第三季度资讯发布 | ||||||||
2024年11月1日，卡尔加里 | 第99.1展示文本 | ||||
帝国宣布2024年第三季度财务和营运结果
•季度净利润为123700万美元
•经营活动现金流为148,700万美元，不包括营运资金的经营活动现金流1 为17.97亿美元
•每日石油当量产量44.7万桶，为30年来第三季度最高水平
•Kearl每天生产295,000桶总毛油当量桶（Imperial公司分享209,000桶），与历史第三季度最高产量相匹配
•Cold Lake每天生产147,000桶毛油当量，反映了Grand Rapids项目的强劲初期增长
•炼油厂利用率为90%，包括在Nanticoke和Strathcona进行计划内维护活动的安全执行
•以$32200万的股息支付和$120600万的加速股份回购向股东返还了$152800万
第三季度 | 九个月 | |||||||||||||||||||
| 以百万加元计，除非注明 | 2024 | 2023 | ∆I | 2024 | 2023 | ∆I | ||||||||||||||
净利润（亏损）（美国通用会计准则） | 1,237 | 1,601 | (364) | 3,565 | 3,524 | +41 | ||||||||||||||
每股普通股净利润（亏损），按摊薄计算 （美元） | 2.33 | 2.76 | (0.43) | 6.66 | 6.04 | +0.62 | ||||||||||||||
| 资本支出和勘探支出 | 486 | 387 | +99 | 1,444 | 1,309 | +135 | ||||||||||||||
帝国公布的第三季度净收入估计为12.37亿美元，高于2024年第二季度的11.33亿美元净收入， 反映了上游生产的强劲和运营开支的降低， 部分被下限所抵消 实现。来自经营活动的季度现金流为 14.87亿美元，而2024年第二季度的收入为16.29亿美元。 不包括营运资金的影响1，来自经营活动的现金流为17.97亿美元，高于2024年第二季度的15.08亿美元。
“帝国跨业务实现了又一个强劲的季度运营表现，” 董事长、总裁兼首席执行官布拉德·科尔森表示。“运营结果得益于30年来最强劲的第三季度上游生产，以及上游单位现金成本持续改善1，以及 在我们的南蒂科克和斯特拉斯科纳炼油厂安全执行重大计划的转型活动的同时，实现了强劲的下游利用率。”
第三季度上游生产平均为每日44.7万桶原油当量，为30多年来第三季度产量最高。在凯尔尔，季度总毛产量平均为每日29.5万桶（Imperial分担的20.9万桶），与资产第三季度生产纪录相匹配，并创造了年度生产纪录。Cold Lake季度毛产量平均每日14.7万桶，得益于Grand Rapids采用溶剂辅助SAGD技术的强劲增长。Grand Rapids每日产量在整个季度保持在1.5万桶，并在9月份平均每日2万桶，超出了先前的预期。Cold Lake的Maskwa工厂安全顺利地完成了计划内的停工活动，并提前完成。公司所持有的Syncrude季度产量平均每日8.1万桶。
1 非通用会计原则财务指标-请参阅附件VI获取定义和调整 | ||||||||
帝国石油在一个多世纪后，继续成为应用技术和创新负责任开发加拿大能源资源的行业领导者。作为加拿大最大的石油炼油商、重要的原油生产商、关键的石化产品生产商和一家领先的全国燃料营销商，我公司仍致力于在业务的所有领域保持高标准。
imperialoil.ca ∙ youtube.com/ImperialOil ∙ x.com/ImperialOil ∙ linkedin.com/company/Imperial-Oil ∙ facebook.com/ImperialOilLimited
第三季度资讯发布 | ||||||||
格兰德拉皮兹，行业首个商业应用溶剂辅助SAGD技术的强劲推进，是我们冷湖资产转型的重要里程碑，支持我们长期的生产增长、降低单位现金成本的策略1 而降低温室气体强度，Corson说。
本季度的下游-脑机吞吐量平均为 389,000 每天以桶计算，炼油厂整体利用率达到90%。运营结果包括安全地执行了Nanticoke和Strathcona炼油厂计划内的修理活动，提前完成且低于预算。 石油股产品销均价为 487,000 每天以桶计算。在Strathcona炼油厂继续施工加拿大最大的可再生柴油设施。项目完工后，预计每年可产生超过十亿升可再生柴油的产能。
在这个季度内，帝国公司通过股息支付和正常业务投标（NCIB）计划加快回购了15.28亿美元的股份，公司还宣布了每股60美分的第四季度股息。
“伊姆波里亚一直致力于股东回报，这可由连续30年的股息增长以及我们计划在年底前完成全额非控股股权的计划来证实，”Corson说。
1 非通用会计原则财务指标-请参阅附件VI获取定义和调整 | ||||||||
帝国石油在一个多世纪后，继续成为应用技术和创新负责任开发加拿大能源资源的行业领导者。作为加拿大最大的石油炼油商、重要的原油生产商、关键的石化产品生产商和一家领先的全国燃料营销商，我公司仍致力于在业务的所有领域保持高标准。
imperialoil.ca ∙ youtube.com/ImperialOil ∙ x.com/ImperialOil ∙ linkedin.com/company/Imperial-Oil ∙ facebook.com/ImperialOilLimited
| 帝国石油有限公司 | ||||||||
第三季度亮点
•净利润为123700万美元，每股稀释后为2.33美元， 相比2023年第三季度的净利润160100万美元，每股为2.76美元。
•经营活动现金流量为14.87亿美元， 较2023年第三季度的经营活动现金流量（23.59亿美元）有所减少。除营运资本外的经营活动现金流量1于 为17.97亿美元，较2023年同期的19.46亿美元有所下降。
•资本支出和勘探支出总计4.86亿美元， 比2023年第三季度的3.87亿美元增加。
•公司在第三季度向股东返还了15.28亿美元 2024, 其中包括32200万美元的分红派息和120600万美元的加速股份回购。帝国预计将在年底前完成其加速 NCIb 计划。
•生产平均为447,000桶原油当量/日， 是30年来第三季度产量最高的一次， 比2023年同期的423,000桶原油当量/日增长，主要受大急湍开采项目、Cold Lake生产和蒸汽循环周期控制的影响。
•Kearl项目的总粗石油产量平均为295,000桶/天 （Imperial分享的209,000桶），与2023年第三季度创下的有史以来最高产量相匹配。
•Gross bitumen production at Cold Lake averaged 147,000 barrels per day inclusive of the planned turnaround activities at Maskwa, up from 128,000 barrels per day in the third quarter of 2023, mainly driven by Grand Rapids, and by production and steam cycle timing.
•Grand Rapids successful ramp up averaged 15,000 barrels per day. Grand Rapids is the first solvent-assisted SAGD project in the industry and averaged 20,000 barrels per day for the month of September as the operation continues its optimization.
•Leming SAGD redevelopment project completed tie-ins for modules with installation ongoing. The project is expected to start up in 2025 with peak production anticipated to be around 9,000 barrels per day.
•The company's share of gross production from Syncrude averaged 81,000 barrels per day, up from 75,000 barrels per day in the third quarter of 2023.
•Refinery throughput averaged 389,000 barrels per day, compared to 416,000 barrels per day in the third quarter of 2023, reflecting the safe execution of planned turnaround activities at the Nanticoke and Strathcona refineries ahead of plan and below budget. Capacity utilization was 90 percent, compared to 96 percent in the third quarter of 2023.
•Petroleum product sales were 487,000 barrels per day, up from 478,000 barrels per day in the third quarter of 2023.
•Continued to advance work on Canada's largest renewable diesel facility at the Strathcona refinery. When completed, the project is expected to have a capacity of more than one billion litres of renewable diesel annually.
•Chemical net income of $28 million in the quarter, up from $23 million in the third quarter of 2023.
•Recipient of the TSX Top 30, based on the company's three-year average dividend-adjusted share price performance of 167 percent.
•Pathways Alliance continued to progress early technical work and issued the request for proposals to pipeline manufacturers for the proposed transportation pipeline. Completion of the carbon capture and storage project is contingent on fiscal support and regulatory approvals.
1 Non-GAAP financial measure - see Attachment VI for definition and reconciliation | ||||||||
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Recent business environment
During the third quarter, crude prices decreased versus the second quarter, reflecting uncertainty about future China demand and OPEC+ supply. The Canadian WTI/WCS spread remained stable in the third quarter and narrowed versus the 2023 full-year average. Industry refining margins declined versus the second quarter as increased supply outpaced global demand.
Operating results
Third quarter 2024 vs. third quarter 2023
Third Quarter | ||||||||
| millions of Canadian dollars, unless noted | 2024 | 2023 | ||||||
Net income (loss) (U.S. GAAP) | 1,237 | 1,601 | ||||||
Net income (loss) per common share, assuming dilution (dollars) | 2.33 | 2.76 | ||||||
Upstream
Net income (loss) factor analysis
millions of Canadian dollars
Price – Average bitumen realizations decreased by $8.81 per barrel, primarily driven by lower marker prices. Synthetic crude oil realizations decreased by $8.57 per barrel, generally in line with WTI.
Volumes – Higher volumes were primarily driven by Grand Rapids, and by production and steam cycle timing at Cold Lake.
Royalty – Lower royalties were primarily driven by lower commodity prices, partially offset by higher volumes.
Other – Includes lower operating expenses of about $80 million, primarily due to lower energy prices.
Marker prices and average realizations
Third Quarter | ||||||||
| Canadian dollars, unless noted | 2024 | 2023 | ||||||
West Texas Intermediate (US$ per barrel) | 75.27 | 82.32 | ||||||
Western Canada Select (US$ per barrel) | 61.76 | 69.39 | ||||||
WTI/WCS Spread (US$ per barrel) | 13.51 | 12.93 | ||||||
Bitumen (per barrel) | 77.24 | 86.05 | ||||||
Synthetic crude oil (per barrel) | 104.41 | 112.98 | ||||||
Average foreign exchange rate (US$) | 0.73 | 0.75 | ||||||
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Production
Third Quarter | ||||||||
| thousands of barrels per day | 2024 | 2023 | ||||||
Kearl (Imperial's share) | 209 | 209 | ||||||
Cold Lake | 147 | 128 | ||||||
Syncrude | 81 | 75 | ||||||
Kearl total gross production (thousands of barrels per day) | 295 | 295 | ||||||
Higher production at Cold Lake was primarily driven by Grand Rapids, and by production and steam cycle timing.
Downstream
Net income (loss) factor analysis
millions of Canadian dollars
Margins – Lower margins primarily reflect weaker market conditions.
Refinery utilization and petroleum product sales
Third Quarter | ||||||||
| thousands of barrels per day, unless noted | 2024 | 2023 | ||||||
| Refinery throughput | 389 | 416 | ||||||
Refinery capacity utilization (percent) | 90 | 96 | ||||||
Petroleum product sales | 487 | 478 | ||||||
Refinery throughput in the third quarter of 2024 reflects the impact of turnaround activities at the Nanticoke and Strathcona refineries. Refinery throughput in the third quarter of 2023 reflected the impact of turnaround activity at the Sarnia refinery.
Chemicals
Net income (loss) factor analysis
millions of Canadian dollars
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Corporate and other
Third Quarter | ||||||||
| millions of Canadian dollars | 2024 | 2023 | ||||||
Net income (loss) (U.S. GAAP) | (23) | (36) | ||||||
Liquidity and capital resources
Third Quarter | ||||||||
| millions of Canadian dollars | 2024 | 2023 | ||||||
| Cash flows from (used in): | ||||||||
| Operating activities | 1,487 | 2,359 | ||||||
| Investing activities | (484) | (380) | ||||||
| Financing activities | (1,533) | (1,639) | ||||||
| Increase (decrease) in cash and cash equivalents | (530) | 340 | ||||||
| Cash and cash equivalents at period end | 1,490 | 2,716 | ||||||
Cash flows from operating activities primarily reflect unfavourable working capital impacts.
Cash flows used in investing activities primarily reflect higher additions to property, plant and equipment.
Cash flows used in financing activities primarily reflect:
Third Quarter | ||||||||
| millions of Canadian dollars, unless noted | 2024 | 2023 | ||||||
Dividends paid | 322 | 292 | ||||||
Per share dividend paid (dollars) | 0.60 | 0.50 | ||||||
Share repurchases (a) | 1,206 | 1,342 | ||||||
Number of shares purchased (millions) (a) | 12.4 | 17.5 | ||||||
(a)Share repurchases were made under and in connection with the company's normal course issuer bid program, and include shares purchased from Exxon Mobil Corporation.
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Nine months 2024 vs. nine months 2023
Nine Months | ||||||||
| millions of Canadian dollars, unless noted | 2024 | 2023 | ||||||
Net income (loss) (U.S. GAAP) | 3,565 | 3,524 | ||||||
Net income (loss) per common share, assuming dilution (dollars) | 6.66 | 6.04 | ||||||
Upstream
Net income (loss) factor analysis
millions of Canadian dollars
Price – Average bitumen realizations increased by $6.90 per barrel, primarily driven by the narrowing WTI/WCS spread, lower diluent costs, and higher marker prices. Synthetic crude oil realizations decreased by $2.70 per barrel, primarily driven by a weaker Synthetic/WTI spread, partially offset by higher WTI.
Volumes – Higher volumes were primarily driven by improved mine fleet productivity and optimized turnaround at Kearl, as well as Grand Rapids and production and steam cycle timing at Cold Lake.
Royalty – Higher royalties were primarily driven by higher volumes.
Other – Includes lower operating expenses of about $200 million, primarily from lower energy prices, and favourable foreign exchange impacts of about $70 million, partially offset by lower electricity sales at Cold Lake due to lower prices.
Marker prices and average realizations
Nine Months | ||||||||
| Canadian dollars, unless noted | 2024 | 2023 | ||||||
West Texas Intermediate (US$ per barrel) | 77.59 | 77.29 | ||||||
Western Canada Select (US$ per barrel) | 62.15 | 59.67 | ||||||
WTI/WCS Spread (US$ per barrel) | 15.44 | 17.62 | ||||||
Bitumen (per barrel) | 75.60 | 68.70 | ||||||
Synthetic crude oil (per barrel) | 102.95 | 105.65 | ||||||
Average foreign exchange rate (US$) | 0.74 | 0.74 | ||||||
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Production
Nine Months | ||||||||
| thousands of barrels per day | 2024 | 2023 | ||||||
Kearl (Imperial's share) | 195 | 182 | ||||||
Cold Lake | 145 | 134 | ||||||
Syncrude (a) | 73 | 72 | ||||||
Kearl total gross production (thousands of barrels per day) | 275 | 257 | ||||||
(a)In 2024, Syncrude gross production included about 1 thousand barrels per day of bitumen and other products (2023 - 1 thousand barrels per day) that were exported to the operator's facilities using an existing interconnect pipeline.
Higher production at Kearl was primarily driven by improved mine fleet productivity and optimized turnaround.
Higher production at Cold Lake was primarily driven by Grand Rapids, and by production and steam cycle timing.
Downstream
Net income (loss) factor analysis
millions of Canadian dollars
Margins – Lower margins primarily reflect weaker market conditions.
Other – Primarily due to lower turnaround impacts of about $110 million.
Refinery utilization and petroleum product sales
Nine Months | ||||||||
| thousands of barrels per day, unless noted | 2024 | 2023 | ||||||
| Refinery throughput | 395 | 407 | ||||||
Refinery capacity utilization (percent) | 91 | 94 | ||||||
Petroleum product sales | 469 | 469 | ||||||
Lower refinery throughput in 2024 mainly reflects the impact of turnaround activity at the Nanticoke refinery.
Chemicals
Net income (loss) factor analysis
millions of Canadian dollars
10
| IMPERIAL OIL LIMITED | ||||||||
Corporate and other
Nine Months | ||||||||
| millions of Canadian dollars | 2024 | 2023 | ||||||
Net income (loss) (U.S. GAAP) | (99) | (71) | ||||||
Liquidity and capital resources
Nine Months | ||||||||
| millions of Canadian dollars | 2024 | 2023 | ||||||
| Cash flows from (used in): | ||||||||
| Operating activities | 4,192 | 2,423 | ||||||
| Investing activities | (1,421) | (1,283) | ||||||
| Financing activities | (2,145) | (2,173) | ||||||
| Increase (decrease) in cash and cash equivalents | 626 | (1,033) | ||||||
Cash flows from operating activities primarily reflect the absence of unfavourable working capital impacts mainly related to an income tax catch-up payment of $2.1 billion in the prior year.
Cash flows used in investing activities primarily reflect higher additions to property, plant and equipment.
Cash flows used in financing activities primarily reflect:
Nine Months | ||||||||
| millions of Canadian dollars, unless noted | 2024 | 2023 | ||||||
Dividends paid | 921 | 815 | ||||||
Per share dividend paid (dollars) | 1.70 | 1.38 | ||||||
Share repurchases (a) | 1,206 | 1,342 | ||||||
Number of shares purchased (millions) (a) | 12.4 | 17.5 | ||||||
(a)Share repurchases were made under and in connection with the company's normal course issuer bid program, and include shares purchased from Exxon Mobil Corporation.
On June 24, 2024, the company announced by news release that it had received final approval from the Toronto Stock Exchange for a new normal course issuer bid and will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 26,791,840 common shares during the period June 29, 2024 to June 28, 2025. This maximum includes shares purchased under the normal course issuer bid from Exxon Mobil Corporation. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. The program will end should the company purchase the maximum allowable number of shares or otherwise on June 28, 2025. Imperial plans to accelerate its share purchases under the normal course issuer bid program, and anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.
Key financial and operating data follow.
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Forward-looking statements
Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans, are forward-looking statements. Similarly, discussion of roadmaps or future plans related to carbon capture, transportation and storage, biofuel, hydrogen, and other future plans to reduce emissions and emission intensity of the company, its affiliates and third parties are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting, and represent forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, estimate, expect, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this report include, but are not limited to, references to the company’s shareholder returns programs, including commitments to shareholder returns, purchases under the normal course issuer bid and accelerating purchases to complete the full normal course issuer bid before year end; the impact of the Cold Lake Grand Rapids project, including production and contributions of the project towards meeting the company’s long-term strategy; the company’s Strathcona renewable diesel project, including timing and expected capacity; the company’s Leming SAGD redevelopment project, including timing and anticipated production; and progress and conditions of the Pathways Alliance carbon capture and storage project.
Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning future energy demand, supply and mix; production rates, growth and mix across various assets; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets, including the Cold Lake Grand Rapids project, the Strathcona renewable diesel project and the Leming SAGD redevelopment project; for shareholder returns, assumptions such as cash flow forecasts, financing sources and capital structure, participation of the company’s majority shareholder and the results of periodic and ongoing evaluation of alternate uses of capital; the adoption and impact of new facilities or technologies on reductions to greenhouse gas emissions intensity, including but not limited to technologies using solvents to replace energy intensive steam at Cold Lake, Strathcona renewable diesel, carbon capture and storage including in connection with hydrogen for the renewable diesel project, recovery technologies and efficiency projects, and any changes in the scope, terms, or costs of such projects; the results of research programs and new technologies, including with respect to greenhouse gas emissions, and the ability to bring new technologies to scale on a commercially competitive basis, and the competitiveness of alternative energy and other emission reduction technologies; for renewable diesel, the availability and cost of locally-sourced and grown feedstock and the supply of renewable diesel to British Columbia in connection with its low-carbon fuel legislation; the amount and timing of emissions reductions, including the impact of lower carbon fuels; that any required support from policymakers and other stakeholders for various new technologies such as carbon capture and storage will be provided; receipt of regulatory approvals in a timely manner, especially with respect to large scale emissions reduction projects; performance of third-party service providers; refinery utilization; applicable laws and government policies, including with respect to climate change, greenhouse gas emissions reductions and low carbon fuels; the ability to offset any ongoing inflationary pressures; capital and environmental expenditures; cash generation, financing sources and capital structure, such as dividends and shareholder returns, including the timing and amounts of share repurchases; and commodity prices, foreign exchange rates and general market conditions, could differ materially depending on a number of factors.
These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices, and the occurrence of wars; political or regulatory events, including changes in law or government policy, applicable royalty rates, and tax laws; third-party opposition to company and service provider operations, projects and infrastructure; availability and allocation of capital; the receipt, in a timely manner, of regulatory and third-party approvals, including for new technologies that will help the company meet its lower emissions goals; failure, delay or uncertainty regarding supportive policy and market development for the adoption of emerging lower emission energy technologies and other technologies that support emissions reductions; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; unanticipated technical or operational difficulties; project management and schedules and timely completion of projects; availability and performance of third-party service providers; environmental risks inherent in oil and gas exploration and production activities; management effectiveness and disaster response preparedness; operational hazards and risks; cybersecurity incidents;
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currency exchange rates; general economic conditions, including inflation and the occurrence and duration of economic recessions or downturns; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial’s most recent annual report on Form 10-K.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.
Forward-looking and other statements regarding Imperial's environmental, social and other sustainability efforts and aspirations are not an indication that these statements are material to investors or require disclosure in the company's filings with securities regulators. In addition, historical, current and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, company planning process, and alignment with our partners and other stakeholders.
In this release all dollar amounts are expressed in Canadian dollars unless otherwise stated. This release should be read in conjunction with Imperial’s most recent Form 10-K. Note that numbers may not add due to rounding.
The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
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| Attachment I | ||||||||||||||
Third Quarter | Nine Months | |||||||||||||
| millions of Canadian dollars, unless noted | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net income (loss) (U.S. GAAP) | ||||||||||||||
| Total revenues and other income | 13,259 | 13,920 | 38,925 | 37,860 | ||||||||||
| Total expenses | 11,656 | 11,820 | 34,261 | 33,231 | ||||||||||
| Income (loss) before income taxes | 1,603 | 2,100 | 4,664 | 4,629 | ||||||||||
| Income taxes | 366 | 499 | 1,099 | 1,105 | ||||||||||
| Net income (loss) | 1,237 | 1,601 | 3,565 | 3,524 | ||||||||||
Net income (loss) per common share (dollars) | 2.33 | 2.77 | 6.67 | 6.05 | ||||||||||
Net income (loss) per common share - assuming dilution (dollars) | 2.33 | 2.76 | 6.66 | 6.04 | ||||||||||
| Other financial data | ||||||||||||||
| Gain (loss) on asset sales, after tax | 2 | (2) | 5 | 16 | ||||||||||
Total assets at September 30 | 42,529 | 43,586 | ||||||||||||
Total debt at September 30 | 4,115 | 4,138 | ||||||||||||
Shareholders' equity at September 30 | 23,639 | 23,808 | ||||||||||||
| Dividends declared on common stock | ||||||||||||||
| Total | 317 | 288 | 960 | 837 | ||||||||||
Per common share (dollars) | 0.60 | 0.50 | 1.80 | 1.44 | ||||||||||
| Millions of common shares outstanding | ||||||||||||||
At September 30 | 523.4 | 566.7 | ||||||||||||
| Average - assuming dilution | 531.9 | 579.3 | 535.3 | 583.3 | ||||||||||
14
| IMPERIAL OIL LIMITED | ||||||||
| Attachment II | ||||||||||||||
Third Quarter | Nine Months | |||||||||||||
| millions of Canadian dollars | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Total cash and cash equivalents at period end | 1,490 | 2,716 | 1,490 | 2,716 | ||||||||||
| Operating activities | ||||||||||||||
| Net income (loss) | 1,237 | 1,601 | 3,565 | 3,524 | ||||||||||
| Adjustments for non-cash items: | ||||||||||||||
| Depreciation and depletion | 508 | 475 | 1,454 | 1,418 | ||||||||||
| (Gain) loss on asset sales | (2) | 3 | (5) | (19) | ||||||||||
| Deferred income taxes and other | 53 | (168) | (186) | (239) | ||||||||||
| Changes in operating assets and liabilities | (310) | 413 | (634) | (2,213) | ||||||||||
| All other items - net | 1 | 35 | (2) | (48) | ||||||||||
| Cash flows from (used in) operating activities | 1,487 | 2,359 | 4,192 | 2,423 | ||||||||||
| Investing activities | ||||||||||||||
| Additions to property, plant and equipment | (486) | (387) | (1,444) | (1,315) | ||||||||||
| Proceeds from asset sales | — | 6 | 7 | 29 | ||||||||||
| Loans to equity companies - net | 2 | 1 | 16 | 3 | ||||||||||
| Cash flows from (used in) investing activities | (484) | (380) | (1,421) | (1,283) | ||||||||||
| Cash flows from (used in) financing activities | (1,533) | (1,639) | (2,145) | (2,173) | ||||||||||
15
| IMPERIAL OIL LIMITED | ||||||||
| Attachment III | ||||||||||||||
Third Quarter | Nine Months | |||||||||||||
| millions of Canadian dollars | 2024 | 2023 | 2024 | 2023 | ||||||||||
Net income (loss) (U.S. GAAP) | ||||||||||||||
| Upstream | 1,027 | 1,028 | 2,384 | 1,742 | ||||||||||
Downstream | 205 | 586 | 1,130 | 1,706 | ||||||||||
Chemical | 28 | 23 | 150 | 147 | ||||||||||
| Corporate and other | (23) | (36) | (99) | (71) | ||||||||||
| Net income (loss) | 1,237 | 1,601 | 3,565 | 3,524 | ||||||||||
| Revenues and other income | ||||||||||||||
| Upstream | 4,609 | 4,807 | 13,329 | 12,097 | ||||||||||
Downstream | 14,570 | 15,112 | 42,843 | 41,329 | ||||||||||
Chemical | 255 | 382 | 1,092 | 1,252 | ||||||||||
| Eliminations / Corporate and other | (6,175) | (6,381) | (18,339) | (16,818) | ||||||||||
| Revenues and other income | 13,259 | 13,920 | 38,925 | 37,860 | ||||||||||
| Purchases of crude oil and products | ||||||||||||||
| Upstream | 1,766 | 1,852 | 5,479 | 4,827 | ||||||||||
Downstream | 13,014 | 13,061 | 37,549 | 35,390 | ||||||||||
Chemical | 157 | 254 | 673 | 791 | ||||||||||
| Eliminations / Corporate and other | (6,203) | (6,419) | (18,405) | (16,926) | ||||||||||
| Purchases of crude oil and products | 8,734 | 8,748 | 25,296 | 24,082 | ||||||||||
| Production and manufacturing | ||||||||||||||
| Upstream | 1,050 | 1,187 | 3,441 | 3,730 | ||||||||||
Downstream | 423 | 405 | 1,279 | 1,291 | ||||||||||
Chemical | 36 | 74 | 137 | 186 | ||||||||||
| Eliminations / Corporate and other | 8 | — | 13 | — | ||||||||||
| Production and manufacturing | 1,517 | 1,666 | 4,870 | 5,207 | ||||||||||
| Selling and general | ||||||||||||||
| Upstream | — | — | — | — | ||||||||||
Downstream | 170 | 177 | 503 | 494 | ||||||||||
Chemical | 22 | 21 | 71 | 69 | ||||||||||
| Eliminations / Corporate and other | 31 | 39 | 116 | 66 | ||||||||||
| Selling and general | 223 | 237 | 690 | 629 | ||||||||||
| Capital and exploration expenditures | ||||||||||||||
| Upstream | 300 | 244 | 857 | 868 | ||||||||||
Downstream | 133 | 103 | 435 | 329 | ||||||||||
Chemical | 3 | 2 | 11 | 11 | ||||||||||
| Corporate and other | 50 | 38 | 141 | 101 | ||||||||||
| Capital and exploration expenditures | 486 | 387 | 1,444 | 1,309 | ||||||||||
| Exploration expenses charged to Upstream income included above | 1 | 1 | 3 | 3 | ||||||||||
16
| IMPERIAL OIL LIMITED | ||||||||
| Attachment IV | ||||||||||||||
| Operating statistics | Third Quarter | Nine Months | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
Gross crude oil production (thousands of barrels per day) | ||||||||||||||
Kearl | 209 | 209 | 195 | 182 | ||||||||||
| Cold Lake | 147 | 128 | 145 | 134 | ||||||||||
Syncrude (a) | 81 | 75 | 73 | 72 | ||||||||||
| Conventional | 5 | 6 | 6 | 6 | ||||||||||
| Total crude oil production | 442 | 418 | 419 | 394 | ||||||||||
Gross natural gas production (millions of cubic feet per day) | 31 | 30 | 30 | 32 | ||||||||||
Gross oil-equivalent production (b) | 447 | 423 | 424 | 399 | ||||||||||
| (thousands of oil-equivalent barrels per day) | ||||||||||||||
Net crude oil production (thousands of barrels per day) | ||||||||||||||
Kearl | 194 | 195 | 181 | 170 | ||||||||||
| Cold Lake | 114 | 91 | 110 | 105 | ||||||||||
Syncrude (a) | 68 | 59 | 61 | 63 | ||||||||||
| Conventional | 5 | 5 | 6 | 5 | ||||||||||
| Total crude oil production | 381 | 350 | 358 | 343 | ||||||||||
Net natural gas production (millions of cubic feet per day) | 30 | 30 | 30 | 32 | ||||||||||
Net oil-equivalent production (b) | 386 | 355 | 363 | 348 | ||||||||||
| (thousands of oil-equivalent barrels per day) | ||||||||||||||
Kearl blend sales (thousands of barrels per day) | 281 | 279 | 269 | 250 | ||||||||||
Cold Lake blend sales (thousands of barrels per day) | 189 | 166 | 192 | 176 | ||||||||||
Average realizations (Canadian dollars) | ||||||||||||||
Bitumen (per barrel) | 77.24 | 86.05 | 75.60 | 68.70 | ||||||||||
Synthetic crude oil (per barrel) | 104.41 | 112.98 | 102.95 | 105.65 | ||||||||||
Conventional crude oil (per barrel) | 60.91 | 76.53 | 59.42 | 68.61 | ||||||||||
Natural gas (per thousand cubic feet) | 0.07 | 2.69 | 0.40 | 2.72 | ||||||||||
Refinery throughput (thousands of barrels per day) | 389 | 416 | 395 | 407 | ||||||||||
Refinery capacity utilization (percent) | 90 | 96 | 91 | 94 | ||||||||||
Petroleum product sales (thousands of barrels per day) | ||||||||||||||
| Gasolines | 227 | 239 | 223 | 227 | ||||||||||
| Heating, diesel and jet fuels | 185 | 170 | 177 | 176 | ||||||||||
Lube oils and other products (c) | 55 | 43 | 47 | 43 | ||||||||||
| Heavy fuel oils | 20 | 26 | 22 | 23 | ||||||||||
| Net petroleum products sales | 487 | 478 | 469 | 469 | ||||||||||
Petrochemical sales (thousands of tonnes) (c) | 76 | 212 | 510 | 650 | ||||||||||
(a)Syncrude gross and net production included bitumen and other products that were exported to the operator’s facilities using an existing interconnect pipeline.
Gross bitumen and other products production (thousands of barrels per day) | — | — | 1 | 1 | ||||||||||
Net bitumen and other products production (thousands of barrels per day) | — | — | 1 | 1 | ||||||||||
(b)Gas converted to oil-equivalent at six million cubic feet per one thousand barrels.
(c)In 2024, benzene and aromatic solvent sales are reported under Petroleum product sales - Lube oils and other products, whereas in 2023, they were reported under Petrochemical sales. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast.
17
| IMPERIAL OIL LIMITED | ||||||||
| Attachment V | ||||||||
| Net income (loss) per | ||||||||
Net income (loss) (U.S. GAAP) | common share - diluted (a) | |||||||
| millions of Canadian dollars | Canadian dollars | |||||||
| 2020 | ||||||||
| First Quarter | (188) | (0.25) | ||||||
| Second Quarter | (526) | (0.72) | ||||||
| Third Quarter | 3 | — | ||||||
| Fourth Quarter | (1,146) | (1.56) | ||||||
| Year | (1,857) | (2.53) | ||||||
| 2021 | ||||||||
| First Quarter | 392 | 0.53 | ||||||
| Second Quarter | 366 | 0.50 | ||||||
| Third Quarter | 908 | 1.29 | ||||||
| Fourth Quarter | 813 | 1.18 | ||||||
| Year | 2,479 | 3.48 | ||||||
| 2022 | ||||||||
| First Quarter | 1,173 | 1.75 | ||||||
| Second Quarter | 2,409 | 3.63 | ||||||
| Third Quarter | 2,031 | 3.24 | ||||||
| Fourth Quarter | 1,727 | 2.86 | ||||||
| Year | 7,340 | 11.44 | ||||||
| 2023 | ||||||||
| First Quarter | 1,248 | 2.13 | ||||||
| Second Quarter | 675 | 1.15 | ||||||
| Third Quarter | 1,601 | 2.76 | ||||||
| Fourth Quarter | 1,365 | 2.47 | ||||||
| Year | 4,889 | 8.49 | ||||||
| 2024 | ||||||||
| First Quarter | 1,195 | 2.23 | ||||||
| Second Quarter | 1,133 | 2.11 | ||||||
| Third Quarter | 1,237 | 2.33 | ||||||
| Year | 3,565 | 6.66 | ||||||
(a)Computed using the average number of shares outstanding during each period. The sum of the quarters presented may not add to the year total.
18
| IMPERIAL OIL LIMITED | ||||||||
Attachment VI
Non-GAAP financial measures and other specified financial measures
Certain measures included in this document are not prescribed by U.S. Generally Accepted Accounting Principles (GAAP). These measures constitute "non-GAAP financial measures" under Securities and Exchange Commission Regulation G and Item 10(e) of Regulation S-K, and "specified financial measures" under National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators.
Reconciliation of these non-GAAP financial measures to the most comparable GAAP measure, and other information required by these regulations, have been provided. Non-GAAP financial measures and specified financial measures are not standardized financial measures under GAAP and do not have a standardized definition. As such, these measures may not be directly comparable to measures presented by other companies, and should not be considered a substitute for GAAP financial measures.
Cash flows from (used in) operating activities excluding working capital
Cash flows from (used in) operating activities excluding working capital is a non-GAAP financial measure that is the total cash flows from operating activities less the changes in operating assets and liabilities in the period. The most directly comparable financial measure that is disclosed in the financial statements is "Cash flows from (used in) operating activities" within the company’s Consolidated statement of cash flows. Management believes it is useful for investors to consider these numbers in comparing the underlying performance of the company’s business across periods when there are significant period-to-period differences in the amount of changes in working capital. Changes in working capital is equal to “Changes in operating assets and liabilities” as disclosed in the company’s Consolidated statement of cash flows and in Attachment II of this document. This measure assesses the cash flows at an operating level, and as such, does not include proceeds from asset sales as defined in Cash flows from operating activities and asset sales in the Frequently Used Terms section of the company’s annual Form 10-K.
Reconciliation of cash flows from (used in) operating activities excluding working capital
Third Quarter | Nine Months | |||||||||||||
| millions of Canadian dollars | 2024 | 2023 | 2024 | 2023 | ||||||||||
| From Imperial's Consolidated statement of cash flows | ||||||||||||||
| Cash flows from (used in) operating activities | 1,487 | 2,359 | 4,192 | 2,423 | ||||||||||
| Less changes in working capital | ||||||||||||||
| Changes in operating assets and liabilities | (310) | 413 | (634) | (2,213) | ||||||||||
| Cash flows from (used in) operating activities excl. working capital | 1,797 | 1,946 | 4,826 | 4,636 | ||||||||||
19
| IMPERIAL OIL LIMITED | ||||||||
Free cash flow
Free cash flow is a non-GAAP financial measure that is cash flows from operating activities less additions to property, plant and equipment and equity company investments plus proceeds from asset sales. The most directly comparable financial measure that is disclosed in the financial statements is "Cash flows from (used in) operating activities" within the company’s Consolidated statement of cash flows. This measure is used to evaluate cash available for financing activities (including but not limited to dividends and share purchases) after investment in the business.
Reconciliation of free cash flow
Third Quarter | Nine Months | |||||||||||||
| millions of Canadian dollars | 2024 | 2023 | 2024 | 2023 | ||||||||||
| From Imperial's Consolidated statement of cash flows | ||||||||||||||
| Cash flows from (used in) operating activities | 1,487 | 2,359 | 4,192 | 2,423 | ||||||||||
| Cash flows from (used in) investing activities | ||||||||||||||
| Additions to property, plant and equipment | (486) | (387) | (1,444) | (1,315) | ||||||||||
| Proceeds from asset sales | — | 6 | 7 | 29 | ||||||||||
| Loans to equity companies - net | 2 | 1 | 16 | 3 | ||||||||||
| Free cash flow | 1,003 | 1,979 | 2,771 | 1,140 | ||||||||||
Net income (loss) excluding identified items
Net income (loss) excluding identified items is a non-GAAP financial measure that is total net income (loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $100 million in a given quarter. The net income (loss) impact of an identified item for an individual segment in a given quarter may be less than $100 million when the item impacts several segments or several periods. The most directly comparable financial measure that is disclosed in the financial statements is "Net income (loss)" within the company’s Consolidated statement of income. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The company believes this view provides investors increased transparency into business results and trends, and provides investors with a view of the business as seen through the eyes of management. Net income (loss) excluding identified items is not meant to be viewed in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. All identified items are presented on an after-tax basis.
Reconciliation of net income (loss) excluding identified items
There were no identified items in the third quarter or year-to-date 2024 and 2023 periods.
20
| IMPERIAL OIL LIMITED | ||||||||
Cash operating costs (cash costs)
Cash operating costs is a non-GAAP financial measure that consists of total expenses, less purchases of crude oil and products, federal excise taxes and fuel charge, financing, and costs that are non-cash in nature, including depreciation and depletion, and non-service pension and postretirement benefit. The components of cash operating costs include "Production and manufacturing", "Selling and general" and "Exploration" from the company’s Consolidated statement of income, and as disclosed in Attachment III of this document. The sum of these income statement lines serves as an indication of cash operating costs and does not reflect the total cash expenditures of the company. The most directly comparable financial measure that is disclosed in the financial statements is "Total expenses" within the company’s Consolidated statement of income. This measure is useful for investors to understand the company’s efforts to optimize cash through disciplined expense management.
Reconciliation of cash operating costs
Third Quarter | Nine Months | |||||||||||||
| millions of Canadian dollars | 2024 | 2023 | 2024 | 2023 | ||||||||||
| From Imperial's Consolidated statement of income | ||||||||||||||
| Total expenses | 11,656 | 11,820 | 34,261 | 33,231 | ||||||||||
| Less: | ||||||||||||||
| Purchases of crude oil and products | 8,734 | 8,748 | 25,296 | 24,082 | ||||||||||
| Federal excise taxes and fuel charge | 661 | 654 | 1,908 | 1,781 | ||||||||||
| Depreciation and depletion | 508 | 475 | 1,454 | 1,418 | ||||||||||
| Non-service pension and postretirement benefit | 1 | 20 | 3 | 60 | ||||||||||
| Financing | 11 | 19 | 37 | 51 | ||||||||||
| Cash operating costs | 1,741 | 1,904 | 5,563 | 5,839 | ||||||||||
Components of cash operating costs
Third Quarter | Nine Months | |||||||||||||
| millions of Canadian dollars | 2024 | 2023 | 2024 | 2023 | ||||||||||
| From Imperial's Consolidated statement of income | ||||||||||||||
| Production and manufacturing | 1,517 | 1,666 | 4,870 | 5,207 | ||||||||||
| Selling and general | 223 | 237 | 690 | 629 | ||||||||||
| Exploration | 1 | 1 | 3 | 3 | ||||||||||
| Cash operating costs | 1,741 | 1,904 | 5,563 | 5,839 | ||||||||||
Segment contributions to total cash operating costs
Third Quarter | Nine Months | |||||||||||||
| millions of Canadian dollars | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Upstream | 1,051 | 1,188 | 3,444 | 3,733 | ||||||||||
| Downstream | 593 | 582 | 1,782 | 1,785 | ||||||||||
| Chemicals | 58 | 95 | 208 | 255 | ||||||||||
| Eliminations / Corporate and other | 39 | 39 | 129 | 66 | ||||||||||
| Cash operating costs | 1,741 | 1,904 | 5,563 | 5,839 | ||||||||||
21
| IMPERIAL OIL LIMITED | ||||||||
Unit cash operating cost (unit cash costs)
Unit cash operating costs is a non-GAAP ratio. Unit cash operating costs (unit cash costs) is calculated by dividing cash operating costs by total gross oil-equivalent production, and is calculated for the Upstream segment, as well as the major Upstream assets. Cash operating costs is a non-GAAP financial measure and is disclosed and reconciled above. This measure is useful for investors to understand the expense management efforts of the company’s major assets as a component of the overall Upstream segment. Unit cash operating cost, as used by management, does not directly align with the definition of “Average unit production costs” as set out by the U.S. Securities and Exchange Commission (SEC), and disclosed in the company’s SEC Form 10-K.
Components of unit cash operating cost
Third Quarter | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
| millions of Canadian dollars | Upstream (a) | Kearl | Cold Lake | Syncrude | Upstream (a) | Kearl | Cold Lake | Syncrude | ||||||||||||||||||
| Production and manufacturing | 1,050 | 461 | 238 | 313 | 1,187 | 520 | 284 | 345 | ||||||||||||||||||
| Selling and general | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Exploration | 1 | — | — | — | 1 | — | — | — | ||||||||||||||||||
| Cash operating costs | 1,051 | 461 | 238 | 313 | 1,188 | 520 | 284 | 345 | ||||||||||||||||||
| Gross oil-equivalent production | 447 | 209 | 147 | 81 | 423 | 209 | 128 | 75 | ||||||||||||||||||
| (thousands of barrels per day) | ||||||||||||||||||||||||||
| Unit cash operating cost ($/oeb) | 25.56 | 23.98 | 17.60 | 42.00 | 30.53 | 27.04 | 24.12 | 50.00 | ||||||||||||||||||
| USD converted at the quarterly average forex | 18.66 | 17.51 | 12.85 | 30.66 | 22.90 | 20.28 | 18.09 | 37.50 | ||||||||||||||||||
2024 US$0.73; 2023 US$0.75
Components of unit cash operating cost
Nine Months | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
| millions of Canadian dollars | Upstream (a) | Kearl | Cold Lake | Syncrude | Upstream (a) | Kearl | Cold Lake | Syncrude | ||||||||||||||||||
| Production and manufacturing | 3,441 | 1,459 | 809 | 1,055 | 3,730 | 1,604 | 868 | 1,156 | ||||||||||||||||||
| Selling and general | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Exploration | 3 | — | — | — | 3 | — | — | — | ||||||||||||||||||
| Cash operating costs | 3,444 | 1,459 | 809 | 1,055 | 3,733 | 1,604 | 868 | 1,156 | ||||||||||||||||||
| Gross oil-equivalent production | 424 | 195 | 145 | 73 | 399 | 182 | 134 | 72 | ||||||||||||||||||
| (thousands of barrels per day) | ||||||||||||||||||||||||||
| Unit cash operating cost ($/oeb) | 29.64 | 27.31 | 20.36 | 52.74 | 34.27 | 32.28 | 23.73 | 58.81 | ||||||||||||||||||
| USD converted at the YTD average forex | 21.93 | 20.21 | 15.07 | 39.03 | 25.36 | 23.89 | 17.56 | 43.52 | ||||||||||||||||||
2024 US$0.74; 2023 US$0.74
(a)Upstream includes Imperial's share of Kearl, Cold Lake, Syncrude and other.
22