- Upstream production up 26 percent, highest quarterly total in
more than a decade
- Cost management activities deliver year-to-date savings of
$1.1 billion
- Cash generation exceeds capital requirements and dividends by
more than $300 million
CALGARY, Oct. 30, 2015 /CNW/ -
|
|
|
|
Third
quarter
|
Nine
months
|
(millions of dollars,
unless noted)
|
2015
|
2014
|
%
|
|
2015
|
2014
|
%
|
|
|
|
|
|
|
|
|
Net income (U.S.
GAAP)
|
479
|
936
|
(49)
|
|
1,020
|
3,114
|
(67)
|
|
|
|
|
|
|
|
|
Net income per common
share - assuming dilution (dollars)
|
0.56
|
1.10
|
(49)
|
|
1.20
|
3.66
|
(67)
|
|
|
|
|
|
|
|
|
Capital and
exploration expenditures
|
1,142
|
1,434
|
(20)
|
|
3,011
|
4,066
|
(26)
|
Imperial's third quarter performance reflects our priorities:
focusing on base business operating fundamentals, realizing the
full value of recent upstream growth investments, and delivering
significant cost reductions in a challenging business
environment.
"Results highlight our ability to successfully execute our
long-term upstream growth strategy while also being responsive to
the current commodity price environment," said Rich Kruger, chairman, president and chief
executive officer. "This year is about delivering unprecedented
upstream growth that will add value for decades to come. At the
same time, we have reduced operating and capital costs by more than
one billion dollars, relative to
earlier plans, to strengthen our business and improve resiliency in
the current business environment."
The company is achieving these cost reductions through increased
selectivity in new capital investments, sharpened scrutiny of all
operating expenditures and ongoing engagement with suppliers and
contractors to improve efficiency and productivity.
"Most notably, upstream unit cash costs in the quarter were
nearly 25 percent lower than our 2014 annual average," Kruger
said.
Additional highlights in the quarter include, production
averaging 386,000 gross oil-equivalent barrels per day, up 12
percent, or 42,000 barrels per day from the second quarter of 2015
and up 26 percent, or 79,000 barrels per day, from the third
quarter of 2014. Earnings in the quarter were $479 million, or $0.56 per share, a decrease of 49 percent
compared with the corresponding period in 2014, driven by lower
global crude prices. Strong downstream and chemical financial
performance continues to underscore the value of Imperial's
integrated business model. Cash flow from operating activities was
$1,104 million, or $1.30 per share, and exceeded capital
requirements and dividend outlays by more than $300 million.
Third quarter highlights
- Net income totaled $479
million or $0.56 per share on
a diluted basis, down 49 percent from $936 million or $1.10 per share in the third quarter of 2014,
driven by lower global crude prices.
- Production averaged 386,000 gross oil-equivalent barrels per
day, up 26 percent versus 307,000 barrels in the third quarter
of 2014. Production was at its highest level in more than a
decade.
- Refinery throughput averaged 390,000 barrels per day,
compared to 409,000 barrels per day in the third quarter of 2014.
Capacity utilization averaged 93 percent, with planned maintenance
conducted throughout the quarter.
- Petroleum product sales were 495,000 barrels per day,
compared to 502,000 barrels per day in the third quarter of 2014.
The company continues to hold a leading market share in all product
segments nationwide.
- Capital and exploration expenditures totaled $1,142 million, a decrease of
$292 million from the third quarter
of 2014. Expenditures were primarily directed at the completion of
upstream growth projects and the Woodland pipeline capital lease
addition of approximately $480
million.
- Cash generated from operating activities was $1,104 million or $1.30 per share, a decrease of $126 million from the third quarter of 2014. Cash
generated exceeded capital requirements and dividend outlays by
more than $300 million in the
quarter.
- Kearl bitumen production averaged 181,000 barrels per day in
the quarter (128,000 barrels Imperial's share) including the
impact of major maintenance performed in September. Production was
up 103,000 barrels (73,000 barrels Imperial's share) from the third
quarter of 2014, and up 51,000 barrels (36,000 barrels Imperial's
share) from the second quarter of 2015. The increase was largely
due to the first full quarter of operation of the expansion
project.
- Cold Lake bitumen
production averaged 166,000 barrels per day in the quarter, up
from 149,000 barrels in the same quarter of 2014. Nabiye production
continues to ramp-up following start-up late in the first quarter
of 2015.
- The company's share of Syncrude production averaged 59,000
barrels per day in the third quarter, compared to 61,000
barrels per day in the same period 2014. Syncrude executed a phased
recovery following a process incident that occurred in late August.
The incident was the result of a piping failure at the Mildred Lake
facility and operations resumed in early October.
- Woodland pipeline, a joint venture with Enbridge, was
completed as planned. The nearly 530 kilometre pipeline
transports Kearl blended bitumen to Edmonton at an initial capacity of 400,000
barrels per day, alleviating potential capacity constraints on
Kearl production and supporting access to high-value markets for
equity crude.
- Regulatory application for Aspen amended to use SA-SAGD technology.
The regulatory application to the Alberta Energy Regulator (AER)
was amended to develop a bitumen resource of 1.2 billion barrels
using an industry first application of Solvent-Assisted,
Steam-Assisted Gravity Drainage (SA-SAGD) technology. The
technology significantly improves capital efficiency and lowers
greenhouse gas intensity versus existing SAGD technologies.
Proposed to be executed in two phases of 75,000 barrels per day of
production each, development timing is subject to regulatory
approvals and market conditions. A final investment decision could
be made as early as 2017.
- Mackenzie gas project permit extension request submitted to
National Energy Board (NEB). Imperial applied to the NEB for an
extension of the pipeline construction permit. An extension would
allow joint venture participants to assess the impact of changes in
the North American natural gas market, including the potential
impact of proposed LNG projects.
- Imperial and Husky Energy to create national truck transport
fuel network of about 160 sites across Canada, approximately twice the size of either
individual network today. Under the agreement, Husky will assume
management of dealer relationships and network growth as an
Esso-branded wholesaler while Imperial will supply fuel and
marketing programs to the consolidated network. The agreement is
subject to approval by Canada's
Competition Bureau and closing conditions.
Third quarter 2015 vs. third quarter 2014
The company's net income for the third quarter of 2015 was
$479 million or $0.56 per share on a diluted basis compared with
$936 million or $1.10 per share for the same period last
year.
Upstream recorded a net loss in the third quarter of
$52 million, compared to net income
of $532 million in the same period of
2014. Earnings in the third quarter of 2015 reflected lower crude
oil and gas realizations of about $1,250
million and higher depreciation expense of about
$80 million. These factors were
partially offset by higher Kearl and Cold
Lake volumes of about $280
million, the favourable impact of a weaker Canadian dollar
of about $270 million and lower
royalties of about $230 million.
West Texas Intermediate (WTI), the main U.S. dollar benchmark
crude for North America, decreased
by 52 percent compared to the same quarter in 2014. The company's
average Canadian dollar realizations for synthetic crude oil and
bitumen decreased about 40 and 56 percent in the third quarter of
2015 to $61.21 and $32.61 per barrel respectively, as the decline in
the benchmark crude and increased light-heavy differentials were
partially offset by the weaker Canadian dollar. The company's
average realizations on sales of natural gas of $1.75 per thousand cubic feet in the third
quarter of 2015, were lower by $1.83
per thousand cubic feet, versus the same period in 2014.
Gross production of Cold Lake
bitumen averaged 166,000 barrels per day in the third quarter, up
from 149,000 barrels in the same period last year, primarily due to
the continued ramp-up of Nabiye production.
Gross production of Kearl bitumen averaged 181,000 barrels per
day in the third quarter (128,000 barrels Imperial's share) up from
78,000 barrels per day (55,000 barrels Imperial's share) during the
third quarter of 2014, reflecting the strong start-up of the Kearl
expansion project.
The company's share of gross production from Syncrude averaged
59,000 barrels per day, compared to 61,000 barrels in the third
quarter of 2014.
Gross production of conventional crude oil averaged 12,000
barrels per day in the third quarter, down from 16,000 barrels in
the corresponding period in 2014. The lower production volume was
primarily due to planned maintenance activity and natural reservoir
decline.
Gross production of natural gas during the third quarter of 2015
was 116 million cubic feet per day, down from 149 million cubic
feet in the same period last year.
Downstream net income was $454
million in the third quarter, $111
million higher than the third quarter of 2014. Earnings
increased mainly due to the favourable impact of a weaker Canadian
dollar of about $160 million,
partially offset by higher refinery planned maintenance and
operating costs, mainly associated with the Edmonton Rail Terminal,
of about $70 million.
Chemical net income was $78
million in the third quarter, the highest quarterly earnings
on record, up 18 percent from $66
million in the same quarter in 2014.
Net income effects from Corporate and Other were negative
$1 million in the third quarter,
compared to negative $5 million in
the same period of 2014.
The company's cash balance was $366
million as at September 30,
2015, versus $43 million at
the end of the third quarter of 2014.
Cash flow generated from operating activities was $1,104 million in the third quarter, $126 million lower than the corresponding period
in 2014. Lower cash flow was due to lower earnings and was
partially offset by favourable working capital effects.
Investing activities used net cash of $619 million in the third quarter, compared with
$1,379 million in the same period of
2014, reflecting the decline in additions to property, plant and
equipment to $647 million during the
third quarter, compared with $1,351
million during the same quarter in 2014. Expenditures during
the quarter were primarily in support of completion of upstream
growth projects.
Cash used in financing activities was $147 million in the third quarter, compared with
cash from financing activities of $21
million in the third quarter of 2014. Dividends paid in the
third quarter of 2015 were $110
million. Per-share dividend paid in the third quarter was
$0.13, consistent with the same
period of 2014.
Nine months highlights
- Net income totaled $1,020
million, down from $3,114
million in the prior year.
- Net income per common share on a diluted basis was $1.20 compared to $3.66 in 2014.
- Cash flow generated from operating activities was $1,762 million, versus $3,314 million in 2014.
- Cash used in investing activities of $2,345 million was down $772 million, versus the same period in 2014,
mainly reflecting the decline in additions to property, plant and
equipment.
- Gross oil-equivalent barrels of production averaged 355,000
barrels per day, up 15 percent from 308,000 barrels from the same
period in 2014.
- Refinery throughput averaged 385,000 barrels per day, compared
to 402,000 barrels in the same period in 2014.
- Per-share dividends declared during the year totaled
$0.40, up $0.01 per share from 2014.
Nine months 2015 vs. nine months 2014
Net income in the first nine months of 2015 was $1,020 million, or $1.20 per share on a diluted basis and reflected
a net charge, largely non-cash, of $320
million associated with the enacted Alberta corporate income tax rate increase,
versus $3,114 million or $3.66 per share for the first nine months of
2014, which included a $478 million
gain on the sale of conventional upstream producing assets.
Upstream recorded a net loss of $415
million for the first nine months of 2015, compared to net
income of $1,841 million in the same
period of 2014. Earnings in 2015 reflected lower crude oil and gas
realizations of about $3,000 million,
a net charge of $327 million
associated with increased Alberta
corporate income taxes and higher depreciation expense of about
$130 million. Earnings in 2014
included a gain of $478 million from
the divestment of conventional upstream producing assets. These
factors were partially offset by the favourable impact of a weaker
Canadian dollar of about $590
million, lower royalties of about $560 million, higher liquid volumes of about
$490 million, primarily Kearl and
Cold Lake, and lower energy costs
of about $90 million.
WTI, the main U.S. dollar benchmark crude for North America, decreased by 49 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 49 percent in the first nine months of 2015 to
$63.03 and $36.48 per barrel respectively, as the decline in
benchmark crude and increased light-heavy differentials were
partially offset by the weaker Canadian dollar. The company's
average realizations on sales of natural gas of $2.44 per thousand cubic feet in 2015, were lower
by $2.53 per thousand cubic feet,
versus the same period in 2014.
Gross production of Cold Lake
bitumen averaged 160,000 barrels per day in the first nine months,
up from 145,000 barrels from the same period last year, primarily
due to Nabiye production.
Gross production of Kearl bitumen averaged 136,000 barrels per
day in the first nine months of 2015 (96,000 barrels Imperial's
share) up from 73,000 barrels per day (52,000 barrels Imperial's
share), reflecting early start-up of the Kearl expansion project
and improved reliability of the initial development.
During the first nine months of 2015, the company's share of
gross production from Syncrude averaged 61,000 barrels per day,
compared to 62,000 barrels from the same period of 2014.
Gross production of conventional crude oil averaged 14,000
barrels per day in the first nine months of 2015, compared to
18,000 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 nine months of
2015 was 132 million cubic feet per day, down from 171 million
cubic feet in the same period last year, reflecting the impact of
divested properties.
Downstream net income was $1,234
million, up $37 million in the
same period of 2014. Earnings increased due to the favourable
impact of a weaker Canadian dollar of about $360 million, higher fuels marketing margins and
volumes of about $70 million, lower
energy costs of $70 million and a
2015 gain of $17 million from the
sale of assets. These factors were partially offset by the impacts
of lower refining margins of about $280
million, higher refinery planned maintenance and operating
costs, mainly associated with the Edmonton Rail Terminal, of about
$220 million.
Chemical net income was $213
million for the first nine months of 2015, an increase of
$47 million over the same period in
2014.
For the first nine months of 2015, net income effects from
Corporate & Other were negative $12
million, compared to negative $90
million in 2014, primarily due to lower 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
|
THIRD QUARTER
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Nine
Months
|
millions of Canadian
dollars, unless noted
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Net Income (U.S.
GAAP)
|
|
|
|
|
|
|
|
|
|
Total revenues and
other income
|
|
7,155
|
|
9,658
|
|
20,659
|
|
28,933
|
|
Total
expenses
|
|
6,518
|
|
8,413
|
|
18,865
|
|
24,782
|
|
Income before income
taxes
|
|
637
|
|
1,245
|
|
1,794
|
|
4,151
|
|
Income
taxes
|
|
158
|
|
309
|
|
774
|
|
1,037
|
|
Net income
|
|
479
|
|
936
|
|
1,020
|
|
3,114
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (dollars)
|
|
0.56
|
|
1.10
|
|
1.20
|
|
3.67
|
|
Net income per common
share - assuming dilution (dollars)
|
|
0.56
|
|
1.10
|
|
1.20
|
|
3.66
|
|
|
|
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
|
|
|
|
Federal excise tax
included in operating revenues
|
|
416
|
|
412
|
|
1,180
|
|
1,165
|
|
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on asset
sales, after tax
|
|
26
|
|
2
|
|
65
|
|
498
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at
September 30
|
|
|
|
|
|
43,452
|
|
40,242
|
|
|
|
|
|
|
|
|
|
|
|
Total debt at
September 30
|
|
|
|
|
|
8,426
|
|
6,202
|
|
Interest coverage
ratio - earnings basis
|
|
|
|
|
|
|
|
|
|
|
(times
covered)
|
|
|
|
|
|
29.1
|
|
66.9
|
|
|
|
|
|
|
|
|
|
|
|
Other long-term
obligations at September 30
|
|
|
|
|
|
3,900
|
|
2,817
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
at September 30
|
|
|
|
|
|
23,161
|
|
22,379
|
|
Capital employed at
September 30
|
|
|
|
|
|
31,604
|
|
28,600
|
|
Return on average
capital employed (a)
|
|
|
|
|
|
|
|
|
|
|
(percent)
|
|
|
|
|
|
5.6
|
|
15.3
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared on
common stock
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
119
|
|
111
|
|
339
|
|
331
|
|
|
Per common share
(dollars)
|
|
0.14
|
|
0.13
|
|
0.40
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
Millions of common
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
At September
30
|
|
|
|
|
|
847.6
|
|
847.6
|
|
|
Average - assuming
dilution
|
|
850.9
|
|
850.9
|
|
850.7
|
|
850.7
|
|
|
|
|
|
|
|
|
|
|
(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
|
THIRD QUARTER
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Nine
Months
|
millions of Canadian
dollars
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Total cash and
cash equivalents at period end
|
|
366
|
|
43
|
|
366
|
|
43
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
479
|
|
936
|
|
1,020
|
|
3,114
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
|
Depreciation and
depletion
|
|
400
|
|
276
|
|
1,052
|
|
836
|
|
(Gain)/loss on asset
sales
|
|
(29)
|
|
(4)
|
|
(80)
|
|
(664)
|
|
Deferred income taxes
and other
|
|
86
|
|
185
|
|
358
|
|
411
|
Changes in operating
assets and liabilities
|
|
168
|
|
(163)
|
|
(588)
|
|
(383)
|
Cash flows from
(used in) operating activities
|
|
1,104
|
|
1,230
|
|
1,762
|
|
3,314
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
(used in) investing activities
|
|
(619)
|
|
(1,379)
|
|
(2,345)
|
|
(3,117)
|
|
Proceeds from asset
sales
|
|
28
|
|
7
|
|
118
|
|
814
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
(used in) financing activities
|
|
(147)
|
|
21
|
|
734
|
|
(426)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
III
|
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
THIRD QUARTER
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Nine
Months
|
millions of Canadian
dollars
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Net income (U.S.
GAAP)
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
(52)
|
|
532
|
|
(415)
|
|
1,841
|
|
Downstream
|
|
454
|
|
343
|
|
1,234
|
|
1,197
|
|
Chemical
|
|
78
|
|
66
|
|
213
|
|
166
|
|
Corporate and
other
|
|
(1)
|
|
(5)
|
|
(12)
|
|
(90)
|
|
Net income
|
|
479
|
|
936
|
|
1,020
|
|
3,114
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
2,081
|
|
3,444
|
|
6,410
|
|
10,517
|
|
Downstream
|
|
5,623
|
|
7,244
|
|
16,037
|
|
21,610
|
|
Chemical
|
|
360
|
|
457
|
|
1,082
|
|
1,418
|
|
Eliminations/Other
|
|
(909)
|
|
(1,487)
|
|
(2,870)
|
|
(4,612)
|
|
Total
|
|
7,155
|
|
9,658
|
|
20,659
|
|
28,933
|
|
|
|
|
|
|
|
|
|
|
Purchases of crude
oil and products
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
879
|
|
1,590
|
|
2,787
|
|
4,425
|
|
Downstream
|
|
3,906
|
|
5,701
|
|
11,172
|
|
16,898
|
|
Chemical
|
|
176
|
|
296
|
|
563
|
|
966
|
|
Eliminations
|
|
(908)
|
|
(1,487)
|
|
(2,869)
|
|
(4,612)
|
|
Purchases of crude
oil and products
|
|
4,053
|
|
6,100
|
|
11,653
|
|
17,677
|
|
|
|
|
|
|
|
|
|
|
Production and
manufacturing expenses
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
923
|
|
917
|
|
2,826
|
|
2,933
|
|
Downstream
|
|
377
|
|
389
|
|
1,125
|
|
1,125
|
|
Chemical
|
|
51
|
|
52
|
|
154
|
|
166
|
|
Eliminations
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Production and
manufacturing expenses
|
|
1,351
|
|
1,358
|
|
4,105
|
|
4,224
|
|
|
|
|
|
|
|
|
|
|
Capital and
exploration expenditures
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
1,050
|
|
1,280
|
|
2,644
|
|
3,680
|
|
Downstream
|
|
55
|
|
127
|
|
276
|
|
310
|
|
Chemical
|
|
17
|
|
7
|
|
33
|
|
15
|
|
Corporate and
other
|
|
20
|
|
20
|
|
58
|
|
61
|
|
Capital and
exploration expenditures
|
|
1,142
|
|
1,434
|
|
3,011
|
|
4,066
|
|
|
|
|
|
|
|
|
|
|
|
Exploration expenses
charged to income included above
|
|
19
|
|
14
|
|
52
|
|
52
|
|
|
|
|
|
|
|
|
|
|
Attachment
IV
|
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
THIRD QUARTER
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics
|
|
Third
Quarter
|
|
Nine
Months
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Gross crude oil
and Natural Gas Liquids (NGL) production
|
|
|
|
|
|
|
|
|
(thousands of barrels
per day)
|
|
|
|
|
|
|
|
|
|
Cold Lake
|
|
166
|
|
149
|
|
160
|
|
145
|
|
Kearl
|
|
128
|
|
55
|
|
96
|
|
52
|
|
Syncrude
|
|
59
|
|
61
|
|
61
|
|
62
|
|
Conventional
|
|
12
|
|
16
|
|
14
|
|
18
|
|
Total crude oil
production
|
|
365
|
|
281
|
|
331
|
|
277
|
|
NGLs available for
sale
|
|
2
|
|
2
|
|
2
|
|
2
|
|
Total crude oil and
NGL production
|
|
367
|
|
283
|
|
333
|
|
279
|
|
|
|
|
|
|
|
|
|
|
Gross natural gas
production (millions of cubic feet per day)
|
|
116
|
|
149
|
|
132
|
|
171
|
|
|
|
|
|
|
|
|
|
|
Gross
oil-equivalent production (a)
|
|
|
|
|
|
|
|
|
(thousands of
oil-equivalent barrels per day)
|
|
386
|
|
307
|
|
355
|
|
308
|
|
|
|
|
|
|
|
|
|
|
Net crude oil and
NGL production (thousands of barrels per day)
|
|
|
|
|
|
|
|
|
Cold Lake
|
|
141
|
|
114
|
|
141
|
|
112
|
|
Kearl
|
|
125
|
|
51
|
|
94
|
|
48
|
|
Syncrude
|
|
58
|
|
56
|
|
57
|
|
57
|
|
Conventional
|
|
13
|
|
13
|
|
13
|
|
15
|
|
Total crude oil
production
|
|
337
|
|
234
|
|
305
|
|
232
|
|
NGLs available for
sale
|
|
1
|
|
2
|
|
1
|
|
2
|
|
Total crude oil and
NGL production
|
|
338
|
|
236
|
|
306
|
|
234
|
Net natural gas
production (millions of cubic feet per day)
|
|
118
|
|
136
|
|
127
|
|
157
|
|
|
|
|
|
|
|
|
|
|
Net oil-equivalent
production (a)
|
|
|
|
|
|
|
|
|
(thousands of
oil-equivalent barrels per day)
|
|
358
|
|
259
|
|
327
|
|
260
|
|
|
|
|
|
|
|
|
|
|
Cold Lake blend
sales (thousands of barrels per day)
|
|
211
|
|
190
|
|
212
|
|
191
|
Kearl blend
sales (thousands of barrels per day)
|
|
170
|
|
85
|
|
120
|
|
72
|
NGL sales
(thousands of barrels per day)
|
|
5
|
|
6
|
|
6
|
|
8
|
|
|
|
|
|
|
|
|
|
|
Average
realizations (Canadian dollars)
|
|
|
|
|
|
|
|
|
|
Conventional crude
oil realizations (per barrel)
|
|
37.72
|
|
81.78
|
|
37.68
|
|
80.44
|
|
NGL realizations (per
barrel)
|
|
6.48
|
|
37.57
|
|
13.94
|
|
50.74
|
|
Natural gas
realizations (per thousand cubic feet)
|
|
1.75
|
|
3.58
|
|
2.44
|
|
4.97
|
|
Synthetic oil
realizations (per barrel)
|
|
61.21
|
|
102.58
|
|
63.03
|
|
106.59
|
|
Bitumen realizations
(per barrel)
|
|
32.61
|
|
74.82
|
|
36.48
|
|
72.11
|
|
|
|
|
|
|
|
|
|
|
Refinery
throughput (thousands of barrels per day)
|
|
390
|
|
409
|
|
385
|
|
402
|
Refinery capacity
utilization (percent)
|
|
93
|
|
97
|
|
92
|
|
95
|
|
|
|
|
|
|
|
|
|
|
Petroleum product
sales (thousands of barrels per day)
|
|
|
|
|
|
|
|
|
|
Gasolines
(Mogas)
|
|
261
|
|
255
|
|
247
|
|
245
|
|
Heating, diesel and
jet fuels (Distillates)
|
|
168
|
|
176
|
|
173
|
|
180
|
|
Heavy fuel oils
(HFO)
|
|
16
|
|
25
|
|
17
|
|
20
|
|
Lube oils and other
products (Other)
|
|
50
|
|
46
|
|
45
|
|
42
|
|
Net petroleum
products sales
|
|
495
|
|
502
|
|
482
|
|
487
|
Petrochemical
sales (thousands of tonnes)
|
|
239
|
|
243
|
|
706
|
|
739
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Gas converted to
oil-equivalent at 6 million cubic feet = 1 thousand
barrels
|
Attachment
V
|
|
IMPERIAL OIL
LIMITED
|
THIRD 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
|
Third
Quarter
|
|
479
|
|
0.56
|
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