- Full-year earnings of $2.2
billion, including gains on retail asset sales of
$1.7 billion
- Increased annual production at all major upstream assets;
record high liquids production
- Best-ever safety, operational integrity and environmental
performance
CALGARY, Jan. 31, 2017 /CNW/ -
|
|
|
|
|
|
|
|
|
|
|
Fourth
quarter
|
|
Twelve
months
|
(millions of Canadian
dollars, unless noted)
|
2016
|
2015
|
%
|
|
2016
|
2015
|
%
|
Net income (loss)
(U.S. GAAP)
|
1,444
|
102
|
1,316
|
|
2,165
|
1,122
|
93
|
Net income (loss) per
common share
|
|
|
|
|
|
|
|
|
- assuming dilution
(dollars)
|
1.70
|
0.12
|
1,316
|
|
2.55
|
1.32
|
93
|
Capital and
exploration expenditures
|
213
|
584
|
(64)
|
|
1,161
|
3,595
|
(68)
|
|
|
|
|
|
|
|
|
|
Estimated full-year 2016 earnings were $2,165 million compared with $1,122 million in 2015, reflecting a $1.7 billion gain from the sale of retail sites
and the company's ability to deliver results in the current crude
price environment.
"This year's results demonstrate strong operating performance
across all business lines and a continued focus on what we can
control," said Rich Kruger,
chairman, president and chief executive officer. "Our capital
discipline and efficiency mindset, coupled with strategic sales of
assets, led us to achieve sustainable improvements and strengthen
the company for the future."
A major accomplishment in 2016 was the successful sale of the
500 remaining company-owned Esso retail sites to five fuel
distributors operating under the branded wholesaler model. Imperial
will continue to invest in product innovation and leading-edge
marketing and loyalty programs, while leveraging the operational
expertise of its distributors to grow the Esso brand in the highly
competitive fuels marketing business.
Imperial achieved annual production growth at all of its major
upstream assets, with total liquids production reaching the highest
level in company history. Syncrude's fourth quarter production
matched its previous record high, reflecting ongoing efforts to
improve asset reliability. While financial performance continued to
be impacted by low crude prices, the company's positive fourth
quarter upstream earnings are evidence of its ability to adapt to
the current business environment. Imperial continued to exercise
discipline with cash operating and capital costs, represented by a
reduction of $1.3 billion in 2016
relative to earlier plans. Upstream unit cash costs were 10 percent
lower year-over-year.
Imperial enhanced its ability to continue to lead the industry
in oil sands innovation with the opening of its state-of-the-art
Calgary Research Centre. This facility hosts a team of dedicated
researchers pursuing technology breakthroughs that will deliver
significant environmental benefits and profitability
improvements.
"Lastly, 2016 was characterized by our best-ever safety and
environmental performance," Kruger added. "We recorded our lowest
number of oil spills, compliance incidents and workforce safety
injuries in company history. Looking ahead, Imperial will continue
its unwavering focus on safety, operational integrity, reliability
and profitability."
Fourth quarter highlights
- Net income of $1,444 million
or $1.70 per-share on a diluted
basis, up from net income of $102
million or $0.12 per-share in
the fourth quarter of 2015. Fourth quarter 2016 results include a
$988 million ($1.16 per-share) gain from the sale of retail
sites.
- Production averaged 399,000 gross oil-equivalent barrels per
day, compared to 400,000 barrels per day in the same period of
2015. Syncrude's production of 87,000 barrels per day (Imperial
share), matched its best-ever quarterly performance, reflecting
continued efforts to improve asset reliability.
- Refinery throughput averaged 401,000 barrels per day, up
from 390,000 barrels per day in the fourth quarter of 2015.
Increased throughput reflects higher refined product sales in the
fourth quarter of 2016. Refinery capacity utilization remained high
at 95 percent, an increase of 2 percent from the comparable period
in 2015.
- Petroleum product sales were 493,000 barrels per day, up
from 467,000 barrels per day from the fourth quarter of 2015. Sales
growth was primarily driven by the company's focus on establishing
long-term supply agreements with valued partners.
- Sale of the remaining company-owned Esso retail sites was
completed as planned, resulting in an earnings gain of nearly
$1 billion in the quarter and
$1.7 billion for the year.
Approximately 500 sites were successfully converted to Esso branded
distributors by year-end. Imperial continues to provide marketing
programs and top-quality Synergy fuel to Esso sites
nationwide.
- Sale of general aviation business was completed as
planned, resulting in an earnings gain of $134 million. The sale transferred ownership of
assets, including mobile refueling equipment, buildings and fuel
storage facilities, while retaining fuels supply agreements at 34
airports across Canada. Imperial
continues to operate its commercial aviation business at 11 major
airports.
- Cash generated from operating activities was $751 million, an increase of $346 million from the fourth quarter of
2015.
- Proceeds from asset sales were nearly $1.8 billion, before tax, due to the sale of
the retail sites and general aviation business.
- Total debt was reduced by $2.1
billion to $5.2 billion,
further strengthening Imperial's balance sheet and increasing
financial flexibility.
- Capital and exploration expenditures totalled $213 million, a decrease of $371 million from the fourth quarter of 2015. The
reduction reflects the completion of major upstream growth projects
and Imperial's capital selectivity.
- Best-ever safety and environmental performance achieved in
2016. Driving down the number and severity of incidents
reflects Imperial's business priority of operational integrity and
its relentless focus on achieving a workplace where Nobody
Gets Hurt.
- Employees move to Calgary Research Centre in Quarry
Park, a state-of-the-art facility focused on oil sands
innovation and technology. The 40,000 square foot building, which
hosts a variety of flexible and open plan laboratory spaces, was
completed ahead of schedule and under budget, and will continue to
support Imperial's leadership in oil sands technology.
- Renewal of premier partnership with Hockey Canada,
extending the company's commitment through 2023. For more than 80
years the Esso name has been synonymous with hockey, including more
than 30 years as a premier sponsor of Hockey Canada. Imperial's
support is focused on growing the game nationwide and facilitating
participation at both the community and amateur levels.
Fourth quarter 2016 vs. fourth quarter 2015
The company's net income for the fourth quarter of 2016 was
$1,444 million or $1.70 per-share on a diluted basis, compared to
net income of $102 million or
$0.12 per-share for the same period
last year. Fourth quarter 2016 results included a gain of
$988 million ($1.16 per-share) from the sale of retail
sites.
Upstream recorded net income in the fourth quarter of
$103 million, compared to a net loss
of $289 million in the same period of
2015. Earnings in the fourth quarter of 2016 reflect the impact of
higher Canadian crude oil realizations of about $280 million and higher volumes from Syncrude of
about $110 million.
West Texas Intermediate (WTI) averaged US$49.34 per barrel in the fourth quarter of
2016, up from US$42.08 per barrel in
the same quarter of 2015. Western Canada Select (WCS) averaged
US$34.87 per barrel and US$27.69 per barrel respectively for the same
periods. The WTI / WCS differential narrowed to 29 percent in the
fourth quarter of 2016, from 34 percent in the same period of
2015.
The Canadian dollar averaged US$0.75 in the fourth quarter of 2016 and was
essentially unchanged versus the same period of 2015.
Imperial's average Canadian dollar realizations for bitumen and
synthetic crudes increased essentially in line with the North
American benchmarks, adjusted for transportation costs. Bitumen
realizations averaged $34.66 per
barrel for the fourth quarter of 2016, an increase of $11.84 per barrel versus the fourth quarter of
2015. Synthetic crude realizations averaged $64.85 per barrel, an increase of $8.29 per barrel for the same period of
2015.
Gross production of Cold Lake
bitumen averaged 159,000 barrels per day in the fourth quarter, up
from 155,000 barrels per day in the same period last year, mainly
due to the timing of steam cycles.
Gross production of Kearl bitumen averaged 169,000 barrels per
day in the fourth quarter (120,000 barrels Imperial's share)
compared to 203,000 barrels per day (144,000 barrels Imperial's
share) during the fourth quarter of 2015. Lower production was the
result of planned and unplanned maintenance activities.
The company's share of gross production from Syncrude averaged
87,000 barrels per day, matching its previous record high, up from
64,000 barrels per day in the fourth quarter of 2015. Increased
production reflects continued efforts to improve the reliability of
operations.
Downstream net income was $1,361
million in the fourth quarter, compared to $352 million in the same period of 2015. Earnings
increased mainly due to a gain of $1,122
million from the sale of retail sites and the general
aviation business, improved refinery operations of about
$50 million, partially offset by
lower downstream margins of approximately $120 million.
Refinery throughput averaged 401,000 barrels per day, up from
390,000 barrels per day in the fourth quarter of 2015. Increased
throughput reflects higher refined product sales in the fourth
quarter of 2016.
Petroleum product sales were 493,000 barrels per day, up from
467,000 barrels per day in the fourth quarter of 2015. Sales growth
was primarily driven by the company's focus on establishing
long-term supply agreements.
Chemical net income was $27
million in the fourth quarter, compared to $74 million in the same quarter of 2015, mainly
due to weaker margins across all major product lines and lower
volumes.
Net income effects from Corporate and Other were negative
$47 million in the fourth quarter,
compared to negative $35 million in
the same period of 2015.
Cash flow generated from operating activities was $751 million in the fourth quarter, compared with
$405 million in the corresponding
period in 2015, reflecting higher earnings, excluding the gains on
the sale of retail sites and the general aviation business.
Investing activities generated net cash of $1,597 million in the fourth quarter, compared
with cash used in investing activities of $539 million in the same period of 2015,
reflecting proceeds from asset sales in 2016 and the completion of
major upstream growth projects.
Cash used in financing activities was $2,205 million in the fourth quarter, compared
with $29 million in the fourth
quarter of 2015. Cash from operating activities and proceeds from
asset sales were mainly used in the fourth quarter of 2016 to
reduce outstanding debt. Dividends paid in the fourth quarter of
2016 were $128 million. The per-share
dividend paid in the fourth quarter was $0.15, up from $0.14 in the same period of 2015.
The company's cash balance was $391
million at December 31, 2016,
versus $203 million at the end of the
fourth quarter of 2015.
Full year highlights
- Net income of $2,165 million, up
from net income of $1,122 million in
the prior year.
- Net income per-share on a diluted basis was $2.55, up from net income per-share of
$1.32 in 2015.
- Cash flow generated from operating activities was $2,015 million, versus $2,167 million in 2015.
- Capital and exploration expenditures totalled $1,161 million. In 2017, capital expenditures of
about $1 billion are
anticipated.
- Gross oil-equivalent production averaged 386,000 barrels per
day, up 5 percent from 366,000 barrels per day in 2015.
- Refinery throughput averaged 362,000 barrels per day, compared
to 386,000 barrels per day in 2015.
- Per-share dividends declared during the year totalled
$0.59, up $0.05 per-share from 2015.
Full year 2016 vs. full year 2015
Net income in 2016 was $2,165
million, or $2.55 per-share on
a diluted basis, including a gain of $1.7
billion ($2.01 per-share) from
the sale of retail sites, versus net income of $1,122 million or $1.32 per-share in 2015.
Upstream recorded a net loss of $661
million in 2016, compared to a net loss of $704 million in 2015. The loss in 2016 reflected
lower realizations of about $700
million, the impact of the northern Alberta wildfires of about $155 million and higher depreciation expense of
about $120 million. These factors
were partially offset by higher volumes of about $320 million, the impact of a weaker Canadian
dollar of about $130 million, the
favorable impact of lower royalties of about $80 million, lower field operating costs of about
$80 million and lower energy cost of
about $50 million. The loss in 2015
reflected the impact associated with the Alberta corporate income tax rate increase of
$327 million.
West Texas Intermediate averaged US$43.44 per barrel in 2016, down from
US$48.83 per barrel in 2015. Western
Canada Select averaged US$29.49 per
barrel and US$35.34 per barrel
respectively for the same periods. The WTI / WCS differential
widened to 32 percent in 2016, up from 28 percent in 2015.
The Canadian dollar averaged US$0.75 in 2016, a decrease of US$0.03 from 2015.
Imperial's average Canadian dollar realizations for bitumen and
synthetic crudes declined essentially in line with the North
American benchmarks, adjusted for changes in the exchange rate and
transportation costs. Bitumen realizations averaged $26.52 for 2016, a decrease of $5.96 per barrel from 2015. Synthetic crude
realizations averaged $57.12 per
barrel, a decrease of $4.21 per
barrel from 2015.
Gross production of Cold Lake
bitumen averaged 161,000 barrels per day in 2016, up from 158,000
barrels per day in 2015.
Gross production of Kearl bitumen averaged 169,000 barrels per
day in 2016 (120,000 barrels Imperial's share) compared to 152,000
barrels per day (108,000 barrels Imperial's share) in 2015. The
increase was the result of start-up of the expansion project.
During 2016, the company's share of gross production from
Syncrude averaged 68,000 barrels per day, up from 62,000 barrels
per day in 2015. Increased production reflects continued efforts to
improve the reliability of operations, which more than offset the
impact of the Alberta
wildfires.
Downstream net income was $2,754
million, up from $1,586
million in 2015. Earnings increased mainly due to a gain of
$1,841 million from the sale of
retail sites and the general aviation business, the impact of a
weaker Canadian dollar of about $130
million, higher marketing sales volumes of $50 million, partially offset by lower downstream
margins of about $910 million.
Refinery throughput averaged 362,000 barrels per day in 2016,
compared to 386,000 barrels per day in 2015. Capacity utilization
decreased to 86 percent from 92 percent in 2015, reflecting the
more significant scope of turnaround maintenance activity in the
current year.
Petroleum product sales were 484,000 barrels per day in 2016, up
from 478,000 barrels per day in 2015. Sales growth was driven by
the company's focus on establishing long-term supply
agreements.
Chemical net income was $187
million, compared to $287
million in 2015, mainly due to weaker margins across all
major product lines and lower volumes.
In 2016, net income effects from Corporate and Other were
negative $115 million, versus
negative $47 million in 2015,
primarily due to higher share-based compensation charges, the
absence of the impact from the Alberta tax rate increase in 2015 and lower
capitalized interest.
Cash flow generated from operating activities was $2,015 million in 2016, compared with
$2,167 million in 2015, reflecting
lower earnings, excluding the gain on retail sites and the general
aviation business.
Investing activities generated net cash of $1,947 million in 2016, compared with cash used
in investing activities of $2,884
million in 2015, reflecting proceeds from asset sales and
the completion of major upstream growth projects.
Cash used in financing activities was $3,774 million in 2016, compared with cash
provided by financing activities of $705
million in 2015. Cash from operating activities and proceeds
from the asset sales were used to reduce outstanding debt.
Dividends paid in 2016 were $492
million. The per-share dividend paid was $0.58, up from $0.53 in 2015.
Oil and gas reserves
As disclosed in the 2015 Form 10-K and subsequently updated in
Imperial's 2016 third quarter 10-Q, low crude and natural gas
prices can impact Imperial's reserves as reported under the
Securities and Exchange Commission (SEC) rules. 2016 average crude
prices were significantly affected by the low prices experienced
during the first quarter of 2016, but have recovered considerably
since that time. Under the SEC definition of proved reserves,
certain quantities of oil, associated with oil sands operations at
Kearl and Cold Lake will not
qualify as proved reserves at year-end 2016. Estimated quantities
that will be required to be de-booked as proved reserves on an SEC
basis amount to approximately 2.6 billion barrels of bitumen at
Kearl and approximately 0.2 billion barrels at Cold Lake. Final amounts are still subject to
management review and will be disclosed in the 2016 Form 10-K.
Among the factors that would result in these reserves being
re-booked as proved reserves at some point in the future are a
recovery in average price levels, a further decline in costs, and /
or operating efficiencies. Under the terms of government royalty
regimes, lower prices can also increase proved reserves
attributable to Imperial. The company does not expect the
de-booking of reported proved reserves under the SEC definitions to
affect the operation of the underlying projects or to alter our
outlook for future production volumes.
Imperial's disclosures under the National Instrument 51-101F1
Statement of Reserves Data and Other Oil and Gas Information are
conducted under a separate process as prescribed by the Canadian
Securities Administrators. The company will not de-book Kearl
and Cold Lake reserves under these
Canadian rules.
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
financial and operating 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 supply of
and demand for crude oil, natural gas, and petroleum and
petrochemical products and resulting price and margin impacts;
limitations on transportation for accessing markets; political or
regulatory events, including changes in law or government policy;
applicable royalty rates and tax laws; the receipt, in a timely
manner, of regulatory and third-party approvals; third party
opposition to operations and projects; environmental risks inherent
in oil and gas exploration and production activities; environmental
regulation, including climate change and greenhouse gas
restrictions; current exchange rates; availability and allocation
of capital; performance of third party service providers;
unanticipated operational disruptions; management effectiveness;
commercial negotiations; project management and schedules; response
to unexpected technological developments; operational hazards and
risks; disaster response preparedness; the ability to develop or
acquire additional reserves; 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.
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
Attachment
I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Twelve
Months
|
millions of Canadian
dollars, unless noted
|
2016
|
2015
|
|
2016
|
2015
|
|
|
|
|
|
|
|
|
Net Income (loss)
(U.S. GAAP)
|
|
|
|
|
|
|
Total revenues and
other income
|
8,442
|
6,229
|
|
27,354
|
26,888
|
|
Total
expenses
|
6,779
|
6,100
|
|
24,910
|
24,965
|
|
Income (loss) before
income taxes
|
1,663
|
129
|
|
2,444
|
1,923
|
|
Income
taxes
|
219
|
27
|
|
279
|
801
|
|
Net income
(loss)
|
1,444
|
102
|
|
2,165
|
1,122
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share (dollars)
|
1.70
|
0.12
|
|
2.55
|
1.32
|
|
Net income (loss) per
common share - assuming dilution (dollars)
|
1.70
|
0.12
|
|
2.55
|
1.32
|
|
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
|
Federal excise tax
included in operating revenues
|
413
|
388
|
|
1,650
|
1,568
|
|
|
|
|
|
|
|
|
|
Gain (loss) on asset
sales, after tax
|
1,100
|
14
|
|
1,908
|
79
|
|
|
|
|
|
|
|
|
|
Total assets at
December 31
|
|
|
|
41,654
|
43,170
|
|
|
|
|
|
|
|
|
|
Total debt at
December 31
|
|
|
|
5,234
|
8,516
|
|
Interest coverage
ratio - earnings basis (times covered)
|
|
|
|
21.2
|
19.8
|
|
|
|
|
|
|
|
|
|
Other long-term
obligations at December 31
|
|
|
|
3,656
|
3,597
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
at December 31
|
|
|
|
25,021
|
23,425
|
|
Capital employed at
December 31
|
|
|
|
30,272
|
31,959
|
|
Return on average
capital employed (percent) (a)
|
|
|
|
7.1
|
3.8
|
|
|
|
|
|
|
|
|
|
Dividends declared on
common stock
|
|
|
|
|
|
|
|
Total
|
127
|
119
|
|
500
|
458
|
|
|
Per common share
(dollars)
|
0.15
|
0.14
|
|
0.59
|
0.54
|
|
|
|
|
|
|
|
|
|
Millions of common
shares outstanding
|
|
|
|
|
|
|
|
At December
31
|
|
|
|
847.6
|
847.6
|
|
|
Average - assuming
dilution
|
850.2
|
850.2
|
|
850.5
|
850.6
|
|
|
|
|
|
|
|
|
(a)
|
Return on capital
employed is annual business-segment net income excluding after-tax
cost of financing divided by the average business-segment capital
employed (an average of the beginning and end-of-year
amounts).
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
Attachment
II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Twelve
Months
|
millions of Canadian
dollars
|
2016
|
2015
|
|
2016
|
2015
|
|
|
|
|
|
|
|
Total cash and
cash equivalents at period end
|
391
|
203
|
|
391
|
203
|
|
|
|
|
|
|
|
Net income
(loss)
|
1,444
|
102
|
|
2,165
|
1,122
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
Depreciation and
depletion
|
399
|
398
|
|
1,628
|
1,450
|
|
(Gain) loss on asset
sales
|
(1,292)
|
(17)
|
|
(2,244)
|
(97)
|
|
Inventory write-down
to market
value
|
-
|
59
|
|
-
|
59
|
|
Deferred income taxes
and other
|
79
|
9
|
|
114
|
367
|
Changes in operating
assets and liabilities
|
121
|
(146)
|
|
352
|
(734)
|
Cash flows from
(used in) operating activities
|
751
|
405
|
|
2,015
|
2,167
|
|
|
|
|
|
|
|
Cash flows from
(used in) investing
activities
|
1,597
|
(539)
|
|
1,947
|
(2,884)
|
|
Proceeds associated
with asset sales
|
1,777
|
24
|
|
3,021
|
142
|
|
|
|
|
|
|
|
Cash flows from
(used in) financing activities
|
(2,205)
|
(29)
|
|
(3,774)
|
705
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
Attachment
III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Twelve
Months
|
millions of Canadian
dollars
|
2016
|
2015
|
|
2016
|
2015
|
|
|
|
|
|
|
|
Net income (loss)
(U.S. GAAP)
|
|
|
|
|
|
|
Upstream
|
103
|
(289)
|
|
(661)
|
(704)
|
|
Downstream
|
1,361
|
352
|
|
2,754
|
1,586
|
|
Chemical
|
27
|
74
|
|
187
|
287
|
|
Corporate and
other
|
(47)
|
(35)
|
|
(115)
|
(47)
|
|
Net income
(loss)
|
1,444
|
102
|
|
2,165
|
1,122
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
Upstream
|
2,483
|
1,874
|
|
7,720
|
8,284
|
|
Downstream
|
6,718
|
4,882
|
|
21,796
|
20,919
|
|
Chemical
|
303
|
336
|
|
1,258
|
1,418
|
|
Eliminations /
Other
|
(1,062)
|
(863)
|
|
(3,420)
|
(3,733)
|
|
Revenues and other
income
|
8,442
|
6,229
|
|
27,354
|
26,888
|
|
|
|
|
|
|
|
Purchases of crude
oil and products
|
|
|
|
|
|
|
Upstream
|
1,082
|
981
|
|
3,666
|
3,768
|
|
Downstream
|
4,039
|
3,354
|
|
14,178
|
14,526
|
|
Chemical
|
187
|
162
|
|
705
|
725
|
|
Eliminations
|
(1,072)
|
(866)
|
|
(3,429)
|
(3,735)
|
|
Purchases of crude
oil and products
|
4,236
|
3,631
|
|
15,120
|
15,284
|
|
|
|
|
|
|
|
Production and
manufacturing
|
|
|
|
|
|
|
Upstream
|
957
|
940
|
|
3,591
|
3,766
|
|
Downstream
|
369
|
336
|
|
1,428
|
1,461
|
|
Chemical
|
56
|
53
|
|
205
|
207
|
|
Eliminations
|
-
|
-
|
|
-
|
-
|
|
Production and
manufacturing
|
1,382
|
1,329
|
|
5,224
|
5,434
|
|
|
|
|
|
|
|
Capital and
exploration expenditures
|
|
|
|
|
|
|
Upstream
|
151
|
491
|
|
896
|
3,135
|
|
Downstream
|
45
|
64
|
|
190
|
340
|
|
Chemical
|
5
|
19
|
|
26
|
52
|
|
Corporate and
other
|
12
|
10
|
|
49
|
68
|
|
Capital and
exploration expenditures
|
213
|
584
|
|
1,161
|
3,595
|
|
|
|
|
|
|
|
|
Exploration expenses
charged to income included above
|
19
|
21
|
|
94
|
73
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
Attachment
IV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics
|
Fourth
Quarter
|
|
Twelve
Months
|
|
|
2016
|
2015
|
|
2016
|
2015
|
|
|
|
|
|
|
|
Gross crude oil
and Natural Gas Liquids (NGL) production
|
|
|
|
|
|
(thousands of barrels
per day)
|
|
|
|
|
|
|
Cold Lake
|
159
|
155
|
|
161
|
158
|
|
Kearl
|
120
|
144
|
|
120
|
108
|
|
Syncrude
|
87
|
64
|
|
68
|
62
|
|
Conventional
|
11
|
15
|
|
14
|
15
|
|
Total crude oil
production
|
377
|
378
|
|
363
|
343
|
|
NGLs available for
sale
|
1
|
2
|
|
1
|
1
|
|
Total crude oil and
NGL production
|
378
|
380
|
|
364
|
344
|
|
|
|
|
|
|
|
Gross natural gas
production (millions of cubic feet per day)
|
123
|
122
|
|
129
|
130
|
|
|
|
|
|
|
|
Gross
oil-equivalent production (a)
|
399
|
400
|
|
386
|
366
|
(thousands of
oil-equivalent barrels per day)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net crude oil and
NGL production (thousands of barrels per day)
|
|
|
|
|
|
|
Cold Lake
|
139
|
136
|
|
138
|
139
|
|
Kearl
|
118
|
142
|
|
118
|
106
|
|
Syncrude
|
86
|
61
|
|
67
|
58
|
|
Conventional
|
8
|
13
|
|
12
|
14
|
|
Total crude oil
production
|
351
|
352
|
|
335
|
317
|
|
NGLs available for
sale
|
1
|
1
|
|
1
|
1
|
|
Total crude oil and
NGL production
|
352
|
353
|
|
336
|
318
|
|
|
|
|
|
|
|
Net natural gas
production (millions of cubic feet per day)
|
113
|
119
|
|
122
|
125
|
|
|
|
|
|
Net oil-equivalent
production (a)
|
371
|
373
|
|
356
|
339
|
(thousands of
oil-equivalent barrels per day)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cold Lake blend
sales (thousands of barrels per day)
|
209
|
207
|
|
212
|
211
|
Kearl blend
sales (thousands of barrels per day)
|
166
|
191
|
|
162
|
138
|
NGL sales
(thousands of barrels per day)
|
5
|
4
|
|
5
|
5
|
|
|
|
|
|
|
|
Average
realizations (Canadian dollars)
|
|
|
|
|
|
|
Bitumen realizations
(per barrel)
|
34.66
|
22.82
|
|
26.52
|
32.48
|
|
Synthetic oil
realizations (per barrel)
|
64.85
|
56.56
|
|
57.12
|
61.33
|
|
Conventional crude
oil realizations (per barrel)
|
30.42
|
33.61
|
|
32.93
|
36.58
|
|
NGL realizations (per
barrel)
|
22.47
|
17.74
|
|
15.58
|
14.70
|
|
Natural gas
realizations (per thousand cubic feet)
|
3.29
|
2.25
|
|
2.41
|
2.78
|
|
|
|
|
|
|
|
Refinery
throughput (thousands of barrels per day)
|
401
|
390
|
|
362
|
386
|
Refinery capacity
utilization (percent)
|
95
|
93
|
|
86
|
92
|
|
|
|
|
|
|
|
Petroleum product
sales (thousands of barrels per day)
|
|
|
|
|
|
|
Gasolines
|
260
|
245
|
|
261
|
247
|
|
Heating, diesel and
jet fuels
|
179
|
163
|
|
170
|
170
|
|
Heavy fuel
oils
|
21
|
15
|
|
16
|
16
|
|
Lube oils and other
products
|
33
|
44
|
|
37
|
45
|
|
Net petroleum
products sales
|
493
|
467
|
|
484
|
478
|
|
|
|
|
|
|
|
Petrochemical
sales (thousands of tonnes)
|
204
|
239
|
|
908
|
945
|
|
|
|
|
|
|
|
(a) Gas converted to
oil-equivalent at six million cubic feet per one thousand
barrels.
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
Attachment
V
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per
|
|
|
|
Net income (loss)
(U.S. GAAP)
|
|
common share -
diluted
|
|
|
|
(millions of Canadian
dollars)
|
|
|
(dollars)
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
First
Quarter
|
(101)
|
|
|
|
(0.12)
|
Second
Quarter
|
(181)
|
|
|
|
(0.21)
|
Third
Quarter
|
1,003
|
|
|
|
1.18
|
Fourth
Quarter
|
1,444
|
|
|
|
1.70
|
Year
|
2,165
|
|
|
|
2.55
|
|
|
|
|
|
|
|
|
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