Imperial Oil is not wholly owned by ExxonMobil, but ExxonMobil does hold a controlling majority ownership interest of roughly 69.6% in the Canadian petroleum enterprise. While they operate as legally separate publicly traded companies with distinct management boards and independent stock listings, ExxonMobil and Imperial Oil maintain deep operational ties. ExxonMobil provides various administrative, procurement, and technical support services to Imperial through formal agreements while consolidating its financial reporting results.