- Net loss of $77 million compared
to a net loss of $181 million in
second quarter of 2016
- Progressing a comprehensive plan to improve reliability and
achieve targeted production levels at Kearl
- Increased ability to deliver value to shareholders through an
expanded share buyback program
CALGARY, July 28, 2017 /CNW/ -
|
|
|
|
|
|
|
|
|
Second
quarter
|
|
Six
months
|
millions of Canadian
dollars, unless noted
|
2017
|
2016
|
%
|
|
2017
|
2016
|
%
|
Net income (loss)
(U.S. GAAP)
|
(77)
|
(181)
|
57
|
|
256
|
(282)
|
191
|
Net income (loss) per
common share
|
(0.09)
|
(0.21)
|
57
|
|
0.30
|
(0.33)
|
191
|
|
- assuming dilution
(dollars)
|
|
Capital and
exploration expenditures
|
143
|
335
|
(57)
|
|
296
|
743
|
(60)
|
|
|
|
|
|
|
|
|
Imperial recorded an estimated net loss of $77 million in the second quarter of 2017, as
compared with a net loss of $181
million in the same period of 2016. The quarterly
performance reflects the impacts of the ongoing business
environment coupled with upstream outages and planned facility
turnarounds. The change relative to the second quarter of 2016 is
largely due to higher crude prices and reduced refinery turnaround
activity.
In the quarter, Imperial advanced a comprehensive plan to
achieve targeted production levels at Kearl. The company is
undertaking actions to resolve reliability issues, primarily in the
mining and ore preparation areas of the operation. These actions,
which are planned to proceed throughout 2017 and 2018, will lead to
higher production levels and lower unit costs. Improvements will
continue to be implemented in conjunction with scheduled
maintenance activities to optimize overall performance.
"Kearl is a high-quality, long-life asset of significant
importance to the company," said Rich
Kruger, chairman, president and chief executive officer. "We
are addressing gaps in performance by enhancing existing
infrastructure while also evaluating additional innovative ideas to
improve results."
In the second quarter, Imperial returned more than $250 million to shareholders through dividends
and share purchases. The company reaffirmed its commitment to
maximize shareholder value by substantially expanding its share
buyback program in late June.
Imperial has a long history of returning value to shareholders
through share buybacks. The program was last used to reduce shares
outstanding in 2009 when Imperial embarked on an unprecedented
period of upstream growth. The recent completion of major growth
projects supports the resumption of share purchases.
"Our approach to capital allocation focuses on maintaining a
strong balance sheet, paying a reliable and growing dividend and
investing in attractive growth opportunities," Kruger added.
"Further increasing our ability to deliver value through an
expanded share buyback program allows us to flexibly return surplus
cash to shareholders."
Imperial's financial flexibility demonstrates the strength and
resiliency of its integrated business model over the business
cycle.
Second quarter highlights
- Net loss of $77 million or
$0.09 per-share on a diluted
basis, compared to the net loss of $181
million or $0.21 per-share in
the second quarter of 2016.
- Cash generated from operating activities was $492 million, an increase of $49 million from the second quarter of 2016.
- Capital and exploration expenditures totalled $143 million, a decrease of $192 million from the second quarter of 2016.
Full-year expenditures are expected to be about $800 million, as the company maintains its focus
on capital discipline and capturing market and productivity
benefits in the current business environment.
- Dividends and share purchases totalled $254 million, including the purchase of
approximately 3.3 million shares at a cost of $127 million.
- Production averaged 331,000 gross oil-equivalent barrels per
day, up from 329,000 barrels per day in the same period of
2016. Production at Kearl and Syncrude increased relative to the
prior year's second quarter which was impacted by the Alberta wildfires. These increases were offset
by the absence of production at the 11,000 barrels per day
Norman Wells operation due to the
continued shutdown of Enbridge's Line 21 export pipeline. Following
National Energy Board regulatory reviews, anticipated approvals and
pipeline upgrades, production is anticipated to resume in the
second half of 2018.
- Syncrude continued production ramp up and maintenance
optimization following the fire at its Mildred Lake upgrader in March. Imperial has
provided technical and logistical support to Syncrude to assist
with recovery efforts over the past several months. Syncrude used
the unscheduled outage to accelerate turnaround activities,
avoiding planned downtime later in the year. The company's share of
gross production from Syncrude averaged 27,000 barrels per day in
the second quarter and is expected to return to normal operating
levels in August.
- Kearl comprehensive plan underway to improve reliability and
achieve targeted production levels. The plan, expected to
proceed throughout 2017 and 2018, includes actions to deliver
improvements, primarily associated with mining and ore preparation
operations, to sustain targeted production rates throughout the
life of the asset. In the second quarter, improvement activities
were executed during scheduled maintenance and included a range of
mechanical enhancements. Gross production of Kearl bitumen averaged
171,000 barrels per day in the quarter (121,000 barrels Imperial's
share). Production was impacted by about 38,000 barrels per day
(27,000 barrels Imperial's share) associated with the planned
maintenance activities.
- Refinery throughput averaged 358,000 barrels per day, up
from 246,000 barrels in the second quarter of 2016, primarily due
to reduced turnaround activity. Refinery capacity utilization was
85 percent, reflecting the impact of a planned 71 day turnaround at
the Sarnia facility completed in
early July.
- Petroleum product sales were 486,000 barrels per day, up
from 470,000 barrels per day in the second quarter of 2016. Sales
growth continues to be driven by strong collaboration across our
downstream value chain and the expansion of Imperial's retail,
wholesale, industrial and commercial networks.
- Increased ability to deliver value to shareholders through
an expanded share buyback program. The program enables Imperial
to purchase up to three percent of its common shares outstanding,
approximately 25 million shares, during the 12 months ending
June 26, 2018. It supports the
company's approach to capital allocation, which focuses on
maintaining a strong balance sheet, paying a reliable and growing
dividend and investing in attractive growth opportunities. Further
increasing Imperial's ability to deliver value through an expanded
share buyback program allows the company to flexibly return surplus
cash to shareholders.
Second quarter 2017 vs. second quarter 2016
The company's net loss for the second quarter of 2017 was
$77 million or $0.09 per-share on a diluted basis, compared to
the net loss of $181 million or
$0.21 per-share for the same period
last year.
Upstream recorded a net loss in the second quarter of
$201 million, compared to a net loss
of $290 million in the same period of
2016. Results in the second quarter of 2017 reflected the impact of
higher Canadian crude oil realizations of about $140 million and favorable foreign exchange
impacts, partially offset by higher energy costs of about
$50 million and higher operating
costs of about $50 million, primarily
at Syncrude.
West Texas Intermediate (WTI) averaged US$48.20 per barrel in the second quarter of
2017, up from US$45.64 per barrel in
the same quarter of 2016. Western Canada Select (WCS) averaged
US$37.18 per barrel and US$32.36 per barrel respectively for the same
periods. The WTI / WCS differential narrowed to 23 percent in the
second quarter of 2017, from 29 percent in the same period of
2016.
The Canadian dollar averaged US$0.74 in the second quarter of 2017, a decrease
of US$0.04 from the second 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 $38.22 per barrel for the second quarter of 2017,
an increase of $8.77 per barrel
versus the second quarter of 2016. Synthetic crude realizations
averaged $65.07 per barrel, an
increase of $6.49 per barrel for the
same period of 2016.
Gross production of Cold Lake
bitumen averaged 160,000 barrels per day in the second quarter,
compared to 163,000 barrels per day in the same period last
year.
Gross production of Kearl bitumen averaged 171,000 barrels per
day in the second quarter (121,000 barrels Imperial's share) up
from 155,000 barrels per day (110,000 barrels Imperial's share)
during the second quarter of 2016. Higher production was mainly due
to the absence of the Alberta
wildfires. In the second quarter of 2017, Kearl production was
impacted by planned turnaround activities of about 38,000 barrels
per day (27,000 barrels Imperial's share).
The company's share of gross production from Syncrude averaged
27,000 barrels per day, up from 18,000 barrels per day in the
second quarter of 2016. Syncrude second quarter 2017 production was
impacted by the fire at the Syncrude Mildred Lake upgrader that
occurred in mid-March and by planned maintenance. Higher production
was the result of the absence of the Alberta wildfires and lower planned
maintenance compared with the same period of 2016.
Downstream net income was $78
million in the second quarter, up from $71 million in the same period of 2016. Earnings
increased mainly due to reduced planned turnaround activity of
about $130 million and lower
marketing expenses, partly offset by lower marketing margins of
about $80 million, including the
impact of the retail divestment and lower industry margins, as well
as lower refining margins of about $70
million, mainly due to crude supply disruption associated
with the Syncrude fire at its Mildred
Lake upgrader in March.
Refinery throughput averaged 358,000 barrels per day, up from
246,000 barrels per day in the second quarter of 2016. Increased
throughput reflects reduced turnaround activity in the second
quarter 2017, compared to the same period of 2016.
Petroleum product sales were 486,000 barrels per day, up from
470,000 barrels per day in the second quarter of 2016. Sales growth
continues to be driven by strong collaboration across our
downstream value chain and the expansion of Imperial's retail,
wholesale, industrial and commercial networks.
Chemical net income was $64
million in the second quarter, up from $55 million in the same quarter of 2016.
Net income effects from Corporate and Other were negative
$18 million in the second quarter,
compared to negative $17 million in
the same period of 2016.
Cash flow generated from operating activities was $492 million in the second quarter, compared with
$443 million in the corresponding
period in 2016.
Investing activities used net cash of $281 million in the second quarter, compared with
$297 million used in the same period
of 2016.
Cash used in financing activities was $260 million in the second quarter, compared with
$106 million in the second quarter of
2016. Dividends paid in the second quarter of 2017 were
$127 million. The per-share dividend
paid in the second quarter was $0.15,
up from $0.14 in the same period of
2016. In the second quarter of 2017, Imperial resumed share
purchases under its share buyback program. The company purchased
about 3.3 million shares for approximately $127 million.
The company's cash balance was $623
million at June 30, 2017,
versus $195 million at the end of the
second quarter of 2016.
On June 22, 2017, the company
announced by news release that it had received final approval from
the Toronto Stock Exchange for a new normal course issuer bid and
will continue its existing share buyback program. The program
enables the company to purchase up to a maximum of 25,395,927
common shares during the period June 27,
2017 to June 26, 2018, which
includes shares purchased under the normal course issuer bid and
from Exxon Mobil Corporation concurrent with, but outside of the
normal course issuer bid. As in the past, Exxon Mobil Corporation
has advised the company that it intends to participate to maintain
its ownership percentage at approximately 69.6 percent. The program
will end should the company purchase the maximum allowable number
of shares, or on June 26, 2018.
Share purchases are currently anticipated to equal approximately
$250 million in the third quarter of
2017. Purchase plans may be modified at any time without prior
notice.
Six months highlights
- Net income of $256 million, up
from net loss of $282 million in the
prior year.
- Net income per-share on a diluted basis was $0.30, up from net loss per-share of $0.33 in 2016.
- Cash flow generated from operating activities was $846 million, versus $492
million in 2016.
- Gross oil-equivalent production averaged 354,000 barrels per
day, down 6 percent from 376,000 barrels per day in 2016.
- Refinery throughput averaged 378,000 barrels per day, up from
323,000 barrels per day from the same period of 2016.
- Per-share dividends declared during the year totalled
$0.31, up $0.02 per-share from 2016.
Six months 2017 vs. six months 2016
Net income in the first six months of 2017 was $256 million, or $0.30 per-share on a diluted basis versus a net
loss of $282 million or $0.33 per-share in the first six months of
2016.
Upstream recorded a net loss of $287
million in the first six months of 2017, compared to a net
loss of $738 million from the same
period of 2016. Results reflected the impact of higher Canadian
crude oil realizations of about $740
million, partially offset by higher royalties of about
$100 million and energy costs of
about $80 million, higher operating
expenses at Syncrude of about $70
million and lower volumes of about $70 million, including the absence of production
at Norman Wells.
West Texas Intermediate averaged US$49.96 per barrel in the first six months of
2017, up from US$39.78 per barrel in
the same period of 2016. Western Canada Select averaged
US$37.22 per barrel and US$25.88 per barrel respectively for the same
periods. The WTI / WCS differential narrowed to 26 percent in the
first six months of 2017, from 35 percent in the same period of
2016.
The Canadian dollar averaged US$0.75 in the first six months of 2017,
essentially unchanged 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 $37.21 per barrel for the first six months of
2017, an increase of $16.45 per
barrel versus the same period of 2016. Synthetic crude realizations
averaged $67.00 per barrel, an
increase of $18.41 per barrel from
the same period of 2016.
Gross production of Cold Lake
bitumen averaged 159,000 barrels per day in the first six months of
2017, compared to 164,000 barrels per day from the same period of
2016. Lower volumes were primarily due to the timing of steam
cycles.
Gross production of Kearl bitumen averaged 177,000 barrels per
day in the first six months of 2017 (125,000 barrels Imperial's
share) up from 175,000 barrels per day (124,000 barrels Imperial's
share) from the same period of 2016.
During the first six months of 2017, the company's share of
gross production from Syncrude averaged 46,000 barrels per day,
compared to 49,000 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 $458
million, up from $391 million
from the same period of 2016. Earnings increased mainly due to a
gain of $151 million from the sale of
a surplus property and reduced planned turnaround activity of about
$130 million. This was partially
offset by lower marketing margins of approximately $140 million, including the impact of the retail
divestment and lower industry margins, as well as lower refining
margins of about $50 million, partly
due to crude supply disruption associated with the fire at
Syncrude's Mildred Lake upgrader in
March.
Refinery throughput averaged 378,000 barrels per day in the
first six months of 2017, up from 323,000 barrels per day from the
same period of 2016. Capacity utilization increased to 90 percent
from 77 percent in the same period of 2016, reflecting reduced
turnaround activity.
Petroleum product sales were 486,000 barrels per day in the
first six months of 2017, up from 469,000 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 retail, wholesale, industrial and commercial
networks.
Chemical net income was $109
million, up from $104 million
from the same period of 2016.
For the first six months of 2017, net income effects from
Corporate and Other were negative $24
million, versus negative $39
million from the same period of 2016.
Cash flow generated from operating activities was $846 million in the first six months of 2017,
compared with $492 million in 2016,
reflecting higher earnings partially offset by unfavourable working
capital effects.
Investing activities used net cash of $220 million in the first six months of 2017,
compared with $655 million from the
same period of 2016, reflecting lower additions to property, plant
and equipment, and higher proceeds from asset sales.
Cash used in financing activities was $394 million in the first six months of 2017,
compared with cash provided by financing activities of $155 million from the same period of 2016,
reflecting the absence of debt issuance in the current year.
Dividends paid in the first six months of 2017 were $254 million. The per-share dividend paid in the
first six months of 2017 was $0.30,
up from $0.28 for the same period of
2016. In 2017, the company resumed share purchases under its share
buyback program. The company purchased about 3.3 million shares for
approximately $127 million.
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Six
Months
|
millions of Canadian
dollars, unless noted
|
2017
|
2016
|
|
2017
|
2016
|
|
|
|
|
|
|
|
|
Net Income (loss)
(U.S. GAAP)
|
|
|
|
|
|
|
Total revenues and
other income
|
7,033
|
6,248
|
|
14,189
|
11,470
|
|
Total
expenses
|
7,158
|
6,500
|
|
13,894
|
11,871
|
|
Income (loss) before
income
taxes
|
(125)
|
(252)
|
|
295
|
(401)
|
|
Income
taxes
|
(48)
|
(71)
|
|
39
|
(119)
|
|
Net income
(loss)
|
(77)
|
(181)
|
|
256
|
(282)
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share
(dollars)
|
(0.09)
|
(0.21)
|
|
0.30
|
(0.33)
|
|
Net income (loss) per
common share - assuming dilution (dollars)
|
(0.09)
|
(0.21)
|
|
0.30
|
(0.33)
|
|
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
|
Gain (loss) on asset
sales, after tax
|
28
|
10
|
|
186
|
34
|
|
Total assets at June
30
|
|
|
|
41,105
|
43,244
|
|
|
|
|
|
|
|
|
|
Total debt at June
30
|
|
|
|
5,222
|
8,908
|
|
Interest coverage
ratio - earnings basis (times covered)
|
|
|
|
26.3
|
4.0
|
|
|
|
|
|
|
|
|
|
Other long-term
obligations at June 30
|
|
|
|
3,678
|
3,455
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
at June 30
|
|
|
|
25,000
|
23,072
|
|
Capital employed at
June 30
|
|
|
|
30,240
|
31,998
|
|
Return on average
capital employed (percent) (a)
|
|
|
|
9.0
|
1.1
|
|
|
|
|
|
|
|
|
|
Dividends declared on
common stock
|
|
|
|
|
|
|
|
Total
|
136
|
127
|
|
263
|
246
|
|
|
Per common share
(dollars)
|
0.16
|
0.15
|
|
0.31
|
0.29
|
|
|
|
|
|
|
|
|
|
Millions of common
shares outstanding
|
|
|
|
|
|
|
|
At June 30
|
|
|
|
844.3
|
847.6
|
|
|
Average - assuming
dilution
|
849.9
|
850.6
|
|
850.1
|
850.5
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Six
Months
|
millions of Canadian
dollars
|
2017
|
2016
|
|
2017
|
2016
|
|
|
|
|
|
|
Total cash and
cash equivalents at period end
|
623
|
195
|
|
623
|
195
|
|
|
|
|
|
|
Net income
(loss)
|
(77)
|
(181)
|
|
256
|
(282)
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
Depreciation and
depletion
|
352
|
407
|
|
744
|
831
|
|
(Gain) loss on asset
sales
|
(31)
|
(13)
|
|
(213)
|
(43)
|
|
Deferred income taxes
and other
|
(37)
|
(98)
|
|
163
|
(180)
|
Changes in operating
assets and liabilities
|
285
|
328
|
|
(104)
|
166
|
Cash flows from
(used in) operating activities
|
492
|
443
|
|
846
|
492
|
|
|
|
|
|
|
Cash flows from
(used in) investing activities
|
(281)
|
(297)
|
|
(220)
|
(655)
|
|
Proceeds associated
with asset sales
|
39
|
17
|
|
222
|
50
|
|
|
|
|
|
|
Cash flows from
(used in) financing activities
|
(260)
|
(106)
|
|
(394)
|
155
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
|
|
|
Attachment
III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Six
Months
|
millions of Canadian
dollars
|
2017
|
2016
|
|
2017
|
2016
|
|
|
|
|
|
|
|
Net income (loss)
(U.S. GAAP)
|
|
|
|
|
|
|
Upstream
|
(201)
|
(290)
|
|
(287)
|
(738)
|
|
Downstream
|
78
|
71
|
|
458
|
391
|
|
Chemical
|
64
|
55
|
|
109
|
104
|
|
Corporate and
other
|
(18)
|
(17)
|
|
(24)
|
(39)
|
|
Net income
(loss)
|
(77)
|
(181)
|
|
256
|
(282)
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
Upstream
|
2,081
|
1,733
|
|
4,415
|
3,211
|
|
Downstream
|
5,193
|
4,790
|
|
10,667
|
8,984
|
|
Chemical
|
349
|
317
|
|
690
|
615
|
|
Eliminations /
Corporate and other
|
(590)
|
(592)
|
|
(1,583)
|
(1,340)
|
|
Revenues and other
income
|
7,033
|
6,248
|
|
14,189
|
11,470
|
|
|
|
|
|
|
Purchases of crude
oil and products
|
|
|
|
|
|
|
Upstream
|
1,026
|
905
|
|
2,142
|
1,723
|
|
Downstream
|
4,014
|
3,555
|
|
8,023
|
6,312
|
|
Chemical
|
193
|
171
|
|
394
|
330
|
|
Eliminations
|
(591)
|
(590)
|
|
(1,584)
|
(1,338)
|
|
Purchases of crude
oil and products
|
4,642
|
4,041
|
|
8,975
|
7,027
|
|
|
|
|
|
|
Production and
manufacturing expenses
|
|
|
|
|
|
|
Upstream
|
1,051
|
838
|
|
2,024
|
1,747
|
|
Downstream
|
426
|
421
|
|
775
|
736
|
|
Chemical
|
48
|
51
|
|
101
|
98
|
|
Eliminations
|
-
|
-
|
|
-
|
-
|
|
Production and
manufacturing expenses
|
1,525
|
1,310
|
|
2,900
|
2,581
|
|
|
|
|
|
|
Capital and
exploration expenditures
|
|
|
|
|
|
|
Upstream
|
91
|
250
|
|
194
|
596
|
|
Downstream
|
39
|
64
|
|
73
|
107
|
|
Chemical
|
3
|
8
|
|
7
|
14
|
|
Corporate and
other
|
10
|
13
|
|
22
|
26
|
|
Capital and
exploration expenditures
|
143
|
335
|
|
296
|
743
|
|
|
|
|
|
|
|
Exploration expenses
charged to income included above
|
-
|
42
|
|
22
|
59
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
|
|
Attachment
IV
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics
|
Second
Quarter
|
|
Six
Months
|
|
2017
|
2016
|
|
2017
|
2016
|
|
|
|
|
|
|
Gross crude oil
and Natural Gas Liquids (NGL) production
|
|
|
|
|
|
(thousands of barrels
per day)
|
|
|
|
|
|
|
Cold Lake
|
160
|
163
|
|
159
|
164
|
|
Kearl
|
121
|
110
|
|
125
|
124
|
|
Syncrude
|
27
|
18
|
|
46
|
49
|
|
Conventional
|
3
|
15
|
|
4
|
15
|
|
Total crude oil
production
|
311
|
306
|
|
334
|
352
|
|
NGLs available for
sale
|
1
|
1
|
|
1
|
2
|
|
Total crude oil and
NGL production
|
312
|
307
|
|
335
|
354
|
|
|
|
|
|
|
Gross natural gas
production (millions of cubic feet per day)
|
116
|
129
|
|
116
|
129
|
|
|
|
|
|
|
Gross
oil-equivalent production (a)
|
331
|
329
|
|
354
|
376
|
(thousands of
oil-equivalent barrels per day)
|
|
|
|
|
|
|
|
|
|
|
|
Net crude oil and
NGL production (thousands of barrels per day)
|
|
|
|
|
|
|
Cold Lake
|
132
|
132
|
|
129
|
139
|
|
Kearl
|
118
|
109
|
|
122
|
123
|
|
Syncrude
|
25
|
18
|
|
43
|
49
|
|
Conventional
|
3
|
13
|
|
4
|
13
|
|
Total crude oil
production
|
278
|
272
|
|
298
|
324
|
|
NGLs available for
sale
|
1
|
1
|
|
1
|
1
|
|
Total crude oil and
NGL production
|
279
|
273
|
|
299
|
325
|
|
|
|
|
|
|
Net natural gas
production (millions of cubic feet per day)
|
105
|
127
|
|
106
|
127
|
|
|
|
|
|
|
Net oil-equivalent
production (a)
|
297
|
294
|
|
317
|
346
|
(thousands of
oil-equivalent barrels per day)
|
|
|
|
|
|
|
|
|
|
|
|
Cold Lake blend
sales (thousands of barrels per day)
|
209
|
219
|
|
215
|
220
|
Kearl blend
sales (thousands of barrels per day)
|
161
|
157
|
|
166
|
168
|
NGL sales
(thousands of barrels per day)
|
6
|
5
|
|
6
|
5
|
|
|
|
|
|
|
Average
realizations (Canadian dollars)
|
|
|
|
|
|
|
Bitumen realizations
(per barrel)
|
38.22
|
29.45
|
|
37.21
|
20.76
|
|
Synthetic oil
realizations (per barrel)
|
65.07
|
58.58
|
|
67.00
|
48.59
|
|
Conventional crude
oil realizations (per barrel)
|
51.62
|
36.04
|
|
52.39
|
30.22
|
|
NGL realizations (per
barrel)
|
27.83
|
13.70
|
|
28.54
|
14.10
|
|
Natural gas
realizations (per thousand cubic feet)
|
3.05
|
1.58
|
|
3.18
|
1.98
|
|
|
|
|
|
|
Refinery
throughput (thousands of barrels per day)
|
358
|
246
|
|
378
|
323
|
Refinery capacity
utilization (percent)
|
85
|
58
|
|
90
|
77
|
|
|
|
|
|
|
Petroleum product
sales (thousands of barrels per day)
|
|
|
|
|
|
|
Gasolines
|
257
|
263
|
|
250
|
255
|
|
Heating, diesel and
jet fuels
|
175
|
158
|
|
182
|
164
|
|
Heavy fuel oils
(b)
|
19
|
8
|
|
19
|
13
|
|
Lube oils and other
products
|
35
|
41
|
|
35
|
37
|
|
Net petroleum
products sales
|
486
|
470
|
|
486
|
469
|
|
|
|
|
|
|
Petrochemical
sales (thousands of tonnes) (b)
|
201
|
232
|
|
394
|
462
|
|
|
|
|
|
|
(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)
|
Year
|
256
|
|
|
|
0.30
|
|
|
|
|
|
|
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