CALGARY,
Jan. 30, 2014 /CNW/ -
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Fourth
quarter |
|
Twelve
months |
(millions of dollars, unless noted) |
2013 |
|
2012 |
|
% |
|
2013 |
|
2012 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (U.S. GAAP) |
1,056 |
|
1,076 |
|
(2) |
|
2,828 |
|
3,766 |
|
(25) |
Net income per common share |
|
|
|
|
|
|
|
|
|
|
|
- assuming dilution
(dollars) |
1.24 |
|
1.26 |
|
(2) |
|
3.32 |
|
4.42 |
|
(25) |
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|
Capital and exploration expenditures |
1,567 |
|
1,793 |
|
(13) |
|
8,020 |
|
5,683 |
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41 |
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Rich Kruger, Chairman,
President and Chief Executive Officer of Imperial Oil,
commented:
Imperial achieved a number of significant milestones in 2013 as
we continue to focus on delivering superior, long-term shareholder
value. Highest among our priorities is safety. Despite working more
than 44 million hours, our second highest on record, we achieved
workforce safety performance on par with 2012's best-ever
results.
Most notable among our achievements was the start-up of our
Kearl oil sands mining project, the largest capital investment in
the company's history. With a large, high-quality resource and
next-generation technologies, Kearl will contribute to the
company's performance for decades to come. Other Upstream
investments, such as Cold Lake's
Nabiye project and the Celtic and Clyden acquisitions, will add
further value in the years ahead. To support Upstream growth, steps
were taken to improve market access, including starting
construction of a large-scale rail loading terminal in Edmonton. Downstream businesses maximized
value by increasing our refineries' access to price advantaged
western Canadian crudes, discontinuing operations at our
Dartmouth refinery and
strengthening coast-to-coast retail operations.
Earnings in the fourth quarter were $1,056 million, compared to $1,076 million for the same period in 2012.
Fourth quarter Downstream earnings were $625
million, the highest Downstream quarter in company history.
Full year earnings were $2,828
million in 2013.
Fourth quarter gross production averaged 329,000 oil-equivalent
barrels per day, up from 285,000 barrels in 2012, mainly due to
production from the Kearl project start-up and Celtic
acquisition.
Quarterly refinery throughput averaged 387,000 barrels per day,
down from 468,000 barrels in 2012, largely as a result of the
closure of the Dartmouth refinery
in the third quarter of 2013 and planned maintenance activities at
the Nanticoke refinery.
Fourth quarter capital and exploration expenditures totalled
$1,567 million. Investments were
focused on Upstream growth projects, most notably Kearl's expansion
and Cold Lake's Nabiye, which were
72 and 65 percent complete, respectively, at the end of the
quarter. Quarterly investments were fully funded by cash flow from
operating activities.
The strength of Imperial's business model and our ability to
adapt to dynamic market conditions served us well in 2013 and will
continue to do so in the future. In 2014, Imperial's focus on
safety, operational integrity, continuous improvement and strategic
growth is expected to continue to deliver industry-leading
results.
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.
Fourth quarter highlights
- Net income of $1,056 million
or $1.24 per share on a diluted
basis, compared with $1,076
million or $1.26 per share for
the fourth quarter of 2012. Fourth quarter Downstream earnings were
$625 million, the highest Downstream
quarter in company history.
- Production averaged 329,000 gross oil-equivalent barrels per
day, up from 285,000 barrels per day in 2012, mainly due to the
Kearl project start-up and Celtic (XTO Energy Canada)
acquisition.
- Refinery throughput averaged 387,000 barrels per day in the
quarter, down from 468,000 barrels per day in 2012, as a result
of the Dartmouth refinery closure
in the third quarter and planned maintenance activities at the
Nanticoke refinery.
- Capital and exploration expenditures of $1,567 million were primarily directed at the
Kearl expansion and Cold Lake Nabiye Upstream growth projects and
were fully funded from cash flow from operating activities.
- Kearl gross bitumen production continued to ramp up,
averaging 52,000 barrels per day (37,000 Imperial's share) during
the quarter as efforts to achieve production rates of 110,000
barrels per day (78,000 Imperial's share)
continued. Production was impacted during the quarter by harsh
winter weather and equipment reliability issues that are being
addressed. Although gross production rates of 100,000 barrels per
day (71,000 Imperial's share) were reached in the quarter, ongoing
activities to stabilize performance at these higher levels are
progressing. In the fourth quarter, sales to unrelated third
parties commenced as planned.
- Kearl's expansion project continued to progress per
plan. At year-end, the project was 72 percent complete and
remains on target for a 2015 start-up. The project is expected to
produce 110,000 barrels per day gross (78,000 Imperial's share).
Lessons learned from the initial development continue to be applied
to all aspects of the expansion project.
- Cold Lake's Nabiye project
construction continued. The project was 65 percent complete at
the end of the quarter. Plant construction progressed somewhat
slower than planned due to lower contractor productivity and harsh
winter conditions. Target start-up, although under pressure,
remains year-end 2014 with ultimate production of 40,000 barrels
per day.
- Rail loading joint-venture in Edmonton under construction. The facility
is being designed as a crude oil terminal capable of loading one to
three unit trains per day with 100,000 barrels per day initial
capacity and the potential to expand to 250,000 barrels per day.
The terminal will play an important role in improving access to
attractive markets for oil sands production. First shipments from
the facility are expected in 2015.
- Regulatory application for Aspen in-situ oil sands project filed. The
Aspen development will use
steam-assisted gravity drainage (SAGD) technology to access a
bitumen resource with recoverable potential of 1.1 billion barrels.
Imperial plans to develop the resource in three phases of about
45,000 barrels per day per phase. Subject to regulatory approvals,
further technical evaluation and favourable business conditions, a
final investment decision could be made as soon as 2017.
- NEB approval for LNG export licence received. In
December, the National Energy Board approved an application to
export up to 30 million tonnes per year of liquefied natural gas
(LNG) as submitted by WCC LNG, which is jointly owned by Imperial
Oil Resources Limited and ExxonMobil Canada. An ultimate investment
decision will be based on a number of factors, including
satisfactory government and regulatory approvals, fiscal and
economic competitiveness, future market conditions and LNG sales
agreements.
- Contributed record $2 million
to the United Way of Calgary and
Area. Imperial Oil, ExxonMobil Canada, the companies'
employees, contractors and annuitants generously donated more than
$2 million to the United Way of
Calgary and area. In 2013, over
$4.5 million was donated to United
Way-Centraide campaigns across Canada.
Fourth quarter 2013 vs. Fourth quarter 2012
The company's net income for the fourth quarter of 2013 was
$1,056 million or $1.24 per share on a diluted basis, compared with
$1,076 million or $1.26 per share for the same period last
year.
Upstream net income in the fourth quarter was $411 million, versus $488
million in the same period of 2012. Earnings decreased
primarily due to lower liquids realizations of about $85 million. Fourth quarter 2013 earnings also
included the company's share of higher Syncrude royalty costs of
about $75 million, which reflected
resolution with the Alberta
government on a number of long-standing royalty matters, and a
$73 million gain from the sale of a
non-operating asset.
While the West Texas Intermediate (WTI) crude oil benchmark
price was up $9.38 per barrel in U.S.
dollars, or about 11 percent, in the fourth quarter of 2013 versus
the fourth quarter of 2012, increases in the company's average
realizations in Canadian dollars from sales of conventional and
synthetic crude oils were limited to $1.47 and $0.75 per
barrel, respectively, due to logistics constraints for Canadian
crude oils. The company's average bitumen realizations in Canadian
dollars in the fourth quarter were $53.31 per barrel versus $55.90 per barrel in the fourth quarter of 2012
as the price spread between light crude oil and bitumen widened.
The company's average realizations on natural gas sales of
$3.45 per thousand cubic feet in the
fourth quarter of 2013 were higher by $0.50 per thousand cubic feet versus the same
period in 2012.
Gross production of Cold Lake
bitumen averaged 155,000 barrels per day, unchanged from the same
period last year.
The company's share of Syncrude's gross production in the fourth
quarter was 77,000 barrels per day, up from 75,000 barrels in the
fourth quarter of 2012, primarily the result of lower maintenance
activities.
The company's share of gross production from the Kearl initial
development was 37,000 barrels per day. During the quarter, efforts
to achieve gross production rates of 110,000 barrels per day
(78,000 Imperial's share) continued. Production was impacted during
the quarter by harsh winter weather and equipment reliability
issues that are being addressed. Although gross production rates of
100,000 barrels per day (71,000 Imperial's share) were reached in
the quarter, ongoing activities to stabilize performance at these
higher levels are progressing. In the fourth quarter, sales to
unrelated third parties commenced as planned.
Gross production of conventional crude oil averaged 22,000
barrels per day in the fourth quarter, versus 20,000 barrels in the
corresponding period in 2012.
Gross production of natural gas during the fourth quarter of
2013 was 204 million cubic feet per day, up from 187 million cubic
feet in the same period last year, reflecting contributions from
the Celtic acquisition earlier in the year.
Downstream net income was $625
million in the fourth quarter, $76
million higher than the fourth quarter of 2012. The fourth
quarter earnings were the company's highest quarterly Downstream
earnings in its history, primarily due to higher marketing margins
of about $70 million.
Chemical net income was $46
million in the fourth quarter, up slightly from $44 million in the same quarter in 2012.
Net income effects from Corporate and Other were negative
$26 million in the fourth quarter,
versus negative $5 million in the
same period of 2012 primarily due to changes in share-based
compensation charges.
The company's cash balance was $272
million as of December 31,
2013, versus $482 million at
the end of 2012.
Cash flow generated from operating activities was $1,659 million in the fourth quarter, in line
with $1,647 million in the
corresponding period in 2012.
Investing activities used net cash of $1,434 million in the fourth quarter, compared
with $1,632 million in the same
period of 2012. Additions to property, plant and equipment were
$1,526 million in the fourth quarter,
compared with $1,655 million during
the same quarter of 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 in 2015. The Nabiye expansion
at Cold Lake is expected to bring
on additional production of 40,000 barrels of bitumen per day,
before royalties.
Full year highlights
- Net income was $2,828 million,
down from $3,766 million in 2012.
- Net income per common share of $3.32 compared to $4.42 in 2012.
- Cash generated from operations of $3,292
million, versus $4,680 million
in 2012.
- Capital and exploration expenditures totalled $8,020 million, including $1,894 million associated with the Celtic and
Clyden acquisitions. In 2014, expenditures of about $5.5 billion are anticipated.
- Gross oil-equivalent barrels of production averaged 295,000
barrels per day, up from 282,000 barrels per day in 2012.
- Refinery throughput averaged 426,000 barrels per day, down
9,000 barrels per day from 2012. Excluding the impact of the
September 2013 conversion of the
Dartmouth refinery to a fuels
terminal, refinery capacity utilization was up two percent to 88
percent.
- Per-share dividends declared in the year totalled $0.49, $0.01 higher
than 2012.
Full year 2013 vs. full year 2012
Net income in 2013 was $2,828
million or $3.32 per share on
a diluted basis, versus $3,766
million or $4.42 per share in
2012.
Earnings decreased primarily due to significantly lower industry
refining margins of about $700
million, higher Kearl costs of about $180 million as production contribution was more
than offset by start-up and operating costs, lower volumes at
Syncrude of about $120 million and
lower contribution from Cold Lake
of about $120 million. 2013 earnings
also included an after-tax charge of $280
million associated with the conversion of the Dartmouth refinery to a terminal. These
factors were partially offset by the impacts of higher liquids
realizations of about $125 million, a
lower Canadian dollar of about $125
million, higher marketing margins of about $120 million and lower refinery maintenance costs
of about $90 million.
Upstream net income in 2013 was $1,712
million versus $1,888 million
in 2012. Earnings decreased primarily due to higher Kearl costs of
about $180 million as production
contribution since start-up in late April was more than offset by
year-to-date start-up and operating costs, lower volumes at
Syncrude of about $120 million, and
higher diluent and energy costs at Cold
Lake totalling about $120
million. These factors were partially offset by higher
liquids realizations of about $125
million and the impact of a lower Canadian dollar of about
$125 million.
Prices for most of the company's liquids production are based on
WTI crude oil, a common benchmark for mid-continent North American
oil markets. WTI crude oil price was up $3.90 per barrel in U.S. dollars, or about four
percent in 2013, versus 2012. The company's average realizations
also increased in Canadian dollars on sales of conventional,
synthetic crude oil and bitumen. The company's average realizations
on natural gas sales of $3.27 per
thousand cubic feet in 2013 were higher by $0.94 per thousand cubic feet versus 2012.
Gross production of Cold Lake
bitumen was 153,000 barrels per day, in line with 154,000 barrels
in 2012.
During the year, the company's share of gross production from
Syncrude averaged 67,000 barrels per day, down from 72,000 barrels
in 2012. Higher planned maintenance activities were the main
contributor to the lower volumes.
The company's share of gross production of Kearl initial
development was 16,000 barrels per day for the full year.
Gross production of conventional crude oil averaged 21,000
barrels per day in the year, versus 20,000 barrels in 2012.
Gross production of natural gas in 2013 was 201 million cubic
feet per day, up from 192 million cubic feet in 2012. The higher
production volumes reflected contributions from the Celtic
acquisition and the Horn River pilot, which more than offset normal
field decline.
Downstream net income was $1,052
million, versus $1,772 million
in 2012. Earnings were negatively impacted by significantly lower
industry refining margins of about $700
million. Earnings in 2013 also included an after-tax charge
of $280 million associated with the
conversion of the Dartmouth
refinery to a fuels terminal. These factors were partially offset
by higher marketing margins of about $120
million and lower refinery maintenance costs of about
$90 million.
The overall cost of crude oil processed at the company's
refineries largely followed the trend of western Canadian crude
oils. Canadian wholesale prices of refined products are largely
determined by wholesale prices in adjacent U.S. regions, where
wholesale prices are predominately tied to international product
markets. Lower Downstream earnings in 2013 when compared to 2012
were mainly the result of lower industry refining margins,
partially offset by higher marketing margins.
Chemical net income was $162
million, versus 2012's record high of $165 million.
For 2013, net income effects from Corporate and Other were
negative $98 million, versus negative
$59 million in 2012.
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.
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Attachment I |
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IMPERIAL OIL LIMITED |
FOURTH QUARTER 2013 |
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Fourth Quarter |
|
Twelve Months |
millions of Canadian
dollars, unless noted |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
Net Income (U.S.
GAAP) |
|
|
|
|
|
|
|
|
|
Total revenues and
other income |
|
8,363 |
|
7,804 |
|
32,929 |
|
31,188 |
|
Total expenses |
|
6,985 |
|
6,390 |
|
29,192 |
|
26,195 |
|
Income before income
taxes |
|
1,378 |
|
1,414 |
|
3,737 |
|
4,993 |
|
Income taxes |
|
322 |
|
338 |
|
909 |
|
1,227 |
|
Net income |
|
1,056 |
|
1,076 |
|
2,828 |
|
3,766 |
|
|
|
|
|
|
|
|
|
|
Net income per common
share (dollars) |
|
1.25 |
|
1.27 |
|
3.34 |
|
4.44 |
|
Net income per common
share - assuming dilution (dollars) |
|
1.24 |
|
1.26 |
|
3.32 |
|
4.42 |
|
|
|
|
|
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Other Financial Data |
|
|
|
|
|
|
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|
|
Federal excise tax
included in operating revenues |
|
382 |
|
327 |
|
1,423 |
|
1,338 |
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on asset
sales, after tax |
|
74 |
|
5 |
|
120 |
|
72 |
|
|
|
|
|
|
|
|
|
|
Total assets at
December 31 |
|
|
|
|
|
37,218 |
|
29,364 |
|
|
|
|
|
|
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Total debt at December
31 |
|
|
|
|
|
6,287 |
|
1,647 |
|
Interest coverage
ratio - earnings basis |
|
|
|
|
|
|
|
|
|
|
(times covered) |
|
|
|
|
|
54.8 |
|
238.8 |
|
|
|
|
|
|
|
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|
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Other long-term
obligations at December 31 |
|
|
|
|
|
3,091 |
|
3,983 |
|
|
|
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|
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Shareholders' equity
at December 31 |
|
|
|
|
|
19,524 |
|
16,377 |
|
Capital employed at
December 31 |
|
|
|
|
|
25,834 |
|
18,048 |
|
Return on average
capital employed (a) |
|
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|
(percent) |
|
|
|
|
|
12.9 |
|
23.1 |
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Dividends declared on
common stock |
|
|
|
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|
|
|
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|
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Total |
|
109 |
|
102 |
|
415 |
|
408 |
|
|
Per common share (dollars) |
|
0.13 |
|
0.12 |
|
0.49 |
|
0.48 |
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Millions of common
shares outstanding |
|
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|
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At December 31 |
|
|
|
|
|
847.6 |
|
847.6 |
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|
Average - assuming dilution |
|
850.3 |
|
850.3 |
|
850.6 |
|
851.1 |
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(a) |
Return on capital employed is the net income
excluding after-tax cost of financing, divided by the average
of
beginning and ending capital employed. |
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Attachment II |
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IMPERIAL OIL LIMITED |
FOURTH QUARTER 2013 |
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Fourth Quarter |
|
Twelve Months |
millions of Canadian dollars |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
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|
Total cash and cash equivalents at
period end |
|
272 |
|
482 |
|
272 |
|
482 |
|
|
|
|
|
|
|
|
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|
Net income |
|
1,056 |
|
1,076 |
|
2,828 |
|
3,766 |
Adjustment for non-cash items: |
|
|
|
|
|
|
|
|
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Depreciation and depletion |
|
250 |
|
210 |
|
1,110 |
|
761 |
|
(Gain)/loss on asset sales |
|
(90) |
|
(8) |
|
(150) |
|
(94) |
|
Deferred income taxes and other |
|
206 |
|
330 |
|
482 |
|
619 |
Changes in operating assets and
liabilities |
|
237 |
|
39 |
|
(978) |
|
(372) |
Cash flows from (used in) operating
activities |
|
1,659 |
|
1,647 |
|
3,292 |
|
4,680 |
|
|
|
|
|
|
|
|
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|
Cash flows from (used in) investing
activities |
|
(1,434) |
|
(1,632) |
|
(7,735) |
|
(5,238) |
|
Proceeds from asset sales |
|
92 |
|
17 |
|
160 |
|
226 |
|
|
|
|
|
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Cash flows from (used in) financing
activities |
|
(29) |
|
(2) |
|
4,233 |
|
(162) |
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Attachment III |
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IMPERIAL OIL
LIMITED |
FOURTH QUARTER
2013 |
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Fourth
Quarter |
|
Twelve
Months |
millions of Canadian
dollars |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
Net income (U.S.
GAAP) |
|
|
|
|
|
|
|
|
|
Upstream |
|
411 |
|
488 |
|
1,712 |
|
1,888 |
|
Downstream |
|
625 |
|
549 |
|
1,052 |
|
1,772 |
|
Chemical |
|
46 |
|
44 |
|
162 |
|
165 |
|
Corporate and other |
|
(26) |
|
(5) |
|
(98) |
|
(59) |
|
Net income |
|
1,056 |
|
1,076 |
|
2,828 |
|
3,766 |
|
|
|
|
|
|
|
|
|
|
Revenues and other
income |
|
|
|
|
|
|
|
|
|
Upstream |
|
2,396 |
|
2,210 |
|
10,187 |
|
8,830 |
|
Downstream |
|
6,725 |
|
6,996 |
|
27,487 |
|
27,761 |
|
Chemical |
|
376 |
|
390 |
|
1,574 |
|
1,601 |
|
Eliminations/Other |
|
(1,134) |
|
(1,792) |
|
(6,319) |
|
(7,004) |
|
Total |
|
8,363 |
|
7,804 |
|
32,929 |
|
31,188 |
|
|
|
|
|
|
|
|
|
|
Purchases of crude
oil and products |
|
|
|
|
|
|
|
|
|
Upstream |
|
748 |
|
702 |
|
3,778 |
|
3,056 |
|
Downstream |
|
4,840 |
|
5,243 |
|
21,628 |
|
21,316 |
|
Chemical |
|
239 |
|
265 |
|
1,065 |
|
1,115 |
|
Eliminations |
|
(1,132) |
|
(1,791) |
|
(6,316) |
|
(7,011) |
|
Purchases of crude oil and products |
|
4,695 |
|
4,419 |
|
20,155 |
|
18,476 |
|
|
|
|
|
|
|
|
|
|
Production and
manufacturing expenses |
|
|
|
|
|
|
|
|
|
Upstream |
|
881 |
|
741 |
|
3,389 |
|
2,704 |
|
Downstream |
|
383 |
|
372 |
|
1,695 |
|
1,569 |
|
Chemical |
|
53 |
|
47 |
|
210 |
|
185 |
|
Eliminations |
|
(3) |
|
(1) |
|
(6) |
|
(1) |
|
Production and manufacturing expenses |
|
1,314 |
|
1,159 |
|
5,288 |
|
4,457 |
|
|
|
|
|
|
|
|
|
|
Capital and
exploration expenditures |
|
|
|
|
|
|
|
|
|
Upstream |
|
1,483 |
|
1,725 |
|
7,755 |
|
5,518 |
|
Downstream |
|
59 |
|
60 |
|
187 |
|
140 |
|
Chemical |
|
3 |
|
1 |
|
9 |
|
4 |
|
Corporate and other |
|
22 |
|
7 |
|
69 |
|
21 |
|
Capital and exploration expenditures |
|
1,567 |
|
1,793 |
|
8,020 |
|
5,683 |
|
|
|
|
|
|
|
|
|
|
|
Exploration expenses charged to income included above |
|
49 |
|
16 |
|
123 |
|
83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment IV |
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED |
FOURTH QUARTER
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating statistics |
|
Fourth
Quarter |
|
Twelve
Months |
|
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
Gross crude oil and Natural Gas Liquids (NGL)
production |
|
|
|
|
|
|
|
|
(thousands of barrels per day) |
|
|
|
|
|
|
|
|
|
Cold Lake |
|
155 |
|
155 |
|
153 |
|
154 |
|
Syncrude |
|
77 |
|
75 |
|
67 |
|
72 |
|
Conventional |
|
22 |
|
20 |
|
21 |
|
20 |
|
Kearl |
|
37 |
|
- |
|
16 |
|
- |
|
Total crude oil production |
|
291 |
|
250 |
|
257 |
|
246 |
|
NGLs available for sale |
|
4 |
|
4 |
|
4 |
|
4 |
|
Total crude oil and NGL production |
|
295 |
|
254 |
|
261 |
|
250 |
|
|
|
|
|
|
|
|
|
|
Gross natural gas production (millions of
cubic feet per day) |
|
204 |
|
187 |
|
201 |
|
192 |
|
|
|
|
|
|
|
|
|
|
Gross oil-equivalent production (a) |
|
|
|
|
|
|
|
|
(thousands of oil-equivalent barrels per day) |
|
329 |
|
285 |
|
295 |
|
282 |
|
|
|
|
|
|
|
|
|
|
Net crude oil and NGL production (thousands
of barrels per day) |
|
|
|
|
|
|
|
|
Cold Lake |
|
132 |
|
133 |
|
127 |
|
123 |
|
Syncrude |
|
72 |
|
75 |
|
65 |
|
69 |
|
Conventional |
|
18 |
|
15 |
|
17 |
|
15 |
|
Kearl |
|
33 |
|
- |
|
15 |
|
- |
|
Total crude oil production |
|
255 |
|
223 |
|
224 |
|
207 |
|
NGLs available for sale |
|
4 |
|
3 |
|
3 |
|
3 |
|
Total crude oil and NGL production |
|
259 |
|
226 |
|
227 |
|
210 |
|
|
|
- |
|
|
|
- |
|
|
Net natural gas production (millions of
cubic feet per day) |
|
195 |
|
192 |
|
189 |
|
195 |
|
|
|
|
|
|
|
|
|
|
Net oil-equivalent production (a) |
|
|
|
|
|
|
|
|
(thousands of oil-equivalent barrels per day) |
|
292 |
|
258 |
|
259 |
|
243 |
|
|
|
|
|
|
|
|
|
|
Cold Lake blend sales (thousands of barrels
per day) |
|
203 |
|
206 |
|
202 |
|
201 |
Kearl blend sales (thousands of barrels per
day) |
|
52 |
|
- |
|
17 |
|
- |
NGL sales (thousands of barrels
per day) |
|
9 |
|
8 |
|
9 |
|
8 |
Natural gas sales (millions of
cubic feet per day) |
|
165 |
|
159 |
|
167 |
|
177 |
|
|
|
|
|
|
|
|
|
|
Average realizations (Canadian dollars) |
|
|
|
|
|
|
|
|
|
Conventional crude oil realizations (per barrel) |
|
77.94 |
|
76.47 |
|
82.41 |
|
77.19 |
|
NGL realizations (per barrel) |
|
47.53 |
|
37.24 |
|
39.26 |
|
42.06 |
|
Natural gas realizations (per thousand cubic feet) |
|
3.45 |
|
2.95 |
|
3.27 |
|
2.33 |
|
Synthetic oil realizations (per barrel) |
|
91.65 |
|
90.90 |
|
99.69 |
|
92.48 |
|
Bitumen realizations (per barrel) |
|
53.31 |
|
55.90 |
|
60.57 |
|
59.76 |
|
|
|
|
|
|
|
|
|
|
Refinery throughput (b) (thousands of
barrels per day) |
|
387 |
|
468 |
|
426 |
|
435 |
Refinery capacity utilization (b)
(percent) |
|
92 |
|
92 |
|
88 |
|
86 |
|
|
|
|
|
|
|
|
|
|
Petroleum product sales (thousands of
barrels per day) |
|
|
|
|
|
|
|
|
|
Gasolines (Mogas) |
|
229 |
|
223 |
|
223 |
|
221 |
|
Heating, diesel and jet fuels (Distillates) |
|
172 |
|
160 |
|
160 |
|
151 |
|
Heavy fuel oils (HFO) |
|
21 |
|
31 |
|
29 |
|
30 |
|
Lube oils and other products (Other) |
|
39 |
|
47 |
|
42 |
|
43 |
|
Net petroleum products sales |
|
461 |
|
461 |
|
454 |
|
445 |
|
|
|
|
|
|
|
|
|
|
Petrochemical sales (thousands of
tonnes) |
|
215 |
|
264 |
|
940 |
|
1,044 |
|
|
|
|
|
|
|
|
|
|
(a) |
Gas converted to oil-equivalent at 6 million cubic feet = 1
thousand barrels |
(b) |
Refinery operations at the Dartmouth refinery were discontinued
on September 16, 2013. Capacity utilization is calculated based on
the number of days the refineries were operated as a refinery in
2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment V |
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED |
FOURTH 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 |
Fourth Quarter |
|
1,056 |
|
|
|
|
|
1.25 |
Year |
|
2,828 |
|
|
|
|
|
3.34 |
SOURCE Imperial Oil Limited