.6% | +36.8% | +44.6% | +30.0% | -21.0% | -34.1% | -9.7% | -11.9% | +23.0% | -7.9% | -8.3% | +32.2% | +17.7% | +129.9% | +36.1% |
Range$130M – $508M
CAGR+24.1%
Avg YoY Growth+27.6%
Median YoY Growth+26.5%
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Frequently Asked Questions
- What is Imperial Oil's upstream — capital and exploration expenditures?
- Imperial Oil (IMO) reported upstream — capital and exploration expenditures of $362M in Q1 2026.
- How has Imperial Oil's upstream — capital and exploration expenditures changed year-over-year?
- Imperial Oil's upstream — capital and exploration expenditures increased by 36.1% year-over-year, from $266M to $362M.
- What is the long-term trend for Imperial Oil's upstream — capital and exploration expenditures?
- Over 4 years (2021 to 2025), Imperial Oil's upstream — capital and exploration expenditures has grown at a 23.7% compound annual growth rate (CAGR), from $632M to $1.48B.
- What does upstream — capital and exploration expenditures mean?
- The amount spent on finding new oil and gas reserves and building the infrastructure to produce them.