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Imperial announces 2018 financial and operating results

Friday, February 1, 2019

Imperial announces 2018 financial and operating results

 

CALGARY, Alberta

Public Company Information:

TSX:
IMO

CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSX:IMO):

  • Full-year earnings of $2,314 million; $3,922 million cash generated from operations
  • Record annual gross production at Kearl of 206,000 barrels per day
  • Returned more than $2.5 billion to shareholders through share purchases and dividends
                 
Fourth quarter Twelve months
millions of Canadian dollars, unless noted   2018   2017  

    2018   2017  

 

Net income (loss) (U.S. GAAP) 853 (137) +990 2,314 490 +1,824
Net income (loss) per common share, assuming dilution (dollars) 1.08 (0.16) +1.24 2.86 0.58 +2.28
Capital and exploration expenditures 493 216 +277 1,427 671 +756
 

Estimated full-year 2018 net income was $2,314 million, including strong fourth quarter results of $853 million despite a volatile business environment. 2018 results compare with net income of $490 million in 2017, which included upstream non-cash impairment charges of $566 million.

The year was characterized by strong downstream financial and operating performance, delivering on upstream production commitments, and demonstrating the resiliency of Imperial’s integrated business model.

The company’s downstream business earned more than $2.3 billion in 2018, a best-ever result excluding 2016 which reflected significant gains from asset sales. During the year, multiple actions were taken to strengthen the business, including capturing margin benefits associated with western Canadian crude price discounts. Additionally, petroleum product sales were 504,000 barrels per day, the highest in nearly 30 years.

“Imperial has taken a strategic approach to increase downstream earnings with continued efforts to process more price-advantaged crudes and to increase process unit utilization and overall reliability. Additionally, we have achieved petroleum product sales levels not seen in decades, and now lead the industry in retail volumes,” said Rich Kruger, chairman, president and chief executive officer.

Imperial’s upstream business had a strong operational year. The company achieved gross oil-equivalent production of 383,000 barrels per day in 2018, up from 375,000 barrels per day in 2017. The focus on reliability led to record annual gross production at Kearl of 206,000 barrels per day (146,000 barrels Imperial’s share). Kearl production was notably strong in the second half of 2018 averaging 230,000 barrels per day (164,000 barrels Imperial’s share) up from 181,000 barrels per day in the first half. Imperial is currently investing to increase the annual average gross production at Kearl to 240,000 barrels per day in 2020.

“The strong financial and operating results achieved in 2018 enabled the company to return more than $2.5 billion to shareholders through an increased share purchase program and our 24th consecutive year of dividend growth,” said Kruger.

“The business environment of the past several months, including the volatility in light and heavy crude prices, illustrates the dynamic nature of the oil and gas business. Recent actions by the Government of Alberta to intervene in the oil market have added further uncertainty and unpredictability into the business and investment climate. Looking ahead, Imperial’s high-quality assets, balanced portfolio and integrated business model uniquely position the company to compete and deliver long-term value to shareholders.”

Fourth quarter highlights

  • Net income of $853 million or $1.08 per share on a diluted basis, an increase of $990 million compared to a net loss of $137 million or $0.16 per share in the fourth quarter of 2017. Fourth quarter 2017 included upstream non-cash impairment charges of $566 million.
  • Cash generated from operating activities was $871 million, compared with $1,080 million in the fourth quarter of 2017. Cash generated from operating activities for the full-year 2018 was $3,922 million.
  • Capital and exploration expenditures totalled $493 million, compared with $216 million in the fourth quarter of 2017. Full-year capital and exploration expenditures totalled $1,427 million, primarily directed to sustaining capital investments and previously announced projects.
  • Dividends paid and share purchases totalled $561 million in the fourth quarter of 2018, including the purchase of about 10.1 million shares for $410 million. In 2018, Imperial returned $2,543 million to shareholders through the purchase of about 48.7 million shares for $1,971 million and dividends paid of $572 million.
  • Production averaged 431,000 gross oil-equivalent barrels per day, up from 399,000 barrels per day in the same period of 2017. Included in this result is the company’s highest-ever quarterly liquids production of 407,000 barrels per day.
  • Gross production of Kearl bitumen averaged 217,000 barrels per day (154,000 barrels Imperial’s share) up from 176,000 barrels per day (125,000 barrels Imperial’s share) in the fourth quarter of 2017. Production was impacted by 20,000 barrels per day (14,000 barrels Imperial’s share) associated with planned turnaround activities at one of the two plants. The turnaround began in late-September and was completed in mid-October.
  • Gross production of Cold Lake bitumen averaged 151,000 barrels per day, compared to 168,000 barrels per day in the same period of 2017. Lower volumes were primarily due to production timing associated with steam management.
  • The company’s share of gross production from Syncrude averaged 89,000 barrels per day, a new quarterly record, reflecting strong production post-recovery from the site-wide power outage earlier in the year. This result compares to 81,000 barrels per day in the same period of 2017.
  • Norman Wells production averaged 7,000 barrels per day, ramping up ahead of schedule.
  • Refinery throughput averaged 408,000 barrels per day, up from 391,000 barrels per day in the fourth quarter of 2017. Capacity utilization was 96 percent, up from 92 percent in the fourth quarter of 2017.
  • Petroleum product sales were 510,000 barrels per day, up from 496,000 barrels per day in the fourth quarter of 2017. Annual sales were 504,000 barrels per day, representing the highest volumes in nearly 30 years.
  • Downstream earnings were $1,142 million, up from $290 million in the fourth quarter of 2017, driven by strong operating performance and margins. This represents a best-ever quarter, excluding the fourth quarter of 2016 which reflected a significant gain from downstream asset sales.
  • Chemical earnings were $55 million in the quarter, contributing to full-year earnings of $275 million, the second best annual result in the company’s history.
  • Imperial concluded a series of agreements with Indigenous communities in the Athabasca region. These multi-year community agreements provide a framework for Indigenous consultation, business and workforce development, and community relations in areas where the company operates.
  • Protecting the boreal forest. Imperial relinquished a 23,000-acre (gross) lease in support of the proposed Biodiversity Stewardship Area Wildland Provincial Park. The effort has been led by the Mikisew Cree First Nation, and represents a significant joint industry-community-government effort to protect important conservation areas adjacent to established parks, including Wood Buffalo National Park.
  • Imperial celebrates 40 years as the major sponsor of Esso Minor Hockey Week. The tournament is the largest minor hockey tournament in the world featuring more than 12,000 kids, 650 teams, 900 games, 2,600 coaches and 4,000 volunteers. Imperial, through its Esso brand, has supported Canada’s game since 1936 when the company sponsored the first national hockey radio broadcast.

Fourth quarter 2018 vs. fourth quarter 2017

The company’s net income for the fourth quarter of 2018 was $853 million or $1.08 per share on a diluted basis, an increase of $990 million compared to the net loss of $137 million or $0.16 per share, for the same period 2017. The fourth quarter 2017 results included upstream non-cash impairment charges of $566 million.

Upstream recorded a net loss of $310 million in the fourth quarter, compared to a net loss of $481 million in the same period of 2017. Improved results reflect the absence of non-cash impairment charges of $566 million, lower royalties of about $140 million, higher volumes of about $70 million and favourable foreign exchange effects of about $50 million. These items were partially offset by the impact of lower Canadian crude oil realizations of about $700 million and higher operating expenses of about $80 million.

West Texas Intermediate (WTI) averaged US$59.54 per barrel in the fourth quarter of 2018, up from US$55.32 per barrel in the same quarter of 2017. Western Canada Select (WCS) averaged US$20.02 per barrel and US$43.15 per barrel for the same periods. The WTI / WCS differential widened significantly during the fourth quarter of 2018 to average approximately US$40 per barrel for the quarter, compared to around US$12 per barrel in the same period of 2017.

The Canadian dollar averaged US$0.76 in the fourth quarter of 2018, a decrease of US$0.03 from the fourth quarter of 2017.

Imperial’s average Canadian dollar realizations for bitumen declined generally in line with WCS, adjusted for changes in exchange rates and transportation costs. Bitumen realizations averaged $16.73 per barrel for the fourth quarter of 2018, compared to $42.92 per barrel in the fourth quarter of 2017. The company’s average Canadian dollar realizations for synthetic crude declined significantly relative to WTI, adjusted for changes in exchange rates and transportation costs. Synthetic crude realizations averaged $47.63 per barrel, compared to $74.12 per barrel in the same period of 2017.

Gross production of Cold Lake bitumen averaged 151,000 barrels per day in the fourth quarter, compared to 168,000 barrels per day in the same period last year. Lower volumes were primarily due to production timing associated with steam management.

Gross production of Kearl bitumen averaged 217,000 barrels per day in the fourth quarter (154,000 barrels Imperial’s share), up from 176,000 barrels per day (125,000 barrels Imperial’s share) during the fourth quarter of 2017. Higher production was mainly the result of improved operational reliability associated with ore preparation, enhanced piping durability and feed management.

The company's share of gross production from Syncrude averaged 89,000 barrels per day, up from 81,000 barrels per day in the fourth quarter of 2017. Higher volumes were mainly due to reduced downtime.

Downstream net income was $1,142 million in the fourth quarter, up $852 million from the fourth quarter of 2017. Earnings increased mainly due to stronger margins of about $640 million and the absence of turnaround activities in the quarter of about $190 million.

Refinery throughput averaged 408,000 barrels per day, up from 391,000 barrels per day in the fourth quarter of 2017. Capacity utilization increased to 96 percent from 92 percent in the fourth quarter of 2017.

Petroleum product sales were 510,000 barrels per day, up from 496,000 barrels per day in the fourth quarter of 2017. Sales growth continues to be driven by optimization across the full downstream value chain, and the expansion of Imperial’s logistic capabilities.

Chemical net income was $55 million in the fourth quarter, compared to $74 million from the same quarter of 2017 primarily due to lower industry margins.

Corporate and other expenses were $34 million in the fourth quarter, compared to $20 million in the same period of 2017. As part of the implementation of the Financial Accounting Standards Board’s update, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, beginning January 1, 2018, Corporate and other includes all non-service pension and postretirement benefit expenses. Prior to 2018, the majority of these costs were allocated to the operating segments.

Cash flow generated from operating activities was $871 million in the fourth quarter, compared with $1,080 million in the corresponding period in 2017, reflecting unfavourable working capital effects, partially offset by higher earnings.

Investing activities used net cash of $463 million in the fourth quarter, compared with $327 million used in the same period of 2017, reflecting higher additions to property, plant and equipment.

Cash used in financing activities was $568 million in the fourth quarter, compared with $391 million used in the fourth quarter of 2017. Dividends paid in the fourth quarter of 2018 were $151 million. The per share dividend paid in the fourth quarter was $0.19, up from $0.16 in the same period of 2017. During the fourth quarter, the company, under its share purchase program, purchased about 10.1 million shares for $410 million, including shares purchased from Exxon Mobil Corporation.

The company’s cash balance was $988 million at December 31, 2018, versus $1,195 million at the end of 2017.

The company currently anticipates exercising its share purchases uniformly over the duration of the program. Purchase plans may be modified at any time without prior notice.

Full-year highlights

  • Net income of $2,314 million, up $1,824 million from 2017.
  • Net income per share on a diluted basis was $2.86, up $2.28 per share from 2017.
  • Cash flow generated from operating activities was $3,922 million, up $1,159 million from 2017.
  • Capital and exploration expenditures totalled $1,427 million. In 2019, capital expenditures are expected to range between $2.3 billion to $2.4 billion, including about $800 million associated with the Aspen in-situ project.
  • Gross oil-equivalent production averaged 383,000 barrels per day, up 8,000 barrels per day from 2017.
  • Record gross production at Kearl of 206,000 barrels per day (146,000 barrels Imperial’s share).
  • Refinery throughput averaged 392,000 barrels per day, up 9,000 barrels per day from 2017.
  • Downstream net income of $2,366 million, up $1,326 million from 2017, a best-ever result excluding gains on asset sales.
  • Chemical net income of $275 million, the second best in company history, up $40 million from 2017.
  • Per share dividends declared during the year totalled $0.73, up $0.10 per share from 2017.
  • Returned $1,971 million to shareholders through share purchases.

Full-year 2018 vs. full-year 2017

Net income in 2018 was $2,314 million, or $2.86 per share on a diluted basis, an increase of $1,824 million compared to net income of $490 million or $0.58 per share in 2017. The prior year results included upstream non-cash impairment charges of $566 million.

Upstream recorded a net loss of $138 million in 2018, compared to a net loss of $706 million in 2017. Improved results reflect the absence of impairment charges of $566 million, higher Kearl volumes of about $210 million, lower royalties of about $80 million and favourable foreign exchange effects of about $50 million. These items were partially offset by higher operating costs of about $200 million, lower Cold Lake volumes of about $170 million and lower Canadian crude oil realizations of about $60 million.

West Texas Intermediate averaged US$65.03 per barrel in 2018, up from US$50.85 per barrel in 2017. Western Canada Select averaged US$38.71 per barrel and US$38.95 per barrel for the same periods. The WTI / WCS differential widened to average approximately US$26 per barrel in 2018, from around US$12 per barrel in 2017.

The Canadian dollar averaged US$0.77 in 2018, unchanged from 2017.

Imperial's average Canadian dollar realizations for bitumen declined generally in line with WCS, adjusted for changes in the exchange rate and transportation costs. Bitumen realizations averaged $37.56 per barrel in 2018, a decrease of $1.57 per barrel from 2017. The company's average Canadian dollar realizations for synthetic crude increased by $3.08 per barrel to average $70.66 per barrel in 2018, however the widening of the western Canadian light crude differential relative to WTI during the fourth quarter of 2018 negatively impacted synthetic crude realizations.

Gross production of Cold Lake bitumen averaged 147,000 barrels per day in 2018, compared to 162,000 barrels per day in 2017. Lower volumes were primarily due to production timing associated with steam management and planned maintenance.

Gross production of Kearl bitumen averaged 206,000 barrels per day in 2018 (146,000 barrels Imperial's share) up from 178,000 barrels per day (126,000 barrels Imperial's share) in 2017. Increased 2018 production reflects improved operational reliability associated with ore preparation, enhanced piping durability and feed management.

During 2018, the company's share of gross production from Syncrude averaged 62,000 barrels per day, unchanged from 2017.

Downstream net income was $2,366 million, an increase of $1,326 million versus the prior year. Higher earnings primarily reflect stronger margins of about $1,530 million, partially offset by the absence of a $151 million gain on the sale of a surplus property in 2017.

Refinery throughput averaged 392,000 barrels per day in 2018, up from 383,000 barrels per day in 2017. Capacity utilization increased to 93 percent from 91 percent in 2017.

Petroleum product sales were 504,000 barrels per day in 2018, up from 492,000 barrels per day in 2017. Sales growth continues to be driven by optimization across the full downstream value chain, and the expansion of Imperial's logistics capabilities.

Chemical net income was $275 million, an increase of $40 million versus the prior year, reflecting higher margins and volumes.

Corporate and other expenses were $189 million in 2018, compared to $79 million in 2017. Beginning January 1, 2018, Corporate and other includes all non-service pension and postretirement benefit expenses. Prior to 2018, the majority of these costs were allocated to the operating segments.

Cash flow generated from operating activities was $3,922 million in 2018, up from $2,763 million in 2017, primarily reflecting higher earnings, partially offset by unfavourable working capital effects.

Investing activities used net cash of $1,559 million in 2018, compared with $781 million used in 2017, reflecting higher additions to property, plant and equipment, and lower proceeds from asset sales.

Cash used in financing activities was $2,570 million in 2018, compared with $1,178 million used in 2017. Dividends paid in 2018 were $572 million. The per share dividend paid in 2018 was $0.70, up from $0.62 in 2017. During 2018, the company, under its share purchase program, purchased about 48.7 million shares for $1,971 million, including shares purchased from Exxon Mobil Corporation.

Key financial and operating data follow.

Forward-looking statements

Statements of future events or conditions in this release, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as "believe", "anticipate", "propose", "plan", "goal", "target", "estimate", "expect", "future", "continue", "likely", "may", "should", "will" and similar references to future periods. Disclosure related to downstream utilization, reliability, and feedstock mix; product sales growth through optimization and expansion; Kearl production outlook and growth; ability to deliver long-term value; multi-year agreements with Indigenous communities; anticipated share purchases; and planned capital structure and expenditures including amounts associated with Aspen constitute forward-looking statements.

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 demand growth and energy source mix; commodity prices and foreign exchange rates; production rates, growth and mix; project plans, dates, costs, capacities and execution; production life and resource recoveries; cost savings; product sales; applicable laws and government policies; and capital and environmental expenditures could differ materially depending on a number of factors. These factors include changes in the supply of and demand for crude oil, natural gas, and petroleum and petrochemical products and resulting price and margin impacts; transportation for accessing markets; political or regulatory events, including changes in law or government policy, applicable royalty rates and tax laws; third party opposition to operations and projects; environmental risks inherent in oil and gas exploration and production activities; environmental regulation, including climate change and greenhouse gas restrictions; currency exchange rates; availability and allocation of capital; availability and performance of third party service providers; unanticipated operational disruptions; management effectiveness; project management and schedules; operational hazards and risks; disaster response preparedness; 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 Oil Limited’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.

In this report all dollar amounts are expressed in Canadian dollars unless otherwise stated. This report 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 report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

           
Attachment I
 
 
Fourth Quarter Twelve Months
millions of Canadian dollars, unless noted   2018   2017     2018   2017
 
Net Income (loss) (U.S. GAAP)
Total revenues and other income 7,890 8,077 35,099 29,424
  Total expenses   6,804   8,286     32,026   28,842
Income (loss) before income taxes 1,086 (209) 3,073 582
  Income taxes   233   (72)     759   92
  Net income (loss)   853   (137)     2,314   490
 
Net income (loss) per common share (dollars) 1.08 (0.16) 2.87 0.58
Net income (loss) per common share - assuming dilution (dollars) 1.08 (0.16) 2.86 0.58
 
Other Financial Data
Gain (loss) on asset sales, after-tax 17 1 38 192
Total assets at December 31 41,456 41,601
 
Total debt at December 31 5,180 5,207
Other long-term obligations at December 31 2,943 3,780
 
Shareholders' equity at December 31 24,489 24,435
Capital employed at December 31 29,692 29,661
Return on average capital employed (percent) (a) 8.1 1.8
 
Dividends declared on common stock
Total 149 134 587 531
Per common share (dollars) 0.19 0.16 0.73 0.63
 
Millions of common shares outstanding
At December 31 782.6 831.2
Average - assuming dilution 789.6 837.8 810.1 845.7
                     

(a) Return on capital employed is annual business-segment net income excluding after-tax cost of financing divided by the average

business-segment capital employed (an average of the beginning and end-of-year amounts).

 
         
Attachment II
 
 
Fourth Quarter Twelve Months
millions of Canadian dollars   2018   2017     2018   2017
 
Total cash and cash equivalents at period end 988 1,195 988 1,195
 
Net income (loss) 853 (137) 2,314 490
Adjustments for non-cash items:
Depreciation and depletion 410 1,037 1,509 2,172
Impairment of intangible assets - - 46 -
(Gain) loss on asset sales (25) (1) (54) (220)
Deferred income taxes and other 321 27 806 321
Changes in operating assets and liabilities   (688)   154     (699)   -
Cash flows from (used in) operating activities   871   1,080     3,922   2,763
 
Cash flows from (used in) investing activities (463) (327) (1,559) (781)
Proceeds associated with asset sales 25 2 59 232
 
Cash flows from (used in) financing activities   (568)   (391)     (2,570)   (1,178)
 
         
Attachment III
 
 
Fourth Quarter Twelve Months
millions of Canadian dollars   2018   2017     2018   2017
 
Net income (loss) (U.S. GAAP)
Upstream (310) (481) (138) (706)
Downstream 1,142 290 2,366 1,040
Chemical 55 74 275 235
Corporate and other   (34)   (20)     (189)   (79)
Net income (loss)   853   (137)     2,314   490
 
Revenues and other income
Upstream 2,290 2,905 11,170 9,582
Downstream 6,295 6,011 26,837 22,138
Chemical 331 357 1,518 1,371
Eliminations / Corporate and other   (1,026)   (1,196)     (4,426)   (3,667)
Revenues and other income   7,890   8,077     35,099   29,424
 
Purchases of crude oil and products
Upstream 1,320 1,437 5,833 4,526
Downstream 3,662 4,506 19,326 16,543
Chemical 174 178 831 751
Eliminations   (1,031)   (1,202)     (4,449)   (3,675)
Purchases of crude oil and products   4,125   4,919     21,541   18,145
 
Production and manufacturing expenses
Upstream 1,114 996 4,305 3,913
Downstream 394 407 1,606 1,576
Chemical 56 57 210 209
Eliminations   -   -     -   -
Production and manufacturing expenses   1,564   1,460     6,121   5,698
 
Capital and exploration expenditures
Upstream 345 130 991 416
Downstream 133 72 383 200
Chemical 6 5 25 17
Corporate and other   9   9     28   38
Capital and exploration expenditures   493   216     1,427   671
 
Exploration expenses charged to income included above   6   154     19   183
 
         
Attachment IV
 
 
Operating statistics Fourth Quarter Twelve Months
    2018   2017     2018   2017
 
Gross crude oil and natural gas liquids (NGL) production
(thousands of barrels per day)
Cold Lake 151 168 147 162
Kearl 154 125 146 126
Syncrude 89 81 62 62
Conventional   11   3     5   4
Total crude oil production 405 377 360 354
NGLs available for sale   2   1     1   1
Total crude oil and NGL production   407   378     361   355
 
Gross natural gas production (millions of cubic feet per day) 144 126 129 120
 
Gross oil-equivalent production (a) 431 399 383 375
(thousands of oil-equivalent barrels per day)
 
Net crude oil and NGL production (thousands of barrels per day)
Cold Lake 128 134 120 132
Kearl 130 122 135 123
Syncrude 89 72 60 57
Conventional   12   2     5   3
Total crude oil production 359 330 320 315
NGLs available for sale   1   1     2   1
Total crude oil and NGL production   360   331     322   316
 
Net natural gas production (millions of cubic feet per day) 138 124 126 114
 
Net oil-equivalent production (a) 383 352 343 335
(thousands of oil-equivalent barrels per day)
 
Cold Lake blend sales (thousands of barrels per day) 201 222 199 216
Kearl blend sales (thousands of barrels per day) 230 172 207 165
NGL sales (thousands of barrels per day) 8 5 6 6
 
Average realizations (Canadian dollars)
Bitumen (per barrel) 16.73 42.92 37.56 39.13
Synthetic oil (per barrel) 47.63 74.12 70.66 67.58
Conventional crude oil (per barrel) 22.95 60.05 41.84 53.51
NGL (per barrel) 38.18 43.06 38.66 31.46
Natural gas (per thousand cubic feet) 2.59 2.28 2.43 2.58
 
Refinery throughput (thousands of barrels per day) 408 391 392 383
Refinery capacity utilization (percent) 96 92 93 91
 
Petroleum product sales (thousands of barrels per day)
Gasolines 258 259 255 257
Heating, diesel and jet fuels 189 177 183 177
Heavy fuel oils 27 14 26 18
Lube oils and other products   36   46     40   40
Net petroleum products sales   510   496     504   492
 
Petrochemical sales (thousands of tonnes)   181   184     807   774

(a)  Gas converted to oil-equivalent at six million cubic feet per one thousand barrels.

 
 
Attachment V
 
 
Net income (loss) per
Net income (loss) (U.S. GAAP) common share - diluted (a)
millions of Canadian dollars Canadian dollars
 
2014
First Quarter 946 1.11
Second Quarter 1,232 1.45
Third Quarter 936 1.10
Fourth Quarter 671 0.79
Year 3,785 4.45
 
2015
First Quarter 421 0.50
Second Quarter 120 0.14
Third Quarter 479 0.56
Fourth Quarter 102 0.12
Year 1,122 1.32
 
2016
First Quarter (101) (0.12)
Second Quarter (181) (0.21)
Third Quarter 1,003 1.18
Fourth Quarter 1,444 1.70
Year 2,165 2.55
 
2017
First Quarter 333 0.39
Second Quarter (77) (0.09)
Third Quarter 371 0.44
Fourth Quarter (137) (0.16)
Year 490 0.58
 
2018
First Quarter 516 0.62
Second Quarter 196 0.24
Third Quarter 749 0.94
Fourth Quarter 853 1.08
Year 2,314 2.86

(a) Computed using the average number of shares outstanding during each period. The sum of the four quarters may not add to the
full year.

 

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.

Contact:

Imperial Oil Limited
Investor relations
(587) 476-4743
or
Media relations
(587) 476-7010

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