It's been a fantastic year for Imperial Oil (TSX:IMO) investors, who have seen the stock jump an impressive 42%.

And while the company recently posted some seemingly unimpressive results, they really highlight just how safe of a dividend stock it really is. The company's net income for the third quarter fell to $539 million (from more than $1.2 billion in the prior-year period), but that was largely due to a pair of massive one-time, after-tax charges: $306 million non-cash write-down on its Calgary campus and another $249 million for restructuring. In the long run, things should get better. Imperial is making some tough decisions now, like cutting its workforce by about 20% by 2027, to become a leaner, more profitable company in the long run.

What may be most important to investors is Imperial's quarterly dividend, which is $0.72 per share. If you compare that to its quarterly earnings of $1.07 per share, you can see the dividend is very well covered; and that's even with a big drop in earnings. This is a huge sign of dividend safety. It shows the company's underlying business is a strong cash-flow generator and that the dividend isn't in any danger.

While the current 2.3% yield might not sound massive, the safety and reliability of that payout are what's truly attractive here. With a modest price-to-earnings ratio of 14, Imperial Oil looks like a compelling choice for value-conscious investors who believe in the long-term energy sector and are looking for a reliable dividend-payer that can easily weather short-term storms.

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