For the twelve months ended December
31, 2014
CALGARY, Feb. 2, 2015 /CNW/ -
|
Fourth
quarter
|
Twelve
months
|
(millions of dollars,
unless noted)
|
2014
|
2013
|
%
|
2014
|
2013
|
%
|
|
|
|
|
|
|
|
Net income (U.S.
GAAP)
|
671
|
1,056
|
(36)
|
3,785
|
2,828
|
34
|
Net income per common
share
|
|
|
|
|
|
|
- assuming dilution
(dollars)
|
0.79
|
1.24
|
(36)
|
4.45
|
3.32
|
34
|
|
|
|
|
|
|
|
Capital and
exploration expenditures
|
1,588
|
1,567
|
1
|
5,654
|
8,020
|
(30)
|
Rich Kruger, Chairman,
President and Chief Executive Officer, commented:
Imperial's competitively advantaged assets, integrated business
model and focus on the fundamentals contributed to our ability to
deliver strong financial and operating results and industry-leading
shareholder return in 2014. Most notable among our achievements was
continued strong performance at our flagship Cold Lake operation, continued ramp-up at our
Kearl next generation oil sands mine, record refinery capacity
utilization and significant growth in petroleum product sales.
Earnings in the fourth quarter were $671
million, or $0.79 per share, a
decrease of 36 percent compared with the corresponding 2013 period.
Earnings for the full year 2014 were $3,785
million, second highest in company history. Upstream
earnings of $2,059 million and
Downstream earnings of $1,594 million
highlighted the strength of our value chain integration.
Fourth quarter production averaged 315,000 gross oil-equivalent
barrels per day, down 14,000 barrels from 2013. Excluding the
impact of conventional assets divested earlier in 2014, total
production was up 4,000 barrels per day. Production for the full
year averaged 310,000 gross oil-equivalent barrels per day, up 12
percent from 2013, excluding divestments.
Quarterly refinery throughput averaged 373,000 barrels per day,
down 14,000 barrels from the same period in 2013. In the quarter,
refinery capacity utilization averaged 96 percent, excluding
planned maintenance at the Sarnia
and Nanticoke refineries. Annual
refinery capacity utilization reached a record high of 94 percent.
Chemical achieved record annual earnings of $229 million on the strength of high polyethylene
margins.
Fourth quarter capital and exploration expenditures totalled
$1,588 million. Full year capital and
exploration expenditures totalled $5,654
million, driven primarily by upstream growth projects Kearl
and Nabiye.
The business environment of the past several months, with the
dramatic decline in global crude prices, illustrates the cyclical
nature of the oil and gas business. Imperial plans and operates its
businesses with a long-term perspective that results in resiliency
across a wide range of market conditions. Our resiliency is
achieved in large part due to our long-life, high-quality assets,
integrated business model and ongoing focus on business
fundamentals. Consequently, our near-term investment plans remain
largely unchanged. However, we will continue to closely monitor and
respond to market conditions, rigorously examining operating costs
and capital investments to maximize value in whatever business
environment we operate in.
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 and
natural gas, 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.
Fourth quarter highlights
- Net income totalled $671 million or $0.79 per share on a diluted basis, down 36
percent from $1,056 million or
$1.24 per share in the fourth quarter
of 2013.
- Production averaged 315,000 gross
oil-equivalent barrels per day, down from 329,000 barrels in
the same period of 2013. Excluding the impact of the conventional
assets divested earlier in 2014, total production was up 4,000
barrels per day.
- Refinery throughput averaged 373,000
barrels per day, down from 387,000 barrels in the fourth
quarter of 2013. Planned maintenance activities reduced throughput
by about 32,000 barrels per day.
- Petroleum product sales were 480,000
barrels per day, up 19,000 barrels from the fourth quarter of
2013, consistent with the company's strategy to grow sales in
profitable Canadian markets.
- Chemical earnings were $63 million, up $17
million from the same period in 2013. The results reflected
the capture of stronger margins and the effect of processing
cost-advantaged ethane feedstock from Marcellus shale gas.
- Cash generated from operating activities
was $1,091 million, a decrease of
$568 million from the fourth quarter
of 2013, primarily due to lower earnings.
- Capital and exploration expenditures of
$1,588 million were primarily
directed at the Kearl expansion and Cold Lake Nabiye upstream
growth projects.
- Kearl gross bitumen production averaged
66,000 barrels per day (47,000 barrels Imperial's share) in the
fourth quarter. A precautionary shutdown, due to excessive
vibration in the plant's ore crusher unit, occurred in November.
Excluding this shutdown, production averaged 87,000 barrels per day
(62,000 barrels Imperial's share) in the quarter.
- Kearl expansion project construction phase
was essentially completed. Significant progress was achieved in
the quarter and, as previously communicated, the project continues
ahead of schedule. Commissioning of facilities commenced in
preparation for start-up, which is now slated for the third quarter
of 2015 versus the original year-end target.
- Cold Lake Nabiye project advanced
commissioning and start-up activities. Facilities start-up
occurred throughout December, followed by initial steam injection
into the reservoir in January. Bitumen production is targeted in
the first quarter of 2015, ultimately increasing to 40,000 barrels
per day, before royalties.
- WCC LNG project description filed with
B.C. Environmental Assessment Office. The filing, required to
initiate an environmental assessment, outlines the proposed
production, storage and marine transportation of LNG to global
markets. A final investment decision, not anticipated in the near
term, will ultimately be based on a number of factors, including
satisfactory government and regulatory approvals, economic
competitiveness, future market conditions and LNG sales
agreements.
- Operating model for remaining
company-owned Esso retail stations under evaluation.
Approximately 1,200 of the 1,700 Esso-branded sites across
Canada operate under a branded
wholesaler model. Under this model, Imperial supplies fuel to
independent third parties who own and operate retail stations in
alignment with Esso brand standards. The assessment will evaluate
the opportunity to extend the success of the branded wholesaler
model to the remaining 500 company-owned sites as part of
Imperial's Esso growth strategy.
- Contributed a total of $4.7 million to United Way organizations across
Canada. Imperial, ExxonMobil
Canada, the companies' employees, contractors and annuitants
generously donated more than $3
million and the Imperial Foundation contributed $1.7 million to national United Way
organizations, including net proceeds of almost $300,000 from the sale of a portion of Imperial's
corporate art collection.
Fourth quarter 2014 vs. fourth quarter 2013
The company's net income for the fourth quarter of 2014 was
$671 million or $0.79 per share on a diluted basis, compared with
$1,056 million or $1.24 per share for the same period last
year.
Upstream net income in the fourth quarter was $218 million versus $411
million in the same period of 2013. Earnings in the fourth
quarter of 2014 reflected the impact of lower Canadian crude oil
realizations of about $100 million
and lower volumes of about $50
million. Earnings in the fourth quarter of 2013 included a
$73 million gain from the sale of
non-operating assets. These factors were partially offset by the
impact of a weaker Canadian dollar of about $40 million.
The company's average realizations from the sales of synthetic
crude oil decreased about 10 percent in the fourth quarter of 2014
to $82.04 per barrel versus
$91.65 per barrel in the fourth
quarter of 2013. The decreased realizations reflected the lower
West Texas Intermediate (WTI) crude oil benchmark price, which was
down about 25 percent, partially offset by the weaker Canadian
dollar. The company's average bitumen realizations declined two
percent or $0.94 per barrel to
$52.37 per barrel, with the narrower
price spread between light crude oil and bitumen mitigating the
decline in the benchmark crude. The company's average realizations
on natural gas sales of $3.25 per
thousand cubic feet in the fourth quarter of 2014 was down six
percent compared to $3.45 per
thousand cubic feet in the same period 2013.
Gross production of Cold Lake
bitumen averaged 152,000 barrels per day in the fourth quarter,
versus 155,000 barrels in the same period last year. Lower volumes
were primarily due to the cyclic nature of steaming and associated
production.
Gross production from the Kearl initial development in the
fourth quarter, which was impacted by the November crusher outage,
was 66,000 barrels per day (47,000 barrels Imperial's share) up
from 52,000 barrels per day (37,000 barrels Imperial's share) in
the fourth quarter of 2013.
The company's share of Syncrude's gross production in the fourth
quarter was 73,000 barrels per day, down from 77,000 barrels in the
fourth quarter of 2013, primarily the result of increased
maintenance activities.
Gross production of conventional crude oil averaged 14,000
barrels per day in the fourth quarter, versus 22,000 barrels in the
corresponding period in 2013. The lower production volume was
primarily due to the impact of properties divested during the first
half of 2014.
Gross production of natural gas during the fourth quarter of
2014 was 159 million cubic feet per day, down from 204 million
cubic feet in the same period last year, reflecting the impact of
properties divested during the first half of 2014.
Downstream net income was $397
million in the fourth quarter, $228
million lower than the fourth quarter of 2013. Earnings
decreased mainly due to lower refining and marketing margins.
Chemical net income in the fourth quarter was $63 million, up from $46
million in the same quarter in 2013. Strong
polyethylene margins and the processing of cost-advantaged ethane
feedstock from Marcellus shale gas were the main contributors to
higher earnings.
Net income effects from Corporate and Other were negative
$7 million in the fourth quarter,
versus negative $26 million in the
same period of 2013 due to lower share-based compensation
charges.
The company's cash balance was $215
million as at December 31,
2014 versus $272 million at
the end of 2013.
Cash flow generated from operating activities was $1,091 million in the fourth quarter,
$568 million lower than the
corresponding period in 2013. Lower cash flow was primarily due to
lower earnings.
Investing activities used net cash of $1,445 million in the fourth quarter, compared
with $1,434 million in the same
period of 2013. Additions to property, plant and equipment were
$1,438 million in the fourth quarter,
compared with $1,526 million during
the same quarter in 2013. Expenditures during the quarter were
primarily directed towards the advancement of Kearl expansion and
Cold Lake Nabiye projects.
Cash from financing activities was $526
million in the fourth quarter, compared with cash used in
financing activities of $29 million
in the fourth quarter of 2013. In the fourth quarter, the company
increased long-term debt by $430
million through its existing loan facility, and increased
the level of short-term debt by issuing $208
million in commercial paper. Dividends paid in the fourth
quarter of 2014 were $110 million,
$8 million higher than the
corresponding period in 2013. Per-share dividend paid in the fourth
quarter was $0.13, up from
$0.12 in the same period of 2013.
Full year highlights
- Net income totalled $3,785
million, up from $2,828
million in the prior year, the second highest in company
history.
- Net income per common share on a diluted basis was $4.45 compared to $3.32 in 2013.
- Cash generated from operating activities was $4,405 million, versus $3,292 million in 2013.
- Capital and exploration expenditures totalled $5,654 million, and include capitalized leases of
$186 million. In 2015, expenditures
of about $4 billion, including
capitalized leases of about $500
million, are anticipated.
- Gross oil-equivalent barrels of production averaged 310,000
barrels per day, up five percent from 295,000 barrels in 2013.
Excluding the impact of 2014 divestments of upstream conventional
assets, production was up 12 percent.
- Refinery throughput averaged 394,000 barrels per day, up five
percent from 375,000 barrels in the prior year, adjusted for the
Dartmouth refinery shutdown.
Annual refinery capacity utilization reached a record high 94
percent.
- Per-share dividends declared during the year totalled
$0.52, up $0.03 per share from 2013.
Full year 2014 vs. full year 2013
Net income in 2014 was $3,785
million, or $4.45 per share on
a diluted basis, versus $2,828
million or $3.32 per share in
2013.
Upstream net income in 2014 was $2,059
million, $347 million higher
than 2013. Earnings in 2014 included a gain of $478 million from the divestment of conventional
upstream producing assets, whereas 2013 included a $73 million gain for the sale of non-operating
assets. Earnings also increased due to the impacts of a weaker
Canadian dollar of about $280 million
and higher liquids volumes of about $100
million, reflecting the incremental contribution from Kearl
production. These factors were partially offset by higher royalty
costs of about $220 million mainly
associated with higher Canadian bitumen realizations, reduced
allowable costs and the ramp up of Kearl production, as well as
higher energy and other operating costs of about $130 million, and the impact of lower crude oil
realizations of about $50
million.
Prices for most of the company's liquids production are based on
WTI crude oil, a common benchmark for mid-continent North American
oil markets. WTI was down about $5.14
per barrel in U.S. dollars, or about five percent in 2014, versus
2013. The company's average bitumen realizations in Canadian
dollars in 2014 were $67.20 per
barrel versus $60.57 per barrel in
2013 with the lower WTI benchmark price more than offset by the
effect of the weaker Canadian dollar and the narrower price spread
between light crude oil and bitumen. The company's average
realizations from the sale of synthetic crude oil were largely
unchanged from 2013, as the decrease in WTI crude oil benchmark
price was essentially offset by the impact of a weaker Canadian
dollar. The company's average realizations on natural gas sales of
$4.54 per thousand cubic feet in 2014
were higher by $1.27 per thousand
cubic feet versus 2013.
Gross production of Cold Lake
bitumen averaged 146,000 barrels per day in 2014, down from 153,000
barrels from last year. Lower volumes were primarily due to the
cyclic nature of steaming and associated production and the impact
of several unplanned third-party power outages in the first
quarter.
Gross production from the Kearl initial development in 2014 was
72,000 barrels per day (51,000 barrels Imperial's share) versus
23,000 barrels (16,000 barrels Imperial's share) in 2013.
During 2014, the company's share of gross production from
Syncrude averaged 64,000 barrels per day, compared to 67,000
barrels in 2013, primarily due to higher scheduled and unscheduled
maintenance activities.
Gross production of conventional crude oil averaged 18,000
barrels per day in 2014, versus 21,000 barrels in 2013. The lower
production volume was primarily due to the impact of properties
divested during the first half of 2014.
Gross production of natural gas during 2014 was 168 million
cubic feet per day, down from 201 million cubic feet last year. The
lower production volume was primarily the result of the impact of
divested properties.
Downstream net income was $1,594
million, up $542 million in
2013. Earnings in 2013 included a charge of $280 million associated with the conversion of
the Dartmouth refinery to a fuels
terminal. Earnings also increased due to the impacts of improved
refinery reliability and accessing advantaged crudes of about
$330 million, a weaker Canadian
dollar of about $130 million and
higher marketing margins and sales volumes totalling about
$105 million. These factors were
partially offset by lower refining margins of about $230 million.
Chemical net income was a record $229
million in 2014, up $67
million over 2013. Strong margins across all major product
lines and the processing of cost-advantaged ethane feedstock from
Marcellus shale gas beginning in the second quarter of 2014
contributed to these best-ever results.
For 2014, net income effects from Corporate & Other were
negative $97 million, versus negative
$98 million in 2013.
Key financial and operating data follow.
Forward-Looking Statements
Statements of future events or conditions in this report,
including projections, targets, expectations, estimates, and
business plans are forward-looking statements. Actual future
results, including demand growth and energy source mix; production
growth and mix; project plans, dates, costs and capacities;
production rates and resource recoveries; cost savings; product
sales; financing sources; and capital and environmental
expenditures could differ materially depending on a number of
factors, such as changes in the price, supply of and demand for
crude oil, natural gas, and petroleum and petrochemical products;
political or regulatory events; project schedules; commercial
negotiations; the receipt, in a timely manner, of regulatory and
third-party approvals; unanticipated operational disruptions;
unexpected technological developments; and other factors discussed
in this report and Item 1A of Imperial's most recent 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.
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.
|
|
|
|
|
Attachment
I
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
FOURTH QUARTER
2014
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Twelve
Months
|
millions of Canadian
dollars, unless noted
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Net Income (U.S.
GAAP)
|
|
|
|
|
|
|
|
|
Total revenues and
other income
|
8,033
|
|
8,363
|
|
36,966
|
|
32,929
|
|
Total
expenses
|
7,163
|
|
6,985
|
|
31,945
|
|
29,192
|
|
Income before income
taxes
|
870
|
|
1,378
|
|
5,021
|
|
3,737
|
|
Income
taxes
|
199
|
|
322
|
|
1,236
|
|
909
|
|
Net income
|
671
|
|
1,056
|
|
3,785
|
|
2,828
|
|
|
|
|
|
|
|
|
|
Net income per common
share (dollars)
|
0.80
|
|
1.25
|
|
4.47
|
|
3.34
|
Net income per common
share - assuming dilution (dollars)
|
0.79
|
|
1.24
|
|
4.45
|
|
3.32
|
|
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
|
|
Federal excise tax
included in operating revenues
|
397
|
|
382
|
|
1,562
|
|
1,423
|
|
|
|
|
|
|
|
|
Gain/(loss) on asset
sales, after tax
|
28
|
|
74
|
|
526
|
|
120
|
|
|
|
|
|
|
|
|
Total assets at
December 31
|
|
|
|
|
40,830
|
|
37,218
|
|
|
|
|
|
|
|
|
Total debt at
December 31
|
|
|
|
|
6,891
|
|
6,287
|
Interest coverage
ratio - earnings basis
|
|
|
|
|
|
|
|
|
(times
covered)
|
|
|
|
|
61.3
|
|
54.8
|
|
|
|
|
|
|
|
|
Other long-term
obligations at December 31
|
|
|
|
|
3,565
|
|
3,091
|
|
|
|
|
|
|
|
|
Shareholders' equity
at December 31
|
|
|
|
|
22,530
|
|
19,524
|
Capital employed at
December 31
|
|
|
|
|
29,440
|
|
25,834
|
Return on average
capital employed (a)
|
|
|
|
|
|
|
|
|
(percent)
|
|
|
|
|
13.7
|
|
12.9
|
|
|
|
|
|
|
|
|
Dividends declared on
common stock
|
|
|
|
|
|
|
|
Total
|
110
|
|
109
|
|
441
|
|
415
|
Per common share
(dollars)
|
0.13
|
|
0.13
|
|
0.52
|
|
0.49
|
|
|
|
|
|
|
|
|
Millions of common
shares outstanding
|
|
|
|
|
|
|
|
At December
31
|
|
|
|
|
847.6
|
|
847.6
|
Average - assuming
dilution
|
850.2
|
|
850.3
|
|
850.6
|
|
850.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Return on capital employed is the net
income excluding after-tax cost of financing, divided by the
average of beginning and ending capital employed.
|
|
|
|
|
|
|
|
Attachment
II
|
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
FOURTH QUARTER
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Twelve
Months
|
millions of Canadian
dollars
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Total cash and
cash equivalents at period end
|
|
215
|
|
272
|
|
215
|
|
272
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
671
|
|
1,056
|
|
3,785
|
|
2,828
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
|
Depreciation and
depletion
|
|
260
|
|
250
|
|
1,096
|
|
1,110
|
|
(Gain)/loss on asset
sales
|
|
(32)
|
|
(90)
|
|
(696)
|
|
(150)
|
|
Deferred income taxes
and other
|
|
712
|
|
206
|
|
1,123
|
|
482
|
Changes in operating
assets and liabilities
|
|
(520)
|
|
237
|
|
(903)
|
|
(978)
|
Cash flows from
(used in) operating activities
|
|
1,091
|
|
1,659
|
|
4,405
|
|
3,292
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
(used in) investing activities
|
|
(1,445)
|
|
(1,434)
|
|
(4,562)
|
|
(7,735)
|
|
Proceeds associated
with asset sales
|
|
37
|
|
92
|
|
851
|
|
160
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
(used in) financing activities
|
|
526
|
|
(29)
|
|
100
|
|
4,233
|
|
|
|
|
|
|
|
|
Attachment
III
|
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
FOURTH QUARTER
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Twelve
Months
|
millions of Canadian
dollars
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Net income (U.S.
GAAP)
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
218
|
|
411
|
|
2,059
|
|
1,712
|
|
Downstream
|
|
397
|
|
625
|
|
1,594
|
|
1,052
|
|
Chemical
|
|
63
|
|
46
|
|
229
|
|
162
|
|
Corporate and
other
|
|
(7)
|
|
(26)
|
|
(97)
|
|
(98)
|
|
Net income
|
|
671
|
|
1,056
|
|
3,785
|
|
2,828
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
2,645
|
|
2,396
|
|
13,162
|
|
10,187
|
|
Downstream
|
|
6,214
|
|
6,725
|
|
27,824
|
|
27,487
|
|
Chemical
|
|
386
|
|
376
|
|
1,804
|
|
1,574
|
|
Eliminations/Other
|
|
(1,212)
|
|
(1,134)
|
|
(5,824)
|
|
(6,319)
|
|
Total
|
|
8,033
|
|
8,363
|
|
36,966
|
|
32,929
|
|
|
|
|
|
|
|
|
|
|
Purchases of crude
oil and products
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
1,203
|
|
748
|
|
5,628
|
|
3,778
|
|
Downstream
|
|
4,578
|
|
4,840
|
|
21,476
|
|
21,628
|
|
Chemical
|
|
230
|
|
239
|
|
1,196
|
|
1,065
|
|
Eliminations
|
|
(1,209)
|
|
(1,132)
|
|
(5,821)
|
|
(6,316)
|
|
Purchases of crude
oil and products
|
|
4,802
|
|
4,695
|
|
22,479
|
|
20,155
|
|
|
|
|
|
|
|
|
|
|
Production and
manufacturing expenses
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
949
|
|
881
|
|
3,882
|
|
3,389
|
|
Downstream
|
|
439
|
|
383
|
|
1,564
|
|
1,695
|
|
Chemical
|
|
50
|
|
53
|
|
216
|
|
210
|
|
Eliminations
|
|
-
|
|
(3)
|
|
-
|
|
(6)
|
|
Production and
manufacturing expenses
|
|
1,438
|
|
1,314
|
|
5,662
|
|
5,288
|
|
|
|
|
|
|
|
|
|
|
Capital and
exploration expenditures
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
1,294
|
|
1,483
|
|
4,974
|
|
7,755
|
|
Downstream
|
|
262
|
|
59
|
|
572
|
|
187
|
|
Chemical
|
|
11
|
|
3
|
|
26
|
|
9
|
|
Corporate and
other
|
|
21
|
|
22
|
|
82
|
|
69
|
|
Capital and
exploration expenditures
|
|
1,588
|
|
1,567
|
|
5,654
|
|
8,020
|
|
|
|
|
|
|
|
|
|
|
|
Exploration expenses
charged to income included above
|
|
15
|
|
49
|
|
67
|
|
123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
IV
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
FOURTH QUARTER
2014
|
|
|
|
|
|
|
|
|
Operating
statistics
|
Fourth
Quarter
|
|
Twelve
Months
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Gross crude oil
and Natural Gas Liquids (NGL) production
|
(thousands of barrels
per day)
|
|
|
|
|
|
|
|
|
Cold Lake
|
152
|
|
155
|
|
146
|
|
153
|
|
Syncrude
|
73
|
|
77
|
|
64
|
|
67
|
|
Kearl
|
47
|
|
37
|
|
51
|
|
16
|
|
Conventional
|
14
|
|
22
|
|
18
|
|
21
|
|
Total crude oil
production
|
286
|
|
291
|
|
279
|
|
257
|
|
NGLs available for
sale
|
2
|
|
4
|
|
3
|
|
4
|
|
Total crude oil and
NGL production
|
288
|
|
295
|
|
282
|
|
261
|
|
|
|
|
|
|
|
|
|
Gross natural gas
production (millions of cubic feet per day)
|
159
|
|
204
|
|
168
|
|
201
|
|
|
|
|
|
|
|
|
Gross
oil-equivalent production (a)
|
(thousands of
oil-equivalent barrels per day)
|
315
|
|
329
|
|
310
|
|
295
|
|
|
|
|
|
|
|
|
Net crude oil and
NGL production (thousands of barrels per day)
|
|
|
|
|
|
|
Cold Lake
|
120
|
|
132
|
|
114
|
|
127
|
|
Syncrude
|
68
|
|
72
|
|
60
|
|
65
|
|
Kearl
|
44
|
|
33
|
|
47
|
|
15
|
|
Conventional
|
12
|
|
18
|
|
14
|
|
17
|
|
Total crude oil
production
|
244
|
|
255
|
|
235
|
|
224
|
|
NGLs available for
sale
|
2
|
|
4
|
|
2
|
|
3
|
|
Total crude oil and
NGL production
|
246
|
|
259
|
|
237
|
|
227
|
|
|
|
|
|
|
|
|
Net natural gas
production (millions of cubic feet per day)
|
150
|
|
195
|
|
156
|
|
189
|
|
|
|
|
|
|
|
|
Net oil-equivalent
production (a)
|
|
|
|
|
|
|
|
(thousands of
oil-equivalent barrels per day)
|
271
|
|
292
|
|
263
|
|
259
|
|
|
|
|
|
|
|
|
Cold Lake blend
sales (thousands of barrels per day)
|
187
|
|
203
|
|
190
|
|
202
|
Kearl blend
sales (thousands of barrels per day)
|
60
|
|
52
|
|
69
|
|
17
|
NGL sales
(thousands of barrels per day)
|
6
|
|
9
|
|
8
|
|
9
|
|
|
|
|
|
|
|
|
Average
realizations (Canadian dollars)
|
|
|
|
|
|
|
|
|
Conventional crude
oil realizations (per barrel)
|
60.47
|
|
77.94
|
|
76.03
|
|
82.41
|
|
NGL realizations (per
barrel)
|
40.68
|
|
47.53
|
|
49.11
|
|
39.26
|
|
Natural gas
realizations (per thousand cubic feet)
|
3.25
|
|
3.45
|
|
4.54
|
|
3.27
|
|
Synthetic oil
realizations (per barrel)
|
82.04
|
|
91.65
|
|
99.58
|
|
99.69
|
|
Bitumen realizations
(per barrel)
|
52.37
|
|
53.31
|
|
67.20
|
|
60.57
|
|
|
|
|
|
|
|
|
Refinery
throughput (thousands of barrels per day)
|
373
|
|
387
|
|
394
|
|
426
|
Adjusted refinery
throughput (b) (thousands of barrels per day)
|
373
|
|
387
|
|
394
|
|
375
|
Refinery capacity
utilization (c) (percent)
|
88
|
|
92
|
|
94
|
|
88
|
|
|
|
|
|
|
|
|
|
Petroleum product
sales (thousands of barrels per day)
|
|
|
|
|
|
|
|
|
Gasolines
(Mogas)
|
241
|
|
229
|
|
244
|
|
223
|
|
Heating, diesel and
jet fuels (Distillates)
|
177
|
|
172
|
|
179
|
|
160
|
|
Heavy fuel oils
(HFO)
|
28
|
|
21
|
|
22
|
|
29
|
|
Lube oils and other
products (Other)
|
34
|
|
39
|
|
40
|
|
42
|
|
Net petroleum
products sales
|
480
|
|
461
|
|
485
|
|
454
|
|
|
|
|
|
|
|
|
|
Petrochemical
sales (thousands of tonnes)
|
214
|
|
215
|
|
953
|
|
940
|
(a)
|
Gas converted to
oil-equivalent at 6 million cubic feet = 1 thousand
barrels
|
(b)
|
Refinery operations
at the Dartmouth refinery were discontinued on September 16,
2013. 2013 refinery throughput was adjusted to exclude
volumes processed at the Dartmouth refinery to facilitate
comparison with the corresponding period in 2014.
|
(c)
|
Capacity utilization
is calculated based on the number of days the refineries were
operated as a refinery.
|
|
|
|
|
|
|
|
Attachment
V
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
FOURTH QUARTER
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per
|
|
|
|
Net income (U.S.
GAAP)
|
|
common share -
diluted
|
|
|
|
(millions of Canadian
dollars)
|
|
(dollars)
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
First
Quarter
|
|
476
|
|
|
|
0.56
|
Second
Quarter
|
|
517
|
|
|
|
0.60
|
Third
Quarter
|
|
418
|
|
|
|
0.49
|
Fourth
Quarter
|
|
799
|
|
|
|
0.94
|
Year
|
|
2,210
|
|
|
|
2.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
First
Quarter
|
|
781
|
|
|
|
0.91
|
Second
Quarter
|
|
726
|
|
|
|
0.85
|
Third
Quarter
|
|
859
|
|
|
|
1.01
|
Fourth
Quarter
|
|
1,005
|
|
|
|
1.18
|
Year
|
|
3,371
|
|
|
|
3.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
First
Quarter
|
|
1,015
|
|
|
|
1.19
|
Second
Quarter
|
|
635
|
|
|
|
0.75
|
Third
Quarter
|
|
1,040
|
|
|
|
1.22
|
Fourth
Quarter
|
|
1,076
|
|
|
|
1.26
|
Year
|
|
3,766
|
|
|
|
4.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
First
Quarter
|
|
798
|
|
|
|
0.94
|
Second
Quarter
|
|
327
|
|
|
|
0.38
|
Third
Quarter
|
|
647
|
|
|
|
0.76
|
Fourth
Quarter
|
|
1,056
|
|
|
|
1.24
|
Year
|
|
2,828
|
|
|
|
3.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
SOURCE Imperial Oil Limited