- 18 percent increase in upstream production from the second
quarter of 2017
- Petroleum product sales of 500,000 barrels per day remain at
near record levels
- Returned $386 million to
shareholders in the form of dividends and share purchases
CALGARY, Oct. 27, 2017 /CNW/ -
|
|
|
|
|
|
|
|
|
Third quarter
|
|
Nine months
|
millions of Canadian
dollars, unless noted
|
|
2017
|
2016
|
%
|
|
2017
|
2016
|
%
|
Net income (U.S.
GAAP)
|
|
371
|
1,003
|
(63)
|
|
627
|
721
|
(13)
|
Net income per common
share
|
|
|
|
|
|
|
|
|
|
- assuming dilution
(dollars)
|
|
0.44
|
1.18
|
(63)
|
|
0.74
|
0.85
|
(13)
|
Capital and
exploration expenditures
|
|
159
|
205
|
(22)
|
|
455
|
948
|
(52)
|
Imperial recorded estimated net income of $371 million in the third quarter of 2017,
compared with net income of $1,003
million in the same period of 2016. The results for 2016
included a $716 million gain
($0.84 per-share) from the sale of
retail sites.
"Third quarter operating performance in both the upstream and
downstream businesses was strong and improved significantly
compared to the second quarter of 2017. Imperial continues to focus
on base business operating fundamentals and progressing strategic
priorities with the objective of maximizing value from our
integrated asset base," said Rich
Kruger, chairman, president and chief executive
officer.
Upstream gross oil-equivalent production in the third quarter
was 390,000 barrels per day, 18 percent higher than the second
quarter of 2017, driven by increased volumes at each of Imperial's
major assets. Kearl produced 182,000 barrels per day in the quarter
(129,000 barrels Imperial's share), including the impact of
scheduled turnaround activities, as reliability continues to
improve. The company optimized planned maintenance events to
implement enhancements, consistent with Kearl's reliability
improvement plan. Syncrude recovered from the fire at its
Mildred Lake upgrader early in the
quarter and sustained high production volumes thereafter.
Imperial's downstream business continued to deliver strong
results. Petroleum product sales remained at near-record levels,
reflecting the company's focus on securing long-term supply
agreements with major customers. In the third quarter, Imperial
expanded its brand offerings by launching the first Mobil service
stations in Canada and continued
progressing the conversion of Husky truck transport sites to the
Esso brand. These actions are driven by Imperial's strategy to grow
its product outlets and add value through branded fuels supply and
marketing activities.
"We have an organization-wide focus on optimizing our integrated
business model and capturing opportunities in the market," Kruger
added. "Imperial demonstrates resiliency throughout the business
cycle and remains positioned to deliver long-term shareholder
value."
Third quarter highlights
- Net income of $371 million or
$0.44 per-share on a diluted
basis, compared to net income of $1,003
million or $1.18 per-share in
the third quarter of 2016. Third quarter 2016 results included a
$716 million gain from the sale of
retail sites.
- Cash generated from operating activities was $837 million, an increase of $65 million from the third quarter of 2016.
- Capital and exploration expenditures totalled $159 million, a decrease of $46 million from the third quarter of 2016.
- Dividends paid and share purchases totalled $386 million in the third quarter of 2017,
including the purchase of approximately 6.7 million shares at a
cost of $250 million. Year-to-date,
Imperial has purchased approximately 10 million shares valued at
$377 million.
- Production averaged 390,000 gross oil-equivalent barrels per
day, compared to 393,000 barrels per day in the same period of
2016. Improved performance at Kearl and Cold Lake were offset by the impact of the
Syncrude Mildred Lake fire and the continued shutdown of
Norman Wells due to the Enbridge
Line 21 precautionary pipeline closure.
- Syncrude delivered strong results after returning to full
operations in late July, following the fire at its Mildred Lake upgrader in March. The company's
share of gross production averaged 74,000 barrels per day in the
third quarter, compared to 85,000 barrels per day in the third
quarter of 2016.
- Plan to achieve targeted production at Kearl
progressing. Imperial continued to execute reliability
improvements in its mining and ore preparation operations during
planned maintenance. Mechanical enhancements applied to the
expansion project in the second quarter were initiated on the
initial development in the third quarter, with work continuing into
the fourth quarter. Gross production of Kearl bitumen averaged
182,000 barrels per day in the quarter (129,000 barrels Imperial's
share), up from 159,000 barrels per day (113,000 barrels Imperial's
share) in the third quarter of 2016. Planned turnaround activity
initiated late in the quarter impacted production by about 23,000
barrels per day (16,000 barrels Imperial's share).
- Refinery throughput averaged 385,000 barrels per day,
compared to 407,000 barrels in the third quarter of 2016. Refinery
capacity utilization was 91 percent, compared to 97 percent in the
third quarter of 2016. The quarterly throughput reflects planned
maintenance activities at the Nanticoke refinery initiated in September.
Excluding these planned maintenance activities, utilization was 99
percent.
- Petroleum product sales were 500,000 barrels per day,
compared to 505,000 barrels per day in the third quarter of 2016.
The near-record volumes reflect the strength of Imperial's
marketing and supply strategy, to support continued customer
growth.
- Conversion of 74 Husky commercial cardlock sites to the Esso
brand is well underway, as Imperial's truck transport fuel
business transitions to a branded wholesaler model. As part of a
previously announced agreement, Husky will operate the consolidated
Esso-branded network of 156 sites, while Imperial supplies branded
fuels and continues to invest in innovative marketing programs. The
rebranding is expected to be complete by year-end 2017.
- First Mobil-branded service stations opened in Canada at existing Loblaws sites. The
launch is part of a previously announced agreement with BG Fuels to
convert 213 service stations nationwide to the Mobil brand and
establish Imperial as the exclusive fuel supplier. Combined with
the existing Esso retail network, Imperial will supply fuel to more
than 2,000 branded service stations across Canada following the completion of the Mobil
conversion in 2018.
Third quarter 2017 vs. third quarter 2016
The company's net income for the third quarter of 2017 was
$371 million or $0.44 per-share on a diluted basis, compared to
the net income of $1,003 million or
$1.18 per-share for the same period
last year. Third quarter 2016 results included a $716 million gain from the sale of retail
sites.
Upstream recorded net income in the third quarter of
$62 million, compared to a net loss
of $26 million in the same period of
2016. Results in the third quarter of 2017 reflected the impact of
higher Canadian crude oil realizations of about $190 million and higher Kearl volumes of about
$50 million. These impacts were
partially offset by lower Syncrude and conventional volumes of
about $80 million, including the
absence of production at Norman
Wells, and higher royalties of about $50 million.
West Texas Intermediate (WTI) averaged US$48.23 per barrel in the third quarter of 2017,
up from US$44.94 per barrel in the
same quarter of 2016. Western Canada Select (WCS) averaged
US$38.29 per barrel and US$31.43 per barrel respectively for the same
periods. The WTI / WCS differential narrowed to 21 percent in the
third quarter of 2017, from 30 percent in the same period of
2016.
The Canadian dollar averaged US$0.80 in the third quarter of 2017, an increase
of US$0.03 from the third quarter of
2016.
Imperial's average Canadian dollar realizations for bitumen and
synthetic crudes increased generally in line with the North
American benchmarks, adjusted for changes in exchange rates and
transportation costs. Bitumen realizations averaged $39.02 per barrel for the third quarter of 2017,
an increase of $8.86 per barrel
versus the third quarter of 2016. Synthetic crude realizations
averaged $61.14 per barrel, an
increase of $2.17 per barrel for the
same period of 2016.
Gross production of Cold Lake
bitumen averaged 163,000 barrels per day in the third quarter, up
from 157,000 barrels per day in the same period last year. The
higher production was mainly due to the timing of the steam
cycles.
Gross production of Kearl bitumen averaged 182,000 barrels per
day in the third quarter (129,000 barrels Imperial's share) up from
159,000 barrels per day (113,000 barrels Imperial's share) during
the third quarter of 2016. Higher production was mainly the result
of improved reliability.
The company's share of gross production from Syncrude averaged
74,000 barrels per day, compared to 85,000 barrels per day in the
third quarter of 2016. Repairs associated with the Syncrude Mildred
Lake upgrader fire were completed in late July. Lower third quarter
volumes reflect the impact of the fire on operations, when compared
to the same quarter in 2016.
Downstream net income was $292
million in the third quarter, compared to $1,002 million in the same period of 2016.
Earnings decreased mainly due to the absence of a $716 million gain from the sale of company-owned
retail sites and higher refining turnaround activity of about
$100 million. These factors were
partly offset by higher refining margins of about $140 million.
Refinery throughput averaged 385,000 barrels per day, compared
to 407,000 barrels per day in the third quarter of 2016. Reduced
throughput reflects increased turnaround activity associated with
the Nanticoke refinery in the
third quarter 2017.
Petroleum product sales were 500,000 barrels per day, compared
to 505,000 barrels per day in the third quarter of 2016.
Chemical net income was $52
million in the third quarter, compared to $56 million in the same quarter of 2016.
Net income effects from Corporate and Other were negative
$35 million in the third quarter,
compared to negative $29 million in
the same period of 2016.
Cash flow generated from operating activities was $837 million in the third quarter, compared with
$772 million in the corresponding
period in 2016.
Investing activities used net cash of $234 million in the third quarter, compared with
$1,005 million cash generated from
investing activities in the same period of 2016, reflecting lower
proceeds from asset sales.
Cash used in financing activities was $393 million in the third quarter, compared with
$1,724 million in the third quarter
of 2016, reflecting the absence of debt repayments. Dividends paid
in the third quarter of 2017 were $136
million. The per-share dividend paid in the third quarter
was $0.16, up from $0.15 in the same period of 2016. In the second
quarter of 2017, Imperial resumed share purchases under its share
buyback program. During the third quarter, the company purchased
about 6.7 million shares for approximately $250 million.
The company's cash balance was $833
million at September 30, 2017,
versus $248 million at the end of the
third quarter of 2016.
Share purchases are currently anticipated to equal approximately
$250 million in the fourth quarter of
2017. Purchase plans may be modified at any time without prior
notice.
Nine months highlights
- Net income of $627 million,
compared to net income of $721
million in the prior year.
- Net income per-share on a diluted basis was $0.74, compared to net income per-share of
$0.85 in 2016.
- Cash flow generated from operating activities was $1,683 million, up from $1,264 million in 2016.
- Gross oil-equivalent production averaged 367,000 barrels per
day, down 3 percent from 380,000 barrels per day in 2016.
- Refinery throughput averaged 381,000 barrels per day, up from
351,000 barrels per day from the same period of 2016.
- Per-share dividends declared during the year totalled
$0.47, up $0.03 per-share from 2016.
Nine months 2017 vs. nine months 2016
Net income in the first nine months of 2017 was $627 million, or $0.74 per-share on a diluted basis versus net
income of $721 million or
$0.85 per-share in the first nine
months of 2016.
Upstream recorded a net loss of $225
million in the first nine months of 2017, compared to a net
loss of $764 million from the same
period of 2016. Results reflected the impact of higher Canadian
crude oil realizations of about $940
million and higher Kearl volumes of about $50 million. These impacts were partially offset
by higher royalties of about $150
million, lower Syncrude and conventional volumes of about
$130 million, including the absence
of production at Norman Wells,
higher energy costs of about $90
million, and higher operating expenses at Syncrude of about
$90 million.
West Texas Intermediate averaged US$49.40 per barrel in the first nine months of
2017, up from US$41.54 per barrel in
the same period of 2016. Western Canada Select averaged
US$37.57 per barrel and US$27.74 per barrel respectively for the same
periods. The WTI / WCS differential narrowed to 24 percent in the
first nine months of 2017, from 33 percent in the same period of
2016.
During the first nine months of 2017, the Canadian dollar
strengthened relative to the US dollar versus the same period of
2016. The Canadian dollar averaged US$0.77 in the first nine months of 2017, an
increase of about US$0.01 from the
same period of 2016.
Imperial's average Canadian dollar realizations for bitumen and
synthetic crudes increased generally in line with the North
American benchmarks, adjusted for changes in the exchange rate and
transportation costs. Bitumen realizations averaged $37.82 per barrel for the first nine months of
2017, an increase of $14.05 per
barrel versus the same period of 2016. Synthetic crude realizations
averaged $64.37 per barrel, an
increase of $10.92 per barrel from
the same period of 2016.
Gross production of Cold Lake
bitumen averaged 161,000 barrels per day in the first nine months
of 2017, compared to 162,000 barrels per day from the same period
of 2016.
Gross production of Kearl bitumen averaged 179,000 barrels per
day in the first nine months of 2017 (127,000 barrels Imperial's
share) up from 169,000 barrels per day (120,000 barrels Imperial's
share) from the same period of 2016. Increased 2017 production
reflects improved reliability associated with the mining and ore
preparation operations.
During the first nine months of 2017, the company's share of
gross production from Syncrude averaged 56,000 barrels per day,
compared to 61,000 barrels per day from the same period of 2016.
Syncrude year to date production was impacted by the March 2017 fire at the Syncrude Mildred Lake
upgrader and planned maintenance. In 2016, production was impacted
by the Alberta wildfires and
planned maintenance.
Downstream net income was $750
million, compared to $1,393
million from the same period of 2016. Earnings decreased
mainly due to the absence of a $719
million gain from the sale of company-owned retail sites and
lower marketing margins of approximately $170 million associated with the impact of the
retail divestment. These factors were partially offset by a gain of
$151 million from the sale of a
surplus property and higher industry refining margins of about
$90 million.
Refinery throughput averaged 381,000 barrels per day in the
first nine months of 2017, up from 351,000 barrels per day from the
same period of 2016. Capacity utilization increased to 90 percent
from 83 percent in the same period of 2016, reflecting reduced
turnaround maintenance activity.
Petroleum product sales were 492,000 barrels per day in the
first nine months of 2017, up from 481,000 barrels per day from the
same period of 2016. Sales growth continues to be driven by strong
collaboration across our downstream value chain and the expansion
of Imperial's wholesale, industrial and commercial networks.
Chemical net income was $161
million, up from $160 million
from the same period of 2016.
For the first nine months of 2017, net income effects from
Corporate and Other were negative $59
million, versus negative $68
million from the same period of 2016.
Cash flow generated from operating activities was $1,683 million in the first nine months of 2017,
compared with $1,264 million in 2016,
reflecting higher earnings, excluding the impact of asset sales,
partially offset by unfavourable working capital effects.
Investing activities used net cash of $454 million in the first nine months of 2017,
compared with cash generated from investing activities of
$350 million from the same period of
2016, reflecting lower proceeds from asset sales partially offset
by lower additions to property, plant and equipment.
Cash used in financing activities was $787 million in the first nine months of 2017,
compared with $1,569 million from the
same period of 2016, reflecting the absence of debt repayments.
Dividends paid in the first nine months of 2017 were $390 million. The per-share dividend paid in the
first nine months of 2017 was $0.46,
up from $0.43 for the same period of
2016.
During the first nine months of 2017 the company purchased about
10 million shares for $377 million,
including shares purchased from Exxon Mobil Corporation.
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; currency 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.
In this report all dollar amounts are expressed in Canadian
dollars unless otherwise stated. This report should be read in
conjunction with the company's annual report on Form 10-K for the
year ended December 31, 2016. Note
that numbers may not add due to rounding.
The term "project" as used in this report 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
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
Nine
Months
|
millions of Canadian
dollars, unless noted
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
|
|
Net Income (loss)
(U.S. GAAP)
|
|
|
|
|
|
Total revenues and
other income
|
7,158
|
7,442
|
21,347
|
18,912
|
|
Total
expenses
|
6,662
|
6,260
|
20,556
|
18,131
|
|
Income (loss) before
income taxes
|
496
|
1,182
|
791
|
781
|
|
Income
taxes
|
125
|
179
|
164
|
60
|
|
Net income
(loss)
|
371
|
1,003
|
627
|
721
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share
(dollars)
|
0.44
|
1.18
|
0.74
|
0.85
|
|
Net income (loss) per
common share - assuming dilution (dollars)
|
0.44
|
1.18
|
0.74
|
0.85
|
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
Gain (loss) on asset
sales, after tax
|
5
|
774
|
191
|
808
|
|
Total assets at
September 30
|
|
|
41,370
|
42,094
|
|
|
|
|
|
|
|
|
Total debt at
September 30
|
|
|
5,215
|
7,310
|
|
Interest coverage
ratio - earnings basis (times covered)
|
|
|
25.7
|
8.3
|
|
|
|
|
|
|
|
|
Other long-term
obligations at September 30
|
|
|
3,698
|
3,444
|
|
|
|
|
|
|
|
|
Shareholders' equity
at September 30
|
|
|
25,021
|
23,982
|
|
Capital employed at
September 30
|
|
|
30,261
|
31,309
|
|
Return on average
capital employed (percent) (a)
|
|
|
7.0
|
2.8
|
|
|
|
|
|
|
|
|
Dividends declared on
common stock
|
|
|
|
|
|
|
Total
|
134
|
127
|
397
|
373
|
|
|
Per common share
(dollars)
|
0.16
|
0.15
|
0.47
|
0.44
|
|
|
|
|
|
|
|
|
Millions of common
shares outstanding
|
|
|
|
|
|
|
At September
30
|
|
|
837.6
|
847.6
|
|
|
Average - assuming
dilution
|
844.9
|
850.8
|
848.4
|
850.6
|
|
|
|
|
|
|
|
(a)
|
Return on capital
employed is the rolling average net income excluding after-tax cost
of financing divided by the average rolling four quarters' capital
employed.
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Nine
Months
|
millions of Canadian
dollars
|
2017
|
2016
|
|
2017
|
2016
|
|
|
|
|
|
|
|
Total cash and
cash equivalents at period end
|
833
|
248
|
|
833
|
248
|
|
|
|
|
|
|
|
Net income
(loss)
|
371
|
1,003
|
|
627
|
721
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
Depreciation and
depletion
|
391
|
398
|
|
1,135
|
1,229
|
|
(Gain) loss on asset
sales
|
(6)
|
(909)
|
|
(219)
|
(952)
|
|
Deferred income taxes
and other
|
131
|
215
|
|
294
|
35
|
Changes in operating
assets and liabilities
|
(50)
|
65
|
|
(154)
|
231
|
Cash flows from
(used in) operating activities
|
837
|
772
|
|
1,683
|
1,264
|
|
|
|
|
|
|
Cash flows from
(used in) investing activities
|
(234)
|
1,005
|
|
(454)
|
350
|
|
Proceeds associated
with asset sales
|
8
|
1,194
|
|
230
|
1,244
|
|
|
|
|
|
|
Cash flows from
(used in) financing activities
|
(393)
|
(1,724)
|
|
(787)
|
(1,569)
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
Nine
Months
|
millions of Canadian
dollars
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
|
Net income (loss)
(U.S. GAAP)
|
|
|
|
|
|
Upstream
|
62
|
(26)
|
(225)
|
(764)
|
|
Downstream
|
292
|
1,002
|
750
|
1,393
|
|
Chemical
|
52
|
56
|
161
|
160
|
|
Corporate and
other
|
(35)
|
(29)
|
(59)
|
(68)
|
|
Net income
(loss)
|
371
|
1,003
|
627
|
721
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
Upstream
|
2,262
|
2,026
|
6,677
|
5,237
|
|
Downstream
|
5,460
|
6,094
|
16,127
|
15,078
|
|
Chemical
|
324
|
340
|
1,014
|
955
|
|
Eliminations /
Corporate and other
|
(888)
|
(1,018)
|
(2,471)
|
(2,358)
|
|
Revenues and other
income
|
7,158
|
7,442
|
21,347
|
18,912
|
|
|
|
|
|
|
Purchases of crude
oil and products
|
|
|
|
|
|
Upstream
|
947
|
861
|
3,089
|
2,584
|
|
Downstream
|
4,014
|
3,827
|
12,037
|
10,139
|
|
Chemical
|
179
|
188
|
573
|
518
|
|
Eliminations
|
(889)
|
(1,019)
|
(2,473)
|
(2,357)
|
|
Purchases of crude
oil and products
|
4,251
|
3,857
|
13,226
|
10,884
|
|
|
|
|
|
|
Production and
manufacturing expenses
|
|
|
|
|
|
Upstream
|
893
|
887
|
2,917
|
2,634
|
|
Downstream
|
394
|
323
|
1,169
|
1,059
|
|
Chemical
|
51
|
51
|
152
|
149
|
|
Eliminations
|
-
|
-
|
-
|
-
|
|
Production and
manufacturing expenses
|
1,338
|
1,261
|
4,238
|
3,842
|
|
|
|
|
|
|
Capital and
exploration expenditures
|
|
|
|
|
|
Upstream
|
92
|
149
|
286
|
745
|
|
Downstream
|
55
|
38
|
128
|
145
|
|
Chemical
|
5
|
7
|
12
|
21
|
|
Corporate and
other
|
7
|
11
|
29
|
37
|
|
Capital and
exploration expenditures
|
159
|
205
|
455
|
948
|
|
|
|
|
|
|
|
Exploration expenses
charged to income included above
|
7
|
16
|
29
|
75
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
IV
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics
|
Third
Quarter
|
Nine
Months
|
|
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
|
Gross crude oil
and Natural Gas Liquids (NGL) production
|
|
|
|
|
(thousands of barrels
per day)
|
|
|
|
|
|
Cold Lake
|
163
|
157
|
161
|
162
|
|
Kearl
|
129
|
113
|
127
|
120
|
|
Syncrude
|
74
|
85
|
56
|
61
|
|
Conventional
|
3
|
14
|
2
|
14
|
|
Total crude oil
production
|
369
|
369
|
346
|
357
|
|
NGLs available for
sale
|
1
|
1
|
1
|
1
|
|
Total crude oil and
NGL production
|
370
|
370
|
347
|
358
|
|
|
|
|
|
|
Gross natural gas
production (millions of cubic feet per day)
|
121
|
135
|
118
|
131
|
|
|
|
|
|
|
Gross
oil-equivalent production (a)
|
390
|
393
|
367
|
380
|
(thousands of
oil-equivalent barrels per day)
|
|
|
|
|
|
|
|
|
|
|
Net crude oil and
NGL production (thousands of barrels per day)
|
|
|
|
|
|
Cold Lake
|
134
|
134
|
131
|
137
|
|
Kearl
|
127
|
110
|
124
|
118
|
|
Syncrude
|
68
|
85
|
52
|
61
|
|
Conventional
|
3
|
12
|
2
|
13
|
|
Total crude oil
production
|
332
|
341
|
309
|
329
|
|
NGLs available for
sale
|
1
|
1
|
1
|
1
|
|
Total crude oil and
NGL production
|
333
|
342
|
310
|
330
|
|
|
|
|
|
|
Net natural gas
production (millions of cubic feet per day)
|
118
|
122
|
110
|
125
|
|
|
|
|
Net oil-equivalent
production (a)
|
353
|
362
|
329
|
351
|
(thousands of
oil-equivalent barrels per day)
|
|
|
|
|
|
|
|
|
|
|
Cold Lake blend
sales (thousands of barrels per day)
|
212
|
198
|
214
|
213
|
Kearl blend
sales (thousands of barrels per day)
|
158
|
146
|
163
|
161
|
NGL sales
(thousands of barrels per day)
|
5
|
5
|
6
|
5
|
|
|
|
|
|
|
Average
realizations (Canadian dollars)
|
|
|
|
|
|
Bitumen realizations
(per barrel)
|
39.02
|
30.16
|
37.82
|
23.77
|
|
Synthetic oil
realizations (per barrel)
|
61.14
|
58.97
|
64.37
|
53.45
|
|
Conventional crude
oil realizations (per barrel)
|
49.03
|
40.33
|
51.21
|
33.51
|
|
NGL realizations (per
barrel)
|
28.40
|
11.50
|
28.50
|
13.21
|
|
Natural gas
realizations (per thousand cubic feet)
|
1.77
|
2.56
|
2.68
|
2.17
|
|
|
|
|
|
|
Refinery
throughput (thousands of barrels per day)
|
385
|
407
|
381
|
351
|
Refinery capacity
utilization (percent)
|
91
|
97
|
90
|
83
|
|
|
|
|
|
|
Petroleum product
sales (thousands of barrels per day)
|
|
|
|
|
|
Gasolines
|
269
|
275
|
258
|
262
|
|
Heating, diesel and
jet fuels
|
168
|
171
|
177
|
167
|
|
Heavy fuel oils
(b)
|
19
|
17
|
19
|
14
|
|
Lube oils and other
products
|
44
|
42
|
38
|
38
|
|
Net petroleum
products sales
|
500
|
505
|
492
|
481
|
|
|
|
|
|
|
Petrochemical
sales (thousands of tonnes) (b)
|
196
|
242
|
590
|
704
|
|
|
|
|
|
|
(a)
|
Gas converted to
oil-equivalent at six million cubic feet per one thousand
barrels.
|
(b)
|
In 2017 carbon black
product sales are reported under heavy fuel oils; in 2016 they were
reported under petrochemical sales.
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
V
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per
|
|
|
Net income (loss)
(U.S. GAAP)
|
common share -
diluted
|
|
|
millions of Canadian
dollars
|
dollars
|
|
|
|
|
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
|
|
|
|
|
2017
|
|
|
First
Quarter
|
333
|
0.39
|
Second
Quarter
|
(77)
|
(0.09)
|
Third
Quarter
|
371
|
0.44
|
Year
|
627
|
0.74
|
|
|
|
|
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