For the six months ended June 30,
2015
CALGARY, July 31, 2015 /CNW/ -
|
|
|
|
|
Second
quarter
|
|
Six
months
|
(millions of dollars,
unless noted)
|
2015
|
2014
|
%
|
|
2015
|
2014
|
%
|
|
|
|
|
|
|
|
|
Net income (U.S.
GAAP)
|
120
|
1,232
|
(90)
|
|
541
|
2,178
|
(75)
|
Net income per common
share
|
|
|
|
|
|
|
|
|
- assuming dilution
(dollars)
|
0.14
|
1.45
|
(90)
|
|
0.64
|
2.56
|
(75)
|
|
|
|
|
|
|
|
|
Capital and
exploration expenditures
|
819
|
1,398
|
(41)
|
|
1,869
|
2,632
|
(29)
|
Rich Kruger, Chairman,
President and Chief Executive Officer, commented:
Imperial's second quarter results reflect continued strong
operating performance across all business lines in a challenging
business environment. Highlights for the quarter include the early
start-up of the Kearl expansion project, continued ramp-up of Cold
Lake Nabiye production, start-up of the Edmonton Rail Terminal,
successful execution of major turnarounds at the Sarnia refinery and Syncrude, and best-ever
quarterly earnings in the Chemical business.
Earnings in the second quarter were $120
million, or $0.14 per share,
and reflected a net charge, largely non-cash, of $320 million ($0.38
per share) associated with the recently enacted Alberta corporate income tax rate increase.
Earnings in the second quarter of 2014 included a gain of
$478 million associated with the
divestments of conventional upstream producing assets.
Gross production averaged 344,000 oil-equivalent barrels per
day, up 57,000 barrels from 2014 due to increased Kearl and
Cold Lake production. This result
was the company's highest quarterly production level in nearly
eight years. At Kearl, production averaged 130,000 barrels per day
(92,000 barrels Imperial's share) in the quarter, driven by the
expansion project start-up five months ahead of schedule and
improved reliability in the initial development.
Refinery throughput averaged 373,000 barrels per day, compared
to 418,000 barrels per day in the same period of 2014, reflecting
planned turnaround activity at the Sarnia refinery. Capacity utilization
excluding the turnaround continued to remain high at 97
percent.
Second quarter capital and exploration expenditures totalled
$819 million, down $579 million versus 2014, as the Cold Lake Nabiye
and Kearl expansion projects progressed toward completion.
Imperial continues to deliver results in the current business
environment by focusing on what we can control. Specifically, we
are relentlessly pursuing cost efficiencies, critically evaluating
our investment decisions and increasing productivity in all areas
of our business. This results-oriented approach is strengthening
our resiliency, ensuring the company remains well-positioned
throughout the commodity price cycle. Above all, our focus remains
on delivering superior, long-term shareholder value in whatever
business environment we operate in.
Second quarter highlights
- Net income totalled $120
million or $0.14 per share on
a diluted basis, down from $1,232
million or $1.45 per share in
the second quarter of 2014. The decrease was largely due to the
significant decline in global crude oil prices, the absence of a
gain of $478 million from the
divestment of conventional upstream producing assets in 2014 and a
net charge, largely non-cash, of $320
million associated with the recently enacted Alberta corporate income tax rate
increase.
- Production averaged 344,000 gross oil-equivalent barrels per
day, up 20 percent versus 287,000 barrels in the second quarter
of 2014 due to higher Kearl and Cold
Lake volumes. Production was at its highest level since the
third quarter of 2007.
- Refinery throughput averaged 373,000 barrels per day,
compared to 418,000 barrels in the same period of 2014. The
decrease was mainly associated with major planned maintenance
turnaround activity at the Sarnia
refinery. Excluding the impact of the planned turnaround, capacity
utilization averaged 97 percent.
- Petroleum product sales averaged 478,000 barrels per day
in the quarter compared to 481,000 barrels per day in the same
period of 2014. The company continues to aggressively pursue growth
in profitable Canadian markets.
- Cash generated from operating activities was $377 million, a decrease of $622 million from the second quarter of 2014,
mainly due to lower earnings and working capital effects.
- Capital and exploration expenditures totalled $819 million, down $579 million versus 2014. Investments were
primarily directed towards the completion of the major upstream
growth projects.
- Kearl bitumen production averaged 130,000 barrels per
day in the quarter (92,000 barrels Imperial's share), up from
73,000 barrels per day (52,000 barrels Imperial's share) in the
second quarter of 2014 and 95,000 barrels (67,000 barrels
Imperial's share) in the first quarter of 2015. The increase was
the result of the start-up of the expansion project and improved
reliability of the initial development. Kearl expansion started up
five months ahead of schedule and averaged more than 100,000
barrels per day (71,000 barrels Imperial's share) during its first
full month of operations. This reflects the significant benefits of
our "design one, build multiple" approach and the rigorous
application of the lessons learned from the initial
development.
- Cold Lake bitumen
production averaged 161,000 barrels per day in the quarter, up
from 138,000 barrels in the same quarter of 2014, with Nabiye
production continuing to ramp-up following its first quarter 2015
start-up.
- Cold Lake Midzaghe project description was filed with the
Alberta Energy Regulator. Midzaghe is a planned
solvent-assisted, steam-assisted gravity drainage (SA-SAGD) project
in the Cold Lake area to access
more than 500 million barrels of recoverable reserves. The filing
is the first step in the environmental assessment process and a
precursor to public consultations with local stakeholders,
including First Nations. Midzaghe is one of a suite of potential
SA-SAGD projects in Imperial's portfolio. No final investment
decision has been made at this time.
- The company's share of Syncrude production averaged 52,000
barrels per day in the second quarter. Subsequent to the
safe completion of major planned maintenance activities, the plant
resumed normal operations in June.
- Edmonton Rail Terminal project was successfully
completed. The terminal, a joint venture operated by
Kinder Morgan, provides access for
equity crude production to the highest-value markets. The facility
is capable of loading unit trains, comprising 100 to 120 rail cars
per train. The terminal has an initial capacity of 210,000 barrels
per day with the potential to expand to 250,000 barrels.
- WCC LNG project proceeding through the B.C. environmental
assessment process. After filing a project description in
December 2014, the project is
proceeding through the pre-application phase of the environmental
assessment process, which includes public and Aboriginal
engagement, Environmental Assessment Office working group
participation and ongoing studies. 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.
- Esso was the proud Fuel and Convenience Store Supplier of
the 2015 Pan Am Games held in Toronto this summer. The Games featured
more than 10,000 athletes, coaches and officials representing 41
countries. The sponsorship also extends to the Parapan Am Games in
August, which act as the qualifier for the Rio 2016 Paralympic
Games. We extend our congratulations to the Canadian athletes for
their outstanding performance.
Second quarter 2015 vs. second quarter 2014
The company's net income for the second quarter of 2015 was
$120 million or $0.14 per share on a diluted basis and reflected
a net charge, largely non-cash, of $320
million ($0.38 per share)
associated with the recently enacted Alberta corporate income tax rate increase,
compared with $1,232 million or
$1.45 per share for the same period
last year.
Upstream recorded a net loss in the second quarter of
$174 million, $1,031 million lower than the same period of
2014. Earnings in the second quarter of 2015 reflected lower crude
oil and gas realizations of about $650
million along with the impact associated with increased
Alberta corporate income taxes of
about $327 million. Earnings in the
second quarter of 2014 included a gain of $478 million from the divestment of conventional
upstream producing assets. These factors were partially offset by
higher Kearl and Cold Lake volumes
of about $190 million, the impact of
a weaker Canadian dollar of about $160
million and lower royalties of about $120 million.
West Texas Intermediate (WTI), the main U.S. dollar benchmark
crude for North America, decreased
by 44 percent compared to the same quarter in 2014. The company's
average Canadian dollar realizations for synthetic crude oil and
bitumen decreased about 33 and 35 percent in the second quarter of
2015 to $75.20 and $49.16 per barrel respectively, as the decline in
the benchmark crude was partly offset by the weaker Canadian
dollar, along with decreased light-heavy differentials. The
company's average realizations on sales of natural gas of
$1.83 per thousand cubic feet in the
second quarter of 2015, were lower by $2.25 per thousand cubic feet, versus the same
period in 2014.
Gross production of Cold Lake
bitumen averaged 161,000 barrels per day in the second quarter, up
from 138,000 barrels in the same period last year, primarily due to
the continued ramp-up of Nabiye production. Nabiye production is
expected to reach approximately 40,000 barrels per day, before
royalties, by the end of 2015.
Gross production of Kearl bitumen averaged 130,000 barrels per
day in the second quarter (92,000 barrels Imperial's share) up from
73,000 barrels per day (52,000 barrels Imperial's share) during the
second quarter of 2014, reflecting early start-up of the Kearl
expansion project and continued improvement in reliability of the
initial development.
During the second quarter of 2015, the company's share of gross
production from Syncrude averaged 52,000 barrels per day, up from
51,000 barrels in the second quarter of 2014.
Gross production of conventional crude oil averaged 15,000
barrels per day in the second quarter, versus 18,000 barrels in the
corresponding period in 2014. 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 second quarter of
2015 was 134 million cubic feet per day, down from 158 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 $215
million in the second quarter, $151
million lower than the second quarter of 2014. Earnings
decreased mainly due to lower margins of about $170 million, higher refinery planned maintenance
expense of about $90 million, partly
offset by the impact of a weaker Canadian dollar of about
$130 million.
Chemical net income was $69
million in the second quarter, the highest quarterly
earnings on record, up from $57
million in the same quarter in 2014.
Net income effects from Corporate and Other were $10 million in the second quarter, versus
negative $48 million in the same
period of 2014, primarily due to changes in share-based
compensation charges and the impact of the Alberta corporate income tax rate
increase.
The company's cash balance was $28
million as at June 30, 2015
versus $171 million at the end of the
second quarter of 2014.
Cash flow generated from operating activities was $377 million in the second quarter, versus
$999 million in the corresponding
period in 2014. Lower cash flow was mainly due to lower earnings
and working capital effects.
Investing activities used net cash of $724 million in the second quarter, compared with
$595 million in the same period of
2014. Additions to property, plant and equipment were $773 million in the second quarter, compared with
$1,295 million during the same
quarter in 2014. Expenditures during the quarter were primarily
directed towards the completion of the upstream growth
projects.
Cash from financing activities was $315
million in the second quarter, compared with cash used in
financing activities of $335 million
in the second quarter of 2014. Dividends paid in the second quarter
of 2015 were $110 million, unchanged
from the corresponding period in 2014. Per-share dividends paid in
the second quarter were $0.13,
unchanged from the same period of 2014.
Six months highlights
- Net income totalled $541 million,
down from $2,178 million in the prior
year.
- Net income per common share on a diluted basis was $0.64 compared to $2.56 in 2014.
- Cash generated from operations was $658
million, versus $2,084 million
in 2014.
- Gross oil-equivalent barrels of production averaged 339,000
barrels per day, up from 308,000 barrels from the same period in
2014.
- Refinery throughput averaged 383,000 barrels per day, compared
to 398,000 barrels in the same period last year.
- Per-share dividends declared during the year totalled
$0.26, unchanged from 2014.
Six months 2015 vs. six months 2014
Net income in the first six months of 2015 was $541 million, or $0.64 per share on a diluted basis and reflected
a net charge, largely non-cash, of $320
million ($0.38 per share)
associated with the recently enacted Alberta corporate income tax rate increase,
versus $2,178 million or $2.56 per share for the first half of 2014, which
included a $478 million gain on the
sale of conventional upstream producing assets.
Upstream recorded a net loss of $363
million for the first six months of 2015, $1,672 million lower than the same period of
2014. Earnings in 2015 reflected the impact of lower crude oil and
gas realizations of about $1,740
million and the impact associated with increased
Alberta corporate income taxes of
about $327 million. Earnings in the
second quarter of 2014 included a gain of $478 million from the divestment of conventional
upstream producing assets. These factors were partially offset by
lower royalties of about $330
million, the impact of a weaker Canadian dollar of about
$320 million, and higher Kearl and
Cold Lake volumes of about
$260 million.
WTI, the main U.S. dollar benchmark crude for North America, decreased by 47 percent
compared to the same period in 2014. The company's average Canadian
dollar realizations for synthetic crude oil and bitumen decreased
about 41 and 45 percent in the first half of 2015 to $63.89 and $39.15
per barrel respectively, as the decline in benchmark crude and
increased light-heavy differentials were partly offset by the
weaker Canadian dollar. The company's average realizations on sales
of natural gas of $2.71 per thousand
cubic feet in 2015, were lower by $2.78 per thousand cubic feet, versus the same
period in 2014.
Gross production of Cold Lake
bitumen averaged 156,000 barrels per day in the first six months,
up from 142,000 barrels from the same period last year, primarily
due to Nabiye production.
Gross production of Kearl bitumen averaged 113,000 barrels per
day in the first six months of 2015 (80,000 barrels Imperial's
share) up from 72,000 barrels per day (51,000 barrels Imperial's
share), reflecting early start-up of the Kearl expansion project
and improved reliability of the initial development.
During the first six months of 2015, the company's share of
gross production from Syncrude averaged 63,000 barrels per day, up
from 62,000 barrels from the same period of 2014.
Gross production of conventional crude oil averaged 15,000
barrels per day in the first half of 2015, compared to 20,000
barrels during the same period of 2014.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 first six months of
2015 was 140 million cubic feet per day, down from 181 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 $780
million, down $74 million from
the same period of 2014. Earnings decreased due to the impacts of
lower refining margins of about $200
million and higher refinery planned maintenance expense of
about $130 million, partially offset
by the impact of a weaker Canadian dollar of about $170 million, lower energy costs of $80 million and a 2015 gain of $17 million from the sale of assets.
Chemical net income was $135
million, up from $100 million
in the same period in 2014, mainly as a result of strong
polyethylene operations and margins.
For the first six months of 2015, net income effects from
Corporate & Other were negative $11
million, versus negative $85
million in 2014, primarily due to changes in share-based
compensation charges and the impact of the Alberta corporate income tax rate
increase.
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
|
|
SECOND QUARTER
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Six
Months
|
|
millions of Canadian
dollars, unless noted
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Net Income (U.S.
GAAP)
|
|
|
|
|
|
|
|
|
|
Total revenues and
other income
|
|
7,301
|
|
10,049
|
|
13,504
|
|
19,275
|
|
Total
expenses
|
|
6,705
|
|
8,403
|
|
12,347
|
|
16,369
|
|
Income before income
taxes
|
|
596
|
|
1,646
|
|
1,157
|
|
2,906
|
|
Income
taxes
|
|
476
|
|
414
|
|
616
|
|
728
|
|
Net income
|
|
120
|
|
1,232
|
|
541
|
|
2,178
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (dollars)
|
|
0.14
|
|
1.45
|
|
0.64
|
|
2.57
|
|
Net income per common
share - assuming dilution (dollars)
|
|
0.14
|
|
1.45
|
|
0.64
|
|
2.56
|
|
|
|
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
|
|
|
|
Federal excise tax
included in operating revenues
|
|
387
|
|
383
|
|
764
|
|
753
|
|
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on asset
sales, after tax
|
|
17
|
|
480
|
|
40
|
|
496
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at June
30
|
|
|
|
|
|
42,834
|
|
39,398
|
|
|
|
|
|
|
|
|
|
|
|
Total debt at June
30
|
|
|
|
|
|
7,984
|
|
6,069
|
|
Interest coverage
ratio - earnings basis
|
|
|
|
|
|
|
|
|
|
|
(times
covered)
|
|
|
|
|
|
39.5
|
|
61.7
|
|
|
|
|
|
|
|
|
|
|
|
Other long-term
obligations at June 30
|
|
|
|
|
|
3,973
|
|
2,917
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
at June 30
|
|
|
|
|
|
22,759
|
|
21,519
|
|
Capital employed at
June 30
|
|
|
|
|
|
30,761
|
|
27,610
|
|
Return on average
capital employed (a)
|
|
|
|
|
|
|
|
|
|
|
(percent)
|
|
|
|
|
|
7.2
|
|
14.9
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared on
common stock
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
110
|
|
110
|
|
220
|
|
220
|
|
|
Per common share
(dollars)
|
|
0.13
|
|
0.13
|
|
0.26
|
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
Millions of common
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
At June 30
|
|
|
|
|
|
847.6
|
|
847.6
|
|
|
Average - assuming
dilution
|
|
850.7
|
|
850.7
|
|
850.6
|
|
850.6
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Return on capital
employed is net income excluding after-tax cost of financing
divided by the average rolling
four quarters' capital employed
|
|
|
|
|
|
|
|
|
|
Attachment
II
|
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
SECOND QUARTER
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Six
Months
|
millions of Canadian
dollars
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Total cash and
cash equivalents at period end
|
|
28
|
|
171
|
|
28
|
|
171
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
120
|
|
1,232
|
|
541
|
|
2,178
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
|
Depreciation and
depletion
|
|
335
|
|
280
|
|
652
|
|
560
|
|
(Gain)/loss on asset
sales
|
|
(25)
|
|
(640)
|
|
(51)
|
|
(660)
|
|
Deferred income taxes
and other
|
|
254
|
|
221
|
|
272
|
|
226
|
Changes in operating
assets and liabilities
|
|
(307)
|
|
(94)
|
|
(756)
|
|
(220)
|
Cash flows from
(used in) operating activities
|
|
377
|
|
999
|
|
658
|
|
2,084
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
(used in) investing activities
|
|
(724)
|
|
(595)
|
|
(1,726)
|
|
(1,738)
|
|
Proceeds associated
with asset sales
|
|
65
|
|
732
|
|
90
|
|
807
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
(used in) financing activities
|
|
315
|
|
(335)
|
|
881
|
|
(447)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
III
|
|
IMPERIAL OIL
LIMITED
|
SECOND QUARTER
2015
|
|
|
|
Second
Quarter
|
|
Six
Months
|
millions of Canadian
dollars
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Net income (U.S.
GAAP)
|
|
|
|
|
|
|
|
|
Upstream
|
(174)
|
|
857
|
|
(363)
|
|
1,309
|
|
Downstream
|
215
|
|
366
|
|
780
|
|
854
|
|
Chemical
|
69
|
|
57
|
|
135
|
|
100
|
|
Corporate and
other
|
10
|
|
(48)
|
|
(11)
|
|
(85)
|
|
Net income
|
120
|
|
1,232
|
|
541
|
|
2,178
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
|
|
Upstream
|
2,517
|
|
3,795
|
|
4,329
|
|
7,073
|
|
Downstream
|
5,459
|
|
7,278
|
|
10,414
|
|
14,366
|
|
Chemical
|
373
|
|
503
|
|
722
|
|
961
|
|
Eliminations/Other
|
(1,048)
|
|
(1,527)
|
|
(1,961)
|
|
(3,125)
|
|
Total
|
7,301
|
|
10,049
|
|
13,504
|
|
19,275
|
|
|
|
|
|
|
|
|
Purchases of crude
oil and products
|
|
|
|
|
|
|
|
|
Upstream
|
1,070
|
|
1,430
|
|
1,908
|
|
2,835
|
|
Downstream
|
4,071
|
|
5,781
|
|
7,266
|
|
11,197
|
|
Chemical
|
205
|
|
351
|
|
387
|
|
670
|
|
Eliminations
|
(1,051)
|
|
(1,527)
|
|
(1,961)
|
|
(3,125)
|
|
Purchases of crude
oil and products
|
4,295
|
|
6,035
|
|
7,600
|
|
11,577
|
|
|
|
|
|
|
|
|
Production and
manufacturing expenses
|
|
|
|
|
|
|
|
|
Upstream
|
953
|
|
987
|
|
1,903
|
|
2,016
|
|
Downstream
|
392
|
|
350
|
|
748
|
|
736
|
|
Chemical
|
50
|
|
53
|
|
103
|
|
114
|
|
Eliminations
|
-
|
|
-
|
|
-
|
|
-
|
|
Production and
manufacturing expenses
|
1,395
|
|
1,390
|
|
2,754
|
|
2,866
|
|
|
|
|
|
|
|
|
Capital and
exploration expenditures
|
|
|
|
|
|
|
|
|
Upstream
|
704
|
|
1,237
|
|
1,594
|
|
2,400
|
|
Downstream
|
96
|
|
135
|
|
221
|
|
183
|
|
Chemical
|
4
|
|
6
|
|
16
|
|
8
|
|
Corporate and
other
|
15
|
|
20
|
|
38
|
|
41
|
|
Capital and
exploration expenditures
|
819
|
|
1,398
|
|
1,869
|
|
2,632
|
|
|
|
|
|
|
|
|
|
Exploration expenses
charged to income included above
|
16
|
|
17
|
|
33
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
IV
|
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
SECOND QUARTER
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics
|
Second
Quarter
|
|
Six
Months
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Gross crude oil
and Natural Gas Liquids (NGL) production
|
|
|
|
|
|
|
|
(thousands of barrels
per day)
|
|
|
|
|
|
|
|
|
Cold Lake
|
161
|
|
138
|
|
156
|
|
142
|
|
Kearl
|
92
|
|
52
|
|
80
|
|
51
|
|
Syncrude
|
52
|
|
51
|
|
63
|
|
62
|
|
Conventional
|
15
|
|
18
|
|
15
|
|
20
|
|
Total crude oil
production
|
320
|
|
259
|
|
314
|
|
275
|
|
NGLs available for
sale
|
2
|
|
2
|
|
2
|
|
3
|
|
Total crude oil and
NGL production
|
322
|
|
261
|
|
316
|
|
278
|
|
|
|
|
|
|
|
|
|
Gross natural gas
production (millions of cubic feet per day)
|
134
|
|
158
|
|
140
|
|
181
|
|
|
|
|
|
|
|
|
Gross
oil-equivalent production (a)
|
|
|
|
|
|
|
|
(thousands of
oil-equivalent barrels per day)
|
344
|
|
287
|
|
339
|
|
308
|
|
|
|
|
|
|
|
|
Net crude oil and
NGL production (thousands of barrels per day)
|
|
|
|
|
|
|
|
|
Cold Lake
|
142
|
|
108
|
|
140
|
|
111
|
|
Kearl
|
90
|
|
47
|
|
78
|
|
47
|
|
Syncrude
|
45
|
|
47
|
|
57
|
|
58
|
|
Conventional
|
13
|
|
14
|
|
14
|
|
16
|
|
Total crude oil
production
|
290
|
|
216
|
|
289
|
|
232
|
|
NGLs available for
sale
|
1
|
|
2
|
|
1
|
|
2
|
|
Total crude oil and
NGL production
|
291
|
|
218
|
|
290
|
|
234
|
|
|
|
|
|
|
|
|
Net natural gas
production (millions of cubic feet per day)
|
119
|
|
155
|
|
131
|
|
168
|
|
|
|
|
|
|
|
|
Net oil-equivalent
production (a)
|
|
|
|
|
|
|
|
(thousands of
oil-equivalent barrels per day)
|
311
|
|
244
|
|
312
|
|
262
|
|
|
|
|
|
|
|
|
Cold Lake blend
sales (thousands of barrels per day)
|
218
|
|
185
|
|
212
|
|
191
|
Kearl blend
sales (thousands of barrels per day)
|
107
|
|
69
|
|
95
|
|
65
|
NGL sales
(thousands of barrels per day)
|
6
|
|
7
|
|
6
|
|
9
|
|
|
|
|
|
|
|
|
Average
realizations (Canadian dollars)
|
|
|
|
|
|
|
|
|
Conventional crude
oil realizations (per barrel)
|
48.43
|
|
62.85
|
|
37.67
|
|
67.61
|
|
NGL realizations (per
barrel)
|
8.57
|
|
40.87
|
|
17.17
|
|
55.44
|
|
Natural gas
realizations (per thousand cubic feet)
|
1.83
|
|
4.08
|
|
2.71
|
|
5.49
|
|
Synthetic oil
realizations (per barrel)
|
75.20
|
|
111.95
|
|
63.89
|
|
108.76
|
|
Bitumen realizations
(per barrel)
|
49.16
|
|
75.92
|
|
39.15
|
|
70.79
|
|
|
|
|
|
|
|
|
Refinery
throughput (thousands of barrels per day)
|
373
|
|
418
|
|
383
|
|
398
|
Refinery capacity
utilization (percent)
|
89
|
|
99
|
|
91
|
|
94
|
|
|
|
|
|
|
|
|
Petroleum product
sales (thousands of barrels per day)
|
|
|
|
|
|
|
|
|
Gasolines
(Mogas)
|
248
|
|
246
|
|
241
|
|
240
|
|
Heating, diesel and
jet fuels (Distillates)
|
163
|
|
174
|
|
175
|
|
182
|
|
Heavy fuel oils
(HFO)
|
15
|
|
17
|
|
17
|
|
18
|
|
Lube oils and other
products (Other)
|
52
|
|
44
|
|
43
|
|
39
|
|
Net petroleum
products sales
|
478
|
|
481
|
|
476
|
|
479
|
|
|
|
|
|
|
|
|
Petrochemical
sales (thousands of tonnes)
|
242
|
|
266
|
|
467
|
|
496
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Gas converted to
oil-equivalent at 6 million cubic feet = 1 thousand
barrels
|
|
|
|
|
|
|
|
|
Attachment
V
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
SECOND QUARTER
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per
|
|
|
Net income (U.S.
GAAP)
|
|
|
|
common share -
diluted
|
|
|
(millions of Canadian
dollars)
|
|
|
|
(dollars)
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
First
Quarter
|
|
421
|
|
|
|
|
|
0.50
|
Second
Quarter
|
|
120
|
|
|
|
|
|
0.14
|
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.
SOURCE Imperial Oil Limited