SCHEDULE 13G/A: FMR LLC Boosts Imperial Oil Stake to 10.3%

Sentiment:

Beneficial Ownership Report (Amendment) 7 October 2025 7:49 PM

FMR LLC and Abigail P. Johnson report a 10.3% beneficial ownership stake in Imperial Oil Ltd, holding over 51 million common shares.

Summary

FMR LLC and Abigail P. Johnson collectively beneficially own 51,940,950.27 common shares of Imperial Oil Ltd.
This ownership represents 10.3% of the total outstanding common stock of Imperial Oil Ltd.
FMR LLC holds sole voting power over 38,081,131.55 shares.
Both FMR LLC and Abigail P. Johnson hold sole dispositive power over 51,940,950.27 shares.
The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Imperial Oil Ltd.

Sentiment

Score: 7

Explanation: The filing indicates a significant and stable institutional ownership stake by FMR LLC and Abigail P. Johnson in Imperial Oil Ltd, which is generally a positive signal of investor confidence. The stated purpose of holding shares in the ordinary course of business, without intent to influence control, suggests a passive, long-term investment perspective.

Positives

A significant institutional investor, FMR LLC, maintains a substantial 10.3% stake in Imperial Oil Ltd, indicating continued confidence in the company.
The holding is for investment purposes in the ordinary course of business, not for influencing control, suggesting a passive, long-term investment.

Negatives

Risks

The Johnson family group, including Abigail P. Johnson, through their ownership of voting common shares and a voting agreement, may be deemed to form a controlling group with respect to FMR LLC, which could indirectly influence FMR LLC's investment decisions.

Future Outlook

Management Comments

I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

The filing indicates a significant institutional stake in a major oil and gas company, Imperial Oil Ltd, which operates within the energy sector. Such large holdings by asset managers like FMR LLC are common for established companies, reflecting long-term investment strategies rather than activist intentions.

Comparison to Industry Standards

A 10.3% beneficial ownership stake by a major asset manager like FMR LLC is a substantial institutional position, often seen in large-cap companies within the energy sector. This level of ownership is typical for passive investment funds and does not suggest an activist stance, aligning with the stated purpose of holding shares in the ordinary course of business.
Compared to other major institutional investors in the energy sector, FMR LLC's holding in Imperial Oil Ltd is a notable position, indicating a significant allocation to this specific company within their broader portfolio.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Shareholder Voting Agreement	Members of the Johnson family, including Abigail P. Johnson, are the predominant owners of Series B voting common shares of FMR LLC (representing 49% of voting power) and have a shareholders' voting agreement under which all Series B shares will be voted in accordance with the majority vote. This arrangement forms a controlling group with respect to FMR LLC.	NA	This agreement centralizes voting power within the Johnson family for FMR LLC, which indirectly influences FMR LLC's investment decisions, including its holdings in Imperial Oil Ltd.

Stakeholder Impact

Shareholders: The continued significant institutional ownership by FMR LLC may provide a level of stability and confidence, as it indicates a major investor's long-term interest in Imperial Oil Ltd.
Management: The filing clarifies that the shares are held in the ordinary course of business and not for the purpose of changing or influencing control, which suggests a non-activist stance from this large shareholder.

Key Dates

Date	Description
2023-01-03	Effective date of Power of Attorney for FMR LLC.
2023-01-10	FMR LLC's Schedule 13G filing date referencing Power of Attorney (accession number -23-000003).
2023-01-26	Effective date of Power of Attorney for Abigail P. Johnson.
2023-01-31	FMR LLC's Schedule 13G filing date referencing Abigail P. Johnson's Power of Attorney (accession number -23-000038).
2025-09-30	Date of event which requires the filing of this statement.
2025-10-06	Filing date of this Schedule 13G Amendment No. 3.

Recommendation

hold

The filing indicates a substantial and stable institutional ownership by FMR LLC and Abigail P. Johnson, representing 10.3% of Imperial Oil Ltd's common stock. This suggests continued confidence from a major investor. However, the filing is purely an ownership disclosure and does not provide new financial performance data or strategic updates from Imperial Oil Ltd itself that would warrant a 'buy' or 'sell' recommendation. The 'hold' recommendation reflects the stability implied by the institutional stake without new catalysts for significant upward or downward movement based solely on this filing.

Keywords

Imperial Oil Ltd, FMR LLC, Abigail P. Johnson, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investor, Oil and Gas, Energy Sector

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