CALGARY,
Oct. 31, 2013 /CNW/ -
|
|
|
|
|
|
|
|
|
Third
quarter |
|
Nine
months |
(millions of dollars, unless noted) |
2013 |
2012 |
% |
|
2013 |
2012 |
% |
|
|
|
|
|
|
|
|
Net income (U.S. GAAP) |
647 |
1,040 |
(38) |
|
1,772 |
2,690 |
(34) |
Net income per common share |
|
|
|
|
|
|
|
- assuming dilution (dollars) |
0.76 |
1.22 |
(38) |
|
2.08 |
3.16 |
(34) |
|
|
|
|
|
|
|
|
Capital and exploration expenditures |
1,840 |
1,409 |
31 |
|
6,453 |
3,890 |
66 |
|
|
|
|
|
|
|
|
Rich Kruger, Chairman,
President and Chief Executive Officer of Imperial Oil,
commented:
During the quarter, Imperial Oil maintained focus on the
operational performance of its base businesses while continuing to
advance major upstream growth projects. All three proprietary
paraffinic froth treatment trains are operational at our
world-class Kearl oil sands mining project and diluted bitumen is
being successfully processed at Imperial and ExxonMobil refineries.
Production continues to ramp-up as we further synchronize
facilities and address ongoing improvements in equipment
reliability in advance of our first season of winter operation. We
expect to achieve production levels of 110,000 barrels per day
(78,000 Imperial's share) by the end of the year.
Earnings in the third quarter were $647
million compared to $1,040
million for the same period in 2012.
Gross production averaged 288,000 oil-equivalent barrels per day
(88 percent liquids), up 3,000 barrels versus the same period in
2012. Planned maintenance at Syncrude reduced volumes in the
quarter by an estimated 21,000 barrels per day. Refinery throughput
averaged 451,000 barrels per day, essentially flat with the third
quarter in 2012.
Third quarter capital and exploration expenditures totalled
$1,840 million. Investments were
focused on upstream growth projects, most notably Kearl's expansion
and Cold Lake's Nabiye, which were
58 and 59 percent complete, respectively, at the end of the quarter
and our $206 million acquisition of
the Clyden oil sands lease.
Key actions were taken in the third quarter to enhance asset
profitability. As previously planned, refining operations were
discontinued at Dartmouth and
steps were taken to progress its conversion to a fuels terminal. In
addition, we initiated the marketing of three mature, conventional
oil and gas producing properties in western Canada.
Our overriding objective remains to deliver superior, long-term
shareholder value. Our priorities will continue to focus on
maximizing the value of our assets through value chain integration,
synergies, disciplined investment and cost management. Above all,
our commitment to safety, operational integrity and responsible
growth will be unwavering.
Imperial Oil is one of Canada's largest corporations and a leading
member of the country's petroleum industry. The company is a major
producer of crude oil and natural gas, Canada's largest petroleum refiner, a key
petrochemical producer and a leading marketer with coast-to-coast
supply and retail service station networks.
Third quarter highlights
- Net income of $647 million or
$0.76 per share on a diluted
basis, compared with $1,040
million or $1.22 per share for
the third quarter of 2012. The earnings decrease was driven
primarily by significantly lower industry refining margins.
- Production averaged 288,000 gross oil-equivalent barrels per
day, up slightly from 2012, with production from the Kearl
project start-up and Celtic (XTO Energy Canada) acquisition more
than offsetting planned maintenance impacts at Syncrude and natural
decline at conventional properties.
- Refinery throughput averaged 451,000 barrels per day in the
third quarter, essentially unchanged from the same period in
2012.
- Capital investments of $1,840
million were directed at the Kearl expansion and Cold
Lake Nabiye upstream growth projects, as well as the acquisition of
the Clyden oil sands lease.
- Kearl bitumen production continued to ramp up, averaging
33,000 barrels per day gross in the quarter. Gross production
averaged 11,000, 43,000 and 45,000 barrels per day in July, August
and September, respectively. From September
22 through October 8, the plant was shut down to address
ongoing improvements in equipment reliability and prepare for
potential weather-related challenges in our first winter season of
operation. Post restart, rates have averaged 80,000 barrels
per day with current production of 100,000 barrels per
day. All three paraffinic froth treatment trains are
operational and have been tested at design capacity. Diluted
bitumen has been successfully run in three Imperial and ExxonMobil
refineries and, in the fourth quarter, sales to unrelated parties
commenced. We expect to achieve production levels of 110,000
barrels per day (78,000 Imperial's share) by the end of the
year.
- Kearl's expansion project progressing per plan. The
project progressed to 58 percent complete, remains on schedule for
a 2015 start-up and is expected to ultimately produce 110,000
barrels per day gross (78,000 Imperial's share). Lessons learned
from initial development are being proactively applied to all
aspects of the expansion project.
- Cold Lake's Nabiye project
remains on schedule. The project was 59 percent complete at the
end of the quarter, remains on target for a late 2014 start-up and
is expected to produce 40,000 barrels per day.
- Clyden oil sands lease acquired for $206 million. On August 16, Imperial Oil (27.5 percent) and
ExxonMobil Canada (72.5 percent) acquired ConocoPhillips' interest
in the Clyden oil sands lease, 150 kilometres south of Fort McMurray, Alberta. The 226,000 gross
acre lease is near Imperial's Corner lease holdings and is amenable
to in-situ recovery techniques.
- Dartmouth refinery
operations were discontinued on September
16, as planned. This successfully completed the first
step in the transition to a fuels terminal. Imperial continues to
supply this market with petroleum products.
- Marketing commenced on three mature, conventional producing
properties. The assets include Boundary Lake, Pembina and
Rocky Mountain House. Combined
production totalled approximately 15,000 oil-equivalent barrels per
day in the first half of 2013, split evenly between oil and
gas.
- Beaufort exploration project (25 percent Imperial)
description filed by the joint-venture partners with the
Inuvialuit Environmental Impact Screening Committee and National
Energy Board, initiating the formal regulatory review of the
project. No investment decisions have been made at this
time.
- Imperial Oil Foundation donates $150,000 to the Vancouver General Hospital's
Aboriginal Patient Navigator Program. The contribution will
provide improved access to healthcare services for Aboriginal
communities as well as help overcome cultural differences and
language barriers.
Third quarter 2013 vs. third quarter 2012
The company's net income for the third quarter of 2013 was
$647 million or $0.76 per share on a diluted basis, compared with
$1,040 million or $1.22 per share for the same period last
year.
Upstream net income in the third quarter was $604 million, $106
million higher than the same period of 2012. Earnings
increased primarily due to higher liquids realizations of about
$350 million. This was partially
offset by lower volumes and higher costs at Syncrude, mainly as a
result of planned maintenance activities, totalling about
$150 million and higher royalty costs
of about $85 million.
The price differential between Brent crude oil, the benchmark
for Atlantic basin markets, and West Texas Intermediate (WTI), a
common benchmark for mid-continent North American oil markets,
narrowed to $4.54 per barrel in U.S.
dollars in the third quarter of 2013, compared to $17.37 per barrel in the corresponding period
last year. As discounts for WTI crude oil decreased, the company's
average realizations in Canadian dollars on sales of conventional
and synthetic crude oils increased about 21 and 26 percent,
respectively. The company's average bitumen realizations in
Canadian dollars in the third quarter of 2013 also increased by
about 36 percent to $81.21 per barrel
as the price spread between light crude oil and bitumen narrowed.
The company's average realizations on natural gas sales of
$2.66 per thousand cubic feet in the
third quarter of 2013 were higher by about $0.48 per thousand cubic feet versus the same
period in 2012. The significant narrowing of the price
differential between Brent and WTI also adversely impacted industry
refining margins and Downstream earnings.
Gross production of Cold Lake
bitumen averaged 147,000 barrels per day versus 152,000 barrels in
the same period last year. Lower volumes were primarily due to the
cyclic nature of steaming and associated production at Cold Lake.
The company's share of Syncrude's gross production in the third
quarter was 57,000 barrels per day, down from 78,000 barrels in the
third quarter of 2012. The planned maintenance activities were
completed, and the impacted coker unit returned to normal
operations in the quarter.
The company's share of gross production from the Kearl initial
development contributed 23,000 barrels per day. Throughout the
quarter we continued to address ongoing improvements in equipment
reliability. Production ramp-up continues and is expected to reach
110,000 barrels per day gross by the end of the year. As previously
announced, diluted bitumen sales began in the third quarter, and
Kearl diluted bitumen has been run at the company's and
ExxonMobil's refineries and is performing as expected.
Gross production of conventional crude oil averaged 22,000
barrels per day in the third quarter, versus 19,000 barrels in the
corresponding period in 2012.
Gross production of natural gas during the third quarter of 2013
was 211 million cubic feet per day, up from 188 million cubic feet
in the same period last year. The higher production volume
reflected the contributions from the Celtic acquisition earlier in
the year and the Horn River pilot which more than offset normal
field decline.
Downstream net income was $46
million in the third quarter, $490
million lower than the third quarter of 2012. Earnings
decreased primarily due to significantly lower industry refining
margins of about $565 million. This
was partially offset by favourable impacts of improved refinery
operations and an increase in marketing margins.
Chemical net income was $39
million in the third quarter, in line with $37 million in the same quarter last year.
Net income effects from Corporate and Other were negative
$42 million in the third quarter,
versus negative $31 million in the
same period of 2012 due to changes in share-based compensation
charges.
Cash flow generated from operating activities was $298 million in the third quarter, versus
$669 million in the corresponding
period in 2012. Lower cash flow was primarily attributable to lower
earnings. Third quarter 2013 cash flow was lower than earnings
primarily due to the timing of income tax payments.
Investing activities used net cash of $1,804 million in the third quarter, compared
with $1,318 million in the same
period of 2012. Additions to property, plant and equipment were
$1,810 million in the third quarter,
compared with $1,388 million during
the same quarter 2012. Expenditures during the quarter were
primarily directed towards the advancement of Kearl expansion and
Nabiye projects. The Kearl expansion is expected to bring on
additional gross production of 110,000 barrels of bitumen per day,
before royalties, of which the company's share would be about
78,000 barrels. Start-up is expected by late 2015. The Nabiye
expansion at Cold Lake is expected
to bring on additional production of 40,000 barrels of bitumen per
day, before royalties. Start-up is expected by late 2014.
Cash from financing activities was $1,040
million in the third quarter, compared with $122 million in the third quarter of 2012. In the
third quarter, the company increased its long-term debt level by
$819 million by drawing on an
existing facility and issued additional commercial paper which
increased short-term debt by $325
million.
The above factors led to a decrease in the company's cash
balance to $76 million at
September 30, 2013, from $482 million at the end of 2012.
Nine months highlights
- Net income of $1,772 million,
down from $2,690 million in 2012.
- Net income per common share of $2.08 compared to $3.16 in 2012.
- Cash generated from operations of $1,633
million, versus $3,033 million
in 2012.
- Gross oil-equivalent barrels of production averaged 283,000
barrels per day, up from 281,000 barrels in 2012.
- Refinery throughput averaged 439,000 barrels per day, up 15,000
barrels from the same period last year.
- Per-share dividends declared in the year totalled $0.36, unchanged from 2012.
Nine months 2013 vs. nine months 2012
Net income in the first nine months of 2013 was $1,772 million or $2.08 per share on a diluted basis, versus
$2,690 million or $3.16 per share for the first three quarters of
2012.
Earnings decreased primarily due to significantly lower industry
refining margins of about $720
million, higher Kearl start-up and operating costs of about
$175 million, and lower production
and higher maintenance costs at Syncrude totalling about
$150 million. First nine months
earnings in 2013 also included an after tax charge of $264 million associated with the conversion of
the Dartmouth refinery to a
terminal. These factors were partially offset by higher liquids
realizations of about $210 million,
improved refinery operations and lower refinery maintenance
activities totalling about $115
million and lower royalty costs of about $110 million due to higher cost recovery for
capital investments.
Upstream net income for the first nine months of 2013 was
$1,301 million versus $1,400 million in 2012. Earnings decreased
primarily due to higher Kearl costs of about $175 million as third quarter production
contribution was more than offset by year-to-date start-up and
operating costs, lower volumes and higher maintenance costs at
Syncrude totalling about $150
million, and lower bitumen production and higher maintenance
costs at Cold Lake totalling about
$85 million. These factors were
partially offset by higher liquids realizations of about
$210 million and lower royalty costs
of about $110 million due to higher
cost recovery for capital investments.
The price differential between Brent crude oil, the benchmark
for Atlantic basin markets, and West Texas Intermediate (WTI), a
common benchmark for mid-continent North American oil markets,
narrowed to $10.20 per barrel in U.S.
dollars in the first nine months of 2013, compared to $15.91 per barrel in the corresponding period
last year. As discounts for WTI crude oil decreased, the company's
average realizations in Canadian dollars on sales of conventional
and synthetic crude oils increased about eight and 11 percent,
respectively. The company's average bitumen realizations in
Canadian dollars in the first nine months of 2013 also increased by
about five percent to $63.86 per
barrel. The company's average realizations on natural gas sales of
$3.21 per thousand cubic feet in the
first three quarters of 2013 were higher by $1.09 per thousand cubic feet versus the same
period in 2012.
Gross production of Cold Lake
bitumen was 152,000 barrels per day, compared with 154,000 barrels
in the same period of 2012. Lower volumes were primarily due to the
cyclic nature of steaming and associated production at Cold Lake.
During the first nine months of the year, the company's share of
gross production from Syncrude averaged 63,000 barrels per day,
down from 70,000 barrels in 2012. Planned maintenance activities in
the third quarter of 2013 were the main contributor to the lower
volumes.
The company's share of gross production of Kearl initial
development was 9,000 barrels per day on a 2013 year-to-date
basis.
Gross production of conventional crude oil averaged 21,000
barrels per day in the first nine months of the year, versus 20,000
barrels in the corresponding period in 2012.
Gross production of natural gas during the first nine months of
2013 was 201 million cubic feet per day, up from 194 million cubic
feet in the same period in 2012. The higher production volumes
reflected the contributions from the Celtic acquisition and the
Horn River pilot, which more than offset normal field decline.
Downstream net income was $427
million, versus $1,223 million
over the same period in 2012. Earnings were negatively impacted by
significantly lower industry refining margins of about $720 million resulting from the narrowing pricing
differential between Brent and WTI crude oils. Earnings in the
first nine months of 2013 also included an after tax charge of
$264 million associated with the
conversion of the Dartmouth
refinery to a fuels terminal. These factors were partially offset
by the favourable impacts of about $115
million associated with improved refinery operations and
lower refinery maintenance activities.
Chemical net income was $116
million, versus $121 million
in 2012.
For the first nine months of 2013, net income effects from
Corporate and Other were negative $72
million, versus negative $54
million last year.
Key financial and operating data follow.
Forward-Looking Statements
Statements of future events or conditions in this report,
including projections, targets, expectations, estimates, and
business plans are forward-looking statements. Actual future
results, including demand growth and energy source mix; production
growth and mix; project plans, dates, costs and capacities;
production rates and resource recoveries; cost savings; product
sales; financing sources; and capital and environmental
expenditures could differ materially depending on a number of
factors, such as changes in the price, supply of and demand for
crude oil, natural gas, and petroleum and petrochemical products;
political or regulatory events; project schedules; commercial
negotiations; the receipt, in a timely manner, of regulatory and
third-party approvals; unanticipated operational disruptions;
unexpected technological developments; and other factors discussed
in this report and Item 1A of Imperial's most recent Form 10-K.
Forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties, some that are
similar to other oil and gas companies and some that are unique to
Imperial. Imperial's actual results may differ materially from
those expressed or implied by its forward-looking statements and
readers are cautioned not to place undue reliance on them.
The term "project" as used in this release can refer to a
variety of different activities and does not necessarily have the
same meaning as under government payment transparency
reports.
Attachment I |
IMPERIAL OIL
LIMITED |
THIRD QUARTER
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter |
|
Nine Months |
millions of Canadian dollars, unless noted |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
Net Income (U.S. GAAP) |
|
|
|
|
|
|
|
|
|
Total revenues and other income |
|
8,594 |
|
8,336 |
|
24,566 |
|
23,384 |
|
Total expenses |
|
7,737 |
|
6,949 |
|
22,207 |
|
19,805 |
|
Income before income taxes |
|
857 |
|
1,387 |
|
2,359 |
|
3,579 |
|
Income taxes |
|
210 |
|
347 |
|
587 |
|
889 |
|
Net income |
|
647 |
|
1,040 |
|
1,772 |
|
2,690 |
|
|
|
|
|
|
|
|
|
|
Net income per common share
(dollars) |
|
0.76 |
|
1.22 |
|
2.09 |
|
3.17 |
|
Net income per common share - assuming
dilution (dollars) |
|
0.76 |
|
1.22 |
|
2.08 |
|
3.16 |
|
|
|
|
|
|
|
|
|
Other Financial Data |
|
|
|
|
|
|
|
|
|
Federal excise tax included in
operating revenues |
|
385 |
|
355 |
|
1,041 |
|
1,011 |
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on asset sales, after
tax |
|
5 |
|
1 |
|
46 |
|
67 |
|
|
|
|
|
|
|
|
|
|
Total assets at September 30 |
|
|
|
|
|
36,081 |
|
28,471 |
|
|
|
|
|
|
|
|
|
|
Total debt at September 30 |
|
|
|
|
|
6,214 |
|
1,429 |
|
Interest coverage ratio - earnings
basis |
|
|
|
|
|
|
|
|
|
(times covered) |
|
|
|
|
|
71.4 |
|
255.9 |
|
|
|
|
|
|
|
|
|
|
Other long-term obligations at
September 30 |
|
|
|
|
|
4,095 |
|
3,748 |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity at September 30
|
|
|
|
|
|
17,896 |
|
15,652 |
|
Capital employed at September 30
|
|
|
|
|
|
24,132 |
|
17,106 |
|
Return on average capital employed
(a) |
|
|
|
|
|
|
|
|
|
|
(percent) |
|
|
|
|
|
13.3 |
|
23.5 |
|
|
|
|
|
|
|
|
|
|
|
Dividends declared on common
stock |
|
|
|
|
|
|
|
|
|
|
Total |
|
102 |
|
102 |
|
306 |
|
306 |
|
|
Per common share (dollars) |
|
0.12 |
|
0.12 |
|
0.36 |
|
0.36 |
|
|
|
|
|
|
|
|
|
|
|
Millions of common shares
outstanding |
|
|
|
|
|
|
|
|
|
|
At September 30 |
|
|
|
|
|
847.6 |
|
847.6 |
|
|
Average - assuming dilution |
|
851.0 |
|
851.4 |
|
850.8 |
|
851.4 |
|
|
|
|
|
|
|
|
|
|
(a) |
Return on capital employed is net income excluding
after-tax cost of financing divided by the average rolling four
quarters' capital employed. |
Attachment II |
IMPERIAL OIL
LIMITED |
THIRD QUARTER
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter |
|
Nine Months |
millions of Canadian dollars |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents
at period end |
|
76 |
|
469 |
|
76 |
|
469 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
647 |
|
1,040 |
|
1,772 |
|
2,690 |
Adjustment for non-cash items: |
|
|
|
|
|
|
|
|
|
Depreciation and depletion |
|
223 |
|
183 |
|
860 |
|
551 |
|
(Gain)/loss on asset sales |
|
(5) |
|
(2) |
|
(60) |
|
(86) |
|
Deferred income taxes and other |
|
106 |
|
72 |
|
276 |
|
289 |
Changes in operating assets and liabilities |
|
(673) |
|
(624) |
|
(1,215) |
|
(411) |
Cash flows from (used in) operating
activities |
|
298 |
|
669 |
|
1,633 |
|
3,033 |
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) investing
activities |
|
(1,804) |
|
(1,318) |
|
(6,301) |
|
(3,606) |
|
Proceeds from asset sales |
|
6 |
|
70 |
|
68 |
|
209 |
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) financing
activities |
|
1,040 |
|
122 |
|
4,262 |
|
(160) |
|
|
|
|
|
|
|
|
|
|
Attachment III |
IMPERIAL OIL
LIMITED |
THIRD QUARTER
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter |
|
Nine Months |
millions of Canadian dollars |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
Net income (U.S. GAAP) |
|
|
|
|
|
|
|
|
|
Upstream |
|
604 |
|
498 |
|
1,301 |
|
1,400 |
|
Downstream |
|
46 |
|
536 |
|
427 |
|
1,223 |
|
Chemical |
|
39 |
|
37 |
|
116 |
|
121 |
|
Corporate and other |
|
(42) |
|
(31) |
|
(72) |
|
(54) |
|
Net income |
|
647 |
|
1,040 |
|
1,772 |
|
2,690 |
|
|
|
|
|
|
|
|
|
|
Revenues and other income |
|
|
|
|
|
|
|
|
|
Upstream |
|
3,191 |
|
2,069 |
|
7,791 |
|
6,620 |
|
Downstream |
|
6,893 |
|
7,535 |
|
20,762 |
|
20,765 |
|
Chemical |
|
418 |
|
369 |
|
1,198 |
|
1,211 |
|
Eliminations/Other |
|
(1,908) |
|
(1,637) |
|
(5,185) |
|
(5,212) |
|
Total |
|
8,594 |
|
8,336 |
|
24,566 |
|
23,384 |
|
|
|
|
|
|
|
|
|
|
Purchases of crude oil and
products |
|
|
|
|
|
|
|
|
|
Upstream |
|
1,307 |
|
593 |
|
3,030 |
|
2,354 |
|
Downstream |
|
5,789 |
|
5,818 |
|
16,788 |
|
16,073 |
|
Chemical |
|
295 |
|
254 |
|
826 |
|
850 |
|
Eliminations |
|
(1,907) |
|
(1,639) |
|
(5,184) |
|
(5,220) |
|
Purchases of crude oil and products |
|
5,484 |
|
5,026 |
|
15,460 |
|
14,057 |
|
|
|
|
|
|
|
|
|
|
Production and manufacturing expenses |
|
|
|
|
|
|
|
|
|
Upstream |
|
880 |
|
671 |
|
2,508 |
|
1,963 |
|
Downstream |
|
396 |
|
357 |
|
1,312 |
|
1,197 |
|
Chemical |
|
50 |
|
46 |
|
157 |
|
138 |
|
Eliminations |
|
(1) |
|
- |
|
(3) |
|
- |
|
Production and manufacturing expenses |
|
1,325 |
|
1,074 |
|
3,974 |
|
3,298 |
|
|
|
|
|
|
|
|
|
|
Capital and exploration expenditures |
|
|
|
|
|
|
|
|
|
Upstream |
|
1,765 |
|
1,376 |
|
6,272 |
|
3,793 |
|
Downstream |
|
51 |
|
27 |
|
128 |
|
80 |
|
Chemical |
|
3 |
|
1 |
|
6 |
|
3 |
|
Corporate and other |
|
21 |
|
5 |
|
47 |
|
14 |
|
Capital and exploration expenditures |
|
1,840 |
|
1,409 |
|
6,453 |
|
3,890 |
|
|
|
|
|
|
|
|
|
|
|
Exploration expenses charged to income included above |
|
30 |
|
21 |
|
74 |
|
67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment IV |
IMPERIAL OIL
LIMITED |
THIRD QUARTER
2013 |
|
|
|
|
|
|
|
|
|
|
Operating statistics |
|
Third
Quarter |
|
Nine Months |
|
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
Gross crude oil and Natural Gas Liquids (NGL)
production |
|
|
|
|
|
|
|
|
(thousands of barrels per day) |
|
|
|
|
|
|
|
|
|
Cold Lake |
|
147 |
|
152 |
|
152 |
|
154 |
|
Syncrude |
|
57 |
|
78 |
|
63 |
|
70 |
|
Conventional |
|
22 |
|
19 |
|
21 |
|
20 |
|
Kearl |
|
23 |
|
- |
|
9 |
|
- |
|
Total crude oil production |
|
249 |
|
249 |
|
245 |
|
244 |
|
NGLs available for sale |
|
4 |
|
4 |
|
4 |
|
5 |
|
Total crude oil and NGL production |
|
253 |
|
253 |
|
249 |
|
249 |
|
|
|
|
|
|
|
|
|
|
Gross natural gas production (millions of
cubic feet per day) |
|
211 |
|
188 |
|
201 |
|
194 |
|
|
|
|
|
|
|
|
|
|
Gross oil-equivalent production (a) |
|
|
|
|
|
|
|
|
(thousands of oil-equivalent barrels per day) |
|
288 |
|
285 |
|
283 |
|
281 |
|
|
|
|
|
|
|
|
|
|
Net crude oil and NGL
production (thousands of barrels per day) |
|
|
|
|
|
|
|
|
Cold Lake |
|
115 |
|
126 |
|
126 |
|
120 |
|
Syncrude |
|
56 |
|
75 |
|
62 |
|
67 |
|
Conventional |
|
18 |
|
15 |
|
17 |
|
15 |
|
Kearl |
|
21 |
|
- |
|
8 |
|
- |
|
Total crude oil production |
|
210 |
|
216 |
|
213 |
|
202 |
|
NGLs available for sale |
|
3 |
|
3 |
|
3 |
|
3 |
|
Total crude oil and NGL production |
|
213 |
|
219 |
|
216 |
|
205 |
|
|
|
|
|
|
|
|
|
|
Net natural gas production (millions of
cubic feet per day) |
|
201 |
|
182 |
|
188 |
|
197 |
|
|
|
|
|
|
|
|
|
|
Net oil-equivalent production (a) |
|
|
|
|
|
|
|
|
(thousands of oil-equivalent barrels per day) |
|
246 |
|
249 |
|
247 |
|
238 |
|
|
|
|
|
|
|
|
|
|
Cold Lake blend sales (thousands of barrels
per day) |
|
201 |
|
191 |
|
201 |
|
200 |
Kearl blend sales (thousands of barrels per
day) |
|
15 |
|
- |
|
5 |
|
- |
NGL sales (thousands of barrels
per day) |
|
9 |
|
5 |
|
9 |
|
8 |
Natural gas sales (millions of
cubic feet per day) |
|
178 |
|
185 |
|
168 |
|
183 |
|
|
|
|
|
|
|
|
|
|
Average realizations (Canadian dollars) |
|
|
|
|
|
|
|
|
|
Conventional crude oil realizations (per barrel) |
|
93.48 |
|
77.25 |
|
83.57 |
|
77.43 |
|
NGL realizations (per barrel) |
|
41.91 |
|
38.43 |
|
36.19 |
|
43.76 |
|
Natural gas realizations (per thousand cubic feet) |
|
2.66 |
|
2.18 |
|
3.21 |
|
2.12 |
|
Synthetic oil realizations (per barrel) |
|
113.63 |
|
90.25 |
|
102.98 |
|
93.04 |
|
Bitumen realizations (per barrel) |
|
81.21 |
|
59.86 |
|
63.86 |
|
61.07 |
|
|
|
|
|
|
|
|
|
|
Refinery throughput (thousands of barrels
per day) |
|
451 |
|
449 |
|
439 |
|
424 |
Refinery capacity utilization (percent) |
|
89 |
|
89 |
|
87 |
|
84 |
|
|
|
|
|
|
|
|
|
|
Petroleum product sales (thousands of
barrels per day) |
|
|
|
|
|
|
|
|
|
Gasolines (Mogas) |
|
231 |
|
240 |
|
221 |
|
220 |
|
Heating, diesel and jet fuels (Distillates) |
|
159 |
|
161 |
|
156 |
|
148 |
|
Heavy fuel oils (HFO) |
|
29 |
|
34 |
|
31 |
|
30 |
|
Lube oils and other products (Other) |
|
48 |
|
58 |
|
43 |
|
42 |
|
Net petroleum products sales |
|
467 |
|
493 |
|
451 |
|
440 |
|
|
|
|
|
|
|
|
|
|
Petrochemical sales (thousands of
tonnes) |
|
242 |
|
252 |
|
725 |
|
780 |
|
|
|
|
|
|
|
|
|
|
(a) |
Gas converted to oil-equivalent at 6 million cubic
feet = 1 thousand barrels |
Attachment V |
IMPERIAL OIL
LIMITED |
THIRD QUARTER
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
Net income (U.S. GAAP) |
|
|
|
per common
share |
|
|
|
(millions of Canadian dollars) |
|
|
|
(dollars) |
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
First Quarter |
|
289 |
|
|
|
|
|
0.34 |
Second Quarter |
|
209 |
|
|
|
|
|
0.25 |
Third Quarter |
|
547 |
|
|
|
|
|
0.64 |
Fourth Quarter |
|
534 |
|
|
|
|
|
0.63 |
Year |
|
1,579 |
|
|
|
|
|
1.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
First Quarter |
|
476 |
|
|
|
|
|
0.56 |
Second Quarter |
|
517 |
|
|
|
|
|
0.61 |
Third Quarter |
|
418 |
|
|
|
|
|
0.49 |
Fourth Quarter |
|
799 |
|
|
|
|
|
0.95 |
Year |
|
2,210 |
|
|
|
|
|
2.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
|
|
|
|
|
|
|
First Quarter |
|
781 |
|
|
|
|
|
0.92 |
Second Quarter |
|
726 |
|
|
|
|
|
0.86 |
Third Quarter |
|
859 |
|
|
|
|
|
1.01 |
Fourth Quarter |
|
1,005 |
|
|
|
|
|
1.19 |
Year |
|
3,371 |
|
|
|
|
|
3.98 |
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
|
|
|
|
|
|
First Quarter |
|
1,015 |
|
|
|
|
|
1.20 |
Second Quarter |
|
635 |
|
|
|
|
|
0.75 |
Third Quarter |
|
1,040 |
|
|
|
|
|
1.22 |
Fourth Quarter |
|
1,076 |
|
|
|
|
|
1.27 |
Year |
|
3,766 |
|
|
|
|
|
4.44 |
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
|
|
|
|
|
|
First Quarter |
|
798 |
|
|
|
|
|
0.94 |
Second Quarter |
|
327 |
|
|
|
|
|
0.39 |
Third Quarter |
|
647 |
|
|
|
|
|
0.76 |
SOURCE Imperial Oil Limited