Transactions with related parties |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Transactions with related parties | Transactions with related parties Revenues and expenses of the company also include the results of transactions with affiliated companies of ExxonMobil in the normal course of operations. These were conducted on terms comparable to those which would have been conducted with unrelated parties and primarily consisted of the purchase and sale of crude oil, natural gas, petroleum and chemical products, as well as technical, engineering and research and development costs. Transactions with ExxonMobil also included amounts paid and received in connection with the company’s participation in a number of upstream activities conducted jointly in Canada. In addition, the company has existing agreements with ExxonMobil: a)To provide services to the company and to share common business and operational support services that allow the companies to consolidate duplicate work and systems; b)To operate certain western Canada production properties owned by ExxonMobil, as well as provide for the delivery of management, business and technical services to ExxonMobil in Canada. These agreements are designed to provide organizational efficiencies and to reduce costs. No separate legal entities were created from these arrangements. Separate books of account continue to be maintained for the company and ExxonMobil. The company and ExxonMobil retain ownership of their respective assets, and there is no impact on operations or reserves; c)To provide for the option of equal participation in new upstream opportunities; and d)To enter into derivative agreements on each other’s behalf. Certain charges from ExxonMobil have been capitalized; they are not material in the aggregate. Related party revenues and purchases in 2025 were $13,534 million and $5,369 million, respectively. Related party revenues and purchases in 2024 have been revised from $11,725 million to $14,654 million and from $3,722 million to $6,651 million, respectively. Related party revenues and purchases in 2023 have been revised from $13,544 million to $16,166 million and from $4,125 million to $6,747 million, respectively. Impacts of the revision offset to zero. •Related party revenues and purchases with ExxonMobil in 2025 were $13,534 million and $5,227 million, respectively. Related party revenues and purchases with ExxonMobil in 2024 have been revised from $11,725 million to $14,654 million and from $3,617 million to $6,546 million, respectively. Related party revenues and purchases with ExxonMobil in 2023 have been revised from $13,544 million to $16,166 million and from $4,026 million to $6,648 million, respectively. Impacts of the revision offset to zero. As at December 31, 2025, the company had an outstanding long-term loan of $3,447 million (2024 - $3,447 million) from ExxonMobil (see note 14, "Long-term debt", and note 12, "Financing and additional notes and loans payable information" for further details). The amount of financing costs with ExxonMobil in 2025 were $97 million (2024 - $161 million). Imperial has other related party transactions not detailed above in note 16, as they are not significant.
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