- Cost management delivers full year savings of $1.5 billion
- Upstream growth results in highest production in more than two
decades
- Results highlight the value of integration in the current
business environment
CALGARY,
Feb. 2, 2016
|
|
|
|
|
Fourth
quarter
|
|
Twelve
months
|
(millions of dollars,
unless noted)
|
2015
|
2014
|
%
|
|
2015
|
2014
|
%
|
|
|
|
|
|
|
|
|
Net income (U.S.
GAAP)
|
102
|
671
|
(85)
|
|
1,122
|
3,785
|
(70)
|
|
|
|
|
|
|
|
|
Net income per common
share - assuming dilution (dollars)
|
0.12
|
0.79
|
(85)
|
|
1.32
|
4.45
|
(70)
|
|
|
|
|
|
|
|
|
Capital and
exploration expenditures
|
584
|
1,588
|
(63)
|
|
3,595
|
5,654
|
(36)
|
|
|
|
|
|
|
|
|
Estimated full-year 2015 earnings were $1.1 billion compared with $3.8 billion a year earlier, reflecting the
company's ability to deliver value in a challenging crude price
environment and highlighting the benefits associated with
integration.
"2015 marked a year of delivery on commitments as we
successfully achieved major milestones supporting upstream growth,"
said Rich Kruger, chairman,
president and chief executive officer. "With both large upstream
assets and downstream businesses, Imperial is a leader across the
full energy value chain. Our integration results in resiliency
across a range of market conditions, including the current low
crude price environment."
Major accomplishments for the year included the early start-up
and strong performance of the Kearl oil sands expansion project,
the successful start-up of the Cold Lake Nabiye project,
commissioning of the Edmonton rail
terminal and overall strong downstream and chemical financial and
operating performance. Imperial also achieved a best-ever year for
safety and environmental performance.
The company's 2015 upstream financial performance was
significantly impacted by low crude prices. Consistent with our
long-standing approach we continue to focus on what we can control.
As a result, we reduced operating and capital costs by $1.5 billion relative to earlier plans. Most
notably, since bringing on new production, upstream unit cash costs
were 25 percent lower in the second half of 2015 than our 2014
annual average. Disciplined operating and capital cost management
continue to be a priority.
Looking ahead, the company has a significant oil and gas
resource base and a large inventory of potential projects that
position us well for future growth. We will evaluate the pace and
scope of future investments in light of overall market and business
conditions. Above all, our objective remains to deliver superior,
long-term shareholder value in whatever business environment we
operate in.
Fourth quarter highlights
- Net income totalled $102
million or $0.12 per share on
a diluted basis, down from $671 million or $0.79 per share in the fourth quarter of 2014,
driven by lower global crude prices.
- Production averaged 400,000 gross oil-equivalent barrels per
day, an increase of 27 percent from 315,000 barrels in the same
period of 2014. Production was at its highest level in more than
two decades.
- Refinery throughput averaged 390,000 barrels per day, up
from 373,000 barrels in the fourth quarter of 2014. Capacity
utilization averaged 93 percent for the quarter.
- Petroleum product sales were 467,000 barrels per day,
compared to 480,000 barrels per day from the fourth quarter of
2014. The company continues to hold a leading position in all major
markets nationwide.
- Chemical earnings were $74
million, up $11 million
from the same period in 2014. The results reflect higher
polyethylene sales and processing cost-advantaged ethane feedstock
from Marcellus shale gas.
- Cash generated from operating activities of $405 million, included negative working
capital effects of $146 million.
- Capital and exploration expenditures totaled $584 million and were nearly equally
split between the completion of upstream growth projects and
sustaining capital for all other operations.
- Kearl bitumen production averaged 203,000 barrels per day in
the quarter (144,000 barrels Imperial's share). Production was
up 137,000 barrels (97,000 barrels Imperial's share) from the
fourth quarter of 2014, and up 22,000 barrels (16,000 barrels
Imperial's share) from the third quarter of 2015. The increase was
largely due to continued strong performance from the expansion
project and optimization efforts at the combined Kearl
operation.
- Cold Lake bitumen
production averaged 155,000 barrels per day in the quarter, up
from 152,000 barrels in the same quarter of 2014 as production from
the start-up of Nabiye was partially offset by cycle timing of the
base operation. Looking ahead, Cold
Lake, including Nabiye, will manage steaming strategies
across all assets to enhance resource recovery.
- The company's share of Syncrude production averaged 64,000
barrels per day in the fourth quarter, compared to 73,000
barrels per day in the same period of 2014. In December, Syncrude
accelerated maintenance originally scheduled for mid-2016 to
improve coker performance.
- In-situ project evaluations achieved several technical
milestones. Front-end engineering and design work commenced at
Aspen. This project will utilize
industry's first solvent-assisted, steam-assisted gravity drainage
(SA-SAGD) technology to recover the bitumen resource. An oil
sands valuation drilling program was completed in Cold Lake's Grand
Rapids formation and the Clyden phase two seismic program
began. Environmental baseline studies on the Corner lease were also
completed. No final investment decisions have been made.
- Strathcona diluent recovery
unit proposal filed with Alberta Environment and
Parks. This first step in the environmental review process
outlines the proposed construction of a unit to remove diluent from
heavy crude prior to rail transport. The removal of diluent from
crude shipments would improve transportation efficiency and
redirect the thinning agent to Imperial facilities for re-use.
Pending satisfactory government and regulatory approvals, and
economic competitiveness, a final investment decision will be
made.
- Achieved best-ever safety and environmental performance in
2015. We continue on our journey to achieve a workplace where
Nobody Gets Hurt. Our spill prevention efforts resulted in a
record-low number of incidents, illustrating the priority we place
on environmental performance and overall operational integrity.
- Contributed $20 million in
2015 to support Canadian communities, including $2.8 million raised by employees and annuitants
for United Way partners. Donations of significant Canadian artwork
from Imperial's historical collection to galleries across the
country began to mark our celebration of Canada's upcoming 150th birthday. Under the
Esso banner, we contributed $806,000
to amateur community hockey programs across the country and
supported the 2015 Pan Am Games in Toronto as its official fuel and convenience
sponsor.
Fourth quarter 2015 vs. fourth quarter 2014
The company's net income for the fourth quarter of 2015 was
$102 million or $0.12 per share on a diluted basis, compared with
$671 million or $0.79 per share for the same period last
year.
Upstream recorded a net loss in the fourth quarter of
$289 million, compared to a net
income of $218 million in the same
period of 2014. Earnings in the fourth quarter of 2015 reflected
lower realizations of about $790
million, higher depreciation expense of about $60 million and a net charge of about
$60 million associated with the
inventory carrying value. These factors were partially offset by
the impact of a weaker Canadian dollar of about $170 million, favourable impact of lower
royalties of about $130 million and
higher volumes from Kearl and Cold
Lake of about $130
million.
The average price for West Texas Intermediate (WTI), the main
U.S. dollar benchmark crude for North
America, decreased by 43 percent compared to the same
quarter in 2014. The company's average Canadian dollar realizations
for synthetic crude oil and bitumen decreased about 31 and 56
percent in the fourth quarter of 2015 to $56.56 and $22.82
per barrel respectively, mainly due to the decline in the benchmark
crude and increased light-heavy differentials, partially offset by
the impact of a weaker Canadian dollar. The company's average
realizations on sales of natural gas of $2.25 per thousand cubic feet in the fourth
quarter of 2015 were lower by $1.00
per thousand cubic feet, versus the same period in 2014.
Gross production of Cold Lake
bitumen averaged 155,000 barrels per day in the fourth quarter, up
from 152,000 barrels in the same period last year, with new
production from Nabiye offsetting cycle timing of the base
operations.
Gross production of Kearl bitumen averaged 203,000 barrels per
day in the fourth quarter (144,000 barrels Imperial's share) up
from 66,000 barrels per day (47,000 barrels Imperial's share)
during the fourth quarter of 2014, reflecting the start-up of the
Kearl expansion project and continued improvement in reliability of
the initial development.
The company's share of gross production from Syncrude averaged
64,000 barrels per day, compared to 73,000 barrels in the fourth
quarter of 2014, primarily the result of accelerated planned
maintenance to improve coker performance.
Gross production of conventional crude oil averaged 15,000
barrels per day in the fourth quarter, essentially the same as the
corresponding period in 2014.
Gross production of natural gas during the fourth quarter of
2015 was 122 million cubic feet per day, down from 159 million
cubic feet in the same period last year. The lower production
volume was primarily due to natural reservoir decline.
Downstream net income was $352
million in the fourth quarter, compared to $397 million in the same period of 2014. Earnings
decreased mainly due to lower refinery margins of about
$300 million, partially offset by the
favourable impact of a weaker Canadian dollar of about $110 million, higher marketing margins of about
$100 million and lower refining
maintenance costs of about $70
million.
Chemical net income was $74
million in the fourth quarter, up from $63 million in the same quarter in 2014.
Net income effects from Corporate and Other were negative
$35 million in the fourth quarter,
compared to negative $7 million in
the same period of 2014.
The company's cash balance was $203
million as at December 31,
2015, versus $215 million at
the end of the fourth quarter of 2014.
Cash flow generated from operating activities was $405 million in the fourth quarter, compared with
$1,091 million in the corresponding
period in 2014.
Investing activities used net cash of $539 million in the fourth quarter, compared with
$1,445 million in the same period of
2014, reflecting the decline in additions to property, plant and
equipment.
Cash used in financing activities was $29
million in the fourth quarter, compared with cash from
financing activities of $526 million
in the fourth quarter of 2014. Dividends paid in the fourth quarter
of 2015 were $119 million. Per-share
dividend paid in the fourth quarter was $0.14, up from $0.13 in the same period of 2014.
Full year highlights
- Net income totaled $1,122
million, down from $3,785
million in the prior year.
- Net income per common share on a diluted basis was $1.32 compared to $4.45 in 2014.
- Cash flow generated from operating activities was $2,167 million, versus $4,405 million in 2014.
- Capital and exploration expenditures totalled $3,595 million and include capitalized leases of
$509 million. In 2016, expenditures
of about $1.8 billion are
anticipated.
- Gross oil-equivalent barrels of production averaged 366,000
barrels per day, up 18 percent from 310,000 barrels from the same
period in 2014.
- Refinery throughput averaged 386,000 barrels per day, compared
to 394,000 barrels in the same period in 2014.
- Per-share dividends declared during the year totaled
$0.54, up $0.02 per share from 2014.
Full year 2015 vs. full year 2014
Net income in 2015 was $1,122
million, or $1.32 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 $3,785
million or $4.45 per share in
2014, which included a $478 million
gain on the sale of conventional upstream producing assets.
Upstream recorded a net loss of $704
million in 2015, compared to a net income of $2,059 million in the same period of 2014.
Earnings in 2015 reflected lower crude oil and gas realizations of
about $3,790 million, a net charge of
$327 million associated with
increased Alberta corporate income
taxes, higher depreciation expense of about $180 million, lower liquids and gas volumes of
about $80 million reflecting the
impact of divested properties in the prior year and a net charge of
about $60 million associated with the
inventory carrying value. Earnings in 2014 included a gain of
$478 million from the divestment of
conventional upstream producing assets. These factors were
partially offset by the impact of a weaker Canadian dollar of about
$770 million, the favourable impact
of lower royalties of about $700
million, higher volumes from Kearl and Cold Lake of about $670
million and lower energy costs of about $140 million.
The average price for WTI, the main 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 38 and 52 percent in 2015 to $61.33 and $32.48
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 $2.78 per thousand
cubic feet in 2015, were lower by $1.76 per thousand cubic feet, versus 2014.
Gross production of Cold Lake
bitumen averaged 158,000 barrels per day in 2015, up from 146,000
barrels from the same period last year, with new production from
Nabiye offsetting cycle timing of the base operations.
Gross production of Kearl bitumen averaged 152,000 barrels per
day during 2015 (108,000 barrels Imperial's share) up from 72,000
barrels per day (51,000 barrels Imperial's share) in 2014,
reflecting early start-up of the Kearl expansion project and
improved reliability of the initial development.
During 2015, the company's share of gross production from
Syncrude averaged 62,000 barrels per day, compared to 64,000
barrels in 2014.
Gross production of conventional crude oil averaged 15,000
barrels per day during 2015, compared to 18,000 barrels 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 2015 was 130 million
cubic feet per day, down from 168 million cubic feet in the same
period last year, reflecting the impact of divested properties and
natural reservoir decline.
Downstream net income was $1,586
million, compared to $1,594
million in the same period of 2014. Earnings decreased due
to the impact of lower refinery margins of about $590 million and higher operating costs of about
$70 million mainly associated with
the Edmonton rail terminal. These
factors were partially offset by the favourable impact of a weaker
Canadian dollar of about $390
million, higher fuels marketing margins and volumes of about
$170 million, lower energy costs of
about $80 million and a 2015 gain of
$17 million from the sale of
assets.
Chemical net income was a record $287
million in 2015, an increase of $58
million over the same period in 2014, primarily due to the
impact of a weaker Canadian dollar, lower feedstock costs and
higher sales of polyethylene.
In 2015, net income effects from Corporate & Other were
negative $47 million, compared to
negative $97 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 ; production life 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; availability and allocation of capital; currency exchange
rates; 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. Imperial undertakes no obligation to update any
forward-looking statements contained herein, except as required by
applicable law.
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
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Twelve
Months
|
millions of Canadian
dollars, unless noted
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Net Income (U.S.
GAAP)
|
|
|
|
|
|
|
|
|
|
Total revenues and
other income
|
|
6,229
|
|
8,033
|
|
26,888
|
|
36,966
|
|
Total
expenses
|
|
6,100
|
|
7,163
|
|
24,965
|
|
31,945
|
|
Income before income
taxes
|
|
129
|
|
870
|
|
1,923
|
|
5,021
|
|
Income
taxes
|
|
27
|
|
199
|
|
801
|
|
1,236
|
|
Net income
|
|
102
|
|
671
|
|
1,122
|
|
3,785
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (dollars)
|
|
0.12
|
|
0.80
|
|
1.32
|
|
4.47
|
|
Net income per common
share - assuming dilution (dollars)
|
|
0.12
|
|
0.79
|
|
1.32
|
|
4.45
|
|
|
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
|
|
|
|
Federal excise tax
included in operating revenues
|
|
388
|
|
397
|
|
1,568
|
|
1,562
|
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on asset
sales, after tax
|
|
14
|
|
28
|
|
79
|
|
526
|
|
|
|
|
|
|
|
|
|
|
Total assets at
December 31
|
|
|
|
|
|
43,170
|
|
40,830
|
|
|
|
|
|
|
|
|
|
|
Total debt at
December 31
|
|
|
|
|
|
8,516
|
|
6,891
|
|
Interest coverage
ratio - earnings basis
|
|
|
|
|
|
|
|
|
|
|
(times
covered)
|
|
|
|
|
|
19.8
|
|
61.3
|
|
|
|
|
|
|
|
|
|
|
Other long-term
obligations at December 31
|
|
|
|
|
|
3,597
|
|
3,565
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
at December 31
|
|
|
|
|
|
23,425
|
|
22,530
|
|
Capital employed at
December 31
|
|
|
|
|
|
31,959
|
|
29,440
|
|
Return on average capital employed
(a)
|
|
|
|
|
|
|
|
|
|
|
(percent)
|
|
|
|
|
|
3.8
|
|
13.7
|
|
|
|
|
|
|
|
|
|
|
Dividends declared on
common stock
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
119
|
|
110
|
|
458
|
|
441
|
|
|
Per common share
(dollars)
|
|
0.14
|
|
0.13
|
|
0.54
|
|
0.52
|
|
|
|
|
|
|
|
|
|
|
Millions of common
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
At December
31
|
|
|
|
|
|
847.6
|
|
847.6
|
|
|
Average - assuming
dilution
|
|
850.2
|
|
850.2
|
|
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
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Twelve
Months
|
millions of Canadian
dollars
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Total cash and
cash equivalents at period end
|
|
203
|
|
215
|
|
203
|
|
215
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
102
|
|
671
|
|
1,122
|
|
3,785
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
|
Depreciation and
depletion
|
|
398
|
|
260
|
|
1,450
|
|
1,096
|
|
(Gain)/loss on asset
sales
|
|
(17)
|
|
(32)
|
|
(97)
|
|
(696)
|
|
Inventory write-down
to market value
|
|
59
|
|
-
|
|
59
|
|
-
|
|
Deferred income taxes
and other
|
|
9
|
|
712
|
|
367
|
|
1,123
|
Changes in operating
assets and liabilities
|
|
(146)
|
|
(520)
|
|
(734)
|
|
(903)
|
Cash flows from
(used in) operating activities
|
|
405
|
|
1,091
|
|
2,167
|
|
4,405
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
(used in) investing activities
|
|
(539)
|
|
(1,445)
|
|
(2,884)
|
|
(4,562)
|
|
Proceeds associated
with asset sales
|
|
24
|
|
37
|
|
142
|
|
851
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
(used in) financing activities
|
|
(29)
|
|
526
|
|
705
|
|
100
|
|
|
|
|
|
|
|
|
|
|
Attachment
III
|
|
IMPERIAL OIL
LIMITED
|
FOURTH QUARTER
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Twelve
Months
|
millions of Canadian
dollars
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Net income (U.S.
GAAP)
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
(289)
|
|
218
|
|
(704)
|
|
2,059
|
|
Downstream
|
|
352
|
|
397
|
|
1,586
|
|
1,594
|
|
Chemical
|
|
74
|
|
63
|
|
287
|
|
229
|
|
Corporate and
other
|
|
(35)
|
|
(7)
|
|
(47)
|
|
(97)
|
|
Net income
|
|
102
|
|
671
|
|
1,122
|
|
3,785
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
1,874
|
|
2,645
|
|
8,284
|
|
13,162
|
|
Downstream
|
|
4,882
|
|
6,214
|
|
20,919
|
|
27,824
|
|
Chemical
|
|
336
|
|
386
|
|
1,418
|
|
1,804
|
|
Eliminations/Other
|
|
(863)
|
|
(1,212)
|
|
(3,733)
|
|
(5,824)
|
|
Total
|
|
6,229
|
|
8,033
|
|
26,888
|
|
36,966
|
|
|
|
|
|
|
|
|
|
|
Purchases of crude
oil and products
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
981
|
|
1,203
|
|
3,768
|
|
5,628
|
|
Downstream
|
|
3,354
|
|
4,578
|
|
14,526
|
|
21,476
|
|
Chemical
|
|
162
|
|
230
|
|
725
|
|
1,196
|
|
Eliminations
|
|
(866)
|
|
(1,209)
|
|
(3,735)
|
|
(5,821)
|
|
Purchases of crude
oil and products
|
|
3,631
|
|
4,802
|
|
15,284
|
|
22,479
|
|
|
|
|
|
|
|
|
|
|
Production and
manufacturing expenses
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
940
|
|
949
|
|
3,766
|
|
3,882
|
|
Downstream
|
|
336
|
|
439
|
|
1,461
|
|
1,564
|
|
Chemical
|
|
53
|
|
50
|
|
207
|
|
216
|
|
Eliminations
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Production and
manufacturing expenses
|
|
1,329
|
|
1,438
|
|
5,434
|
|
5,662
|
|
|
|
|
|
|
|
|
|
|
Capital and
exploration expenditures
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
491
|
|
1,294
|
|
3,135
|
|
4,974
|
|
Downstream
|
|
64
|
|
262
|
|
340
|
|
572
|
|
Chemical
|
|
19
|
|
11
|
|
52
|
|
26
|
|
Corporate and
other
|
|
10
|
|
21
|
|
68
|
|
82
|
|
Capital and
exploration expenditures
|
|
584
|
|
1,588
|
|
3,595
|
|
5,654
|
|
|
|
|
|
|
|
|
|
|
|
Exploration expenses
charged to income included above
|
|
21
|
|
15
|
|
73
|
|
67
|
|
|
|
|
|
|
|
|
|
|
Attachment
IV
|
|
IMPERIAL OIL
LIMITED
|
FOURTH QUARTER
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics
|
|
Fourth
Quarter
|
|
Twelve
Months
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Gross crude oil
and Natural Gas Liquids (NGL) production
|
|
|
|
|
|
|
|
|
(thousands of barrels
per day)
|
|
|
|
|
|
|
|
|
|
Cold Lake
|
|
155
|
|
152
|
|
158
|
|
146
|
|
Kearl
|
|
144
|
|
47
|
|
108
|
|
51
|
|
Syncrude
|
|
64
|
|
73
|
|
62
|
|
64
|
|
Conventional
|
|
15
|
|
14
|
|
15
|
|
18
|
|
Total crude oil
production
|
|
378
|
|
286
|
|
343
|
|
279
|
|
NGLs available for
sale
|
|
2
|
|
2
|
|
1
|
|
3
|
|
Total crude oil and
NGL production
|
|
380
|
|
288
|
|
344
|
|
282
|
Gross natural gas
production (millions of cubic feet per day)
|
|
122
|
|
159
|
|
130
|
|
168
|
|
|
|
|
|
|
|
|
|
Gross
oil-equivalent production (a)
|
|
|
|
|
|
|
|
|
(thousands of
oil-equivalent barrels per day)
|
|
400
|
|
315
|
|
366
|
|
310
|
|
|
|
|
|
|
|
|
|
Net crude oil and
NGL production (thousands of barrels per day)
|
|
|
|
|
|
|
|
|
Cold Lake
|
|
136
|
|
120
|
|
139
|
|
114
|
|
Kearl
|
|
142
|
|
44
|
|
106
|
|
47
|
|
Syncrude
|
|
61
|
|
68
|
|
58
|
|
60
|
|
Conventional
|
|
13
|
|
12
|
|
14
|
|
14
|
|
Total crude oil
production
|
|
352
|
|
244
|
|
317
|
|
235
|
|
NGLs available for
sale
|
|
1
|
|
2
|
|
1
|
|
2
|
|
Total crude oil and
NGL production
|
|
353
|
|
246
|
|
318
|
|
237
|
Net natural gas
production (millions of cubic feet per day)
|
|
119
|
|
150
|
|
125
|
|
156
|
|
|
|
|
|
|
|
|
|
Net oil-equivalent
production (a)
|
|
|
|
|
|
|
|
|
(thousands of
oil-equivalent barrels per day)
|
|
373
|
|
271
|
|
339
|
|
263
|
|
|
|
|
|
|
|
|
|
Cold Lake blend
sales (thousands of barrels per day)
|
|
207
|
|
187
|
|
211
|
|
190
|
Kearl blend
sales (thousands of barrels per day)
|
|
191
|
|
60
|
|
138
|
|
69
|
NGL sales
(thousands of barrels per day)
|
|
4
|
|
6
|
|
5
|
|
8
|
|
|
|
|
|
|
|
|
|
Average
realizations (Canadian dollars)
|
|
|
|
|
|
|
|
|
|
Conventional crude
oil realizations (per barrel)
|
|
33.61
|
|
60.47
|
|
36.58
|
|
76.03
|
|
NGL realizations (per
barrel)
|
|
17.74
|
|
40.68
|
|
14.70
|
|
49.11
|
|
Natural gas
realizations (per thousand cubic feet)
|
|
2.25
|
|
3.25
|
|
2.78
|
|
4.54
|
|
Synthetic oil
realizations (per barrel)
|
|
56.56
|
|
82.04
|
|
61.33
|
|
99.58
|
|
Bitumen realizations
(per barrel)
|
|
22.82
|
|
52.37
|
|
32.48
|
|
67.20
|
|
|
|
|
|
|
|
|
|
|
Refinery
throughput (thousands of barrels per day)
|
|
390
|
|
373
|
|
386
|
|
394
|
Refinery capacity
utilization (percent)
|
|
93
|
|
88
|
|
92
|
|
94
|
|
|
|
|
|
|
|
|
|
Petroleum product
sales (thousands of barrels per day)
|
|
|
|
|
|
|
|
|
|
Gasolines
(Mogas)
|
|
245
|
|
241
|
|
247
|
|
244
|
|
Heating, diesel and
jet fuels (Distillates)
|
|
163
|
|
177
|
|
170
|
|
179
|
|
Heavy fuel oils
(HFO)
|
|
15
|
|
28
|
|
16
|
|
22
|
|
Lube oils and other
products (Other)
|
|
44
|
|
34
|
|
45
|
|
40
|
|
Net petroleum
products sales
|
|
467
|
|
480
|
|
478
|
|
485
|
Petrochemical
sales (thousands of tonnes)
|
|
239
|
|
214
|
|
945
|
|
953
|
|
|
|
|
|
|
|
|
|
(a)
|
Gas converted to
oil-equivalent at 6 million cubic feet = 1 thousand
barrels
|
|
|
|
|
Attachment
V
|
|
IMPERIAL OIL
LIMITED
|
FOURTH 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
|
Fourth
Quarter
|
|
102
|
|
|
|
|
|
0.12
|
Year
|
|
1,122
|
|
|
|
|
|
1.32
|
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