- Comprehensive company response to northern Alberta wildfires
- Wildfires reduced production by 60,000 barrels per day and net
income by $170 million
- Completed major planned maintenance at two refineries, reducing
throughput 163,000 barrels per day
CALGARY, July 29, 2016 /CNW/ -
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
quarter
|
|
Six
months
|
(millions of Canadian dollars, unless
noted)
|
2016
|
2015
|
%
|
|
2016
|
2015
|
%
|
Net income (loss) (U.S.
GAAP)
|
(181)
|
120
|
(251)
|
|
(282)
|
541
|
(152)
|
Net income (loss) per common
share
|
(0.21)
|
0.14
|
(251)
|
|
(0.33)
|
0.64
|
(152)
|
|
-
assuming dilution
(dollars)
|
|
Capital and exploration
expenditures
|
335
|
819
|
(59)
|
|
743
|
1,869
|
(60)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Imperial's second quarter results were significantly impacted by
wildfires in the Fort McMurray,
Alberta area and by major planned maintenance activities at
two refineries and its oil sands mines.
"Imperial conducted a comprehensive and rapid response to the
wildfires in northern Alberta,
managing dual priorities of assisting first responders and impacted
community members while protecting our workforce and facilities,"
said Rich Kruger, chairman,
president and chief executive officer.
The company provided accommodation for hundreds of displaced
residents and safely evacuated more than 3,300 people by air.
Additionally, Imperial donated $100,000 to the Canadian Red Cross, provided
20,000 litres of gasoline to the Royal Canadian Mounted Police and
distributed Esso fuel discount cards to evacuees.
"Although our facilities were not damaged by the wildfires,
operationally both Kearl and Syncrude were significantly impacted.
Kearl production was shutdown periodically in May due to inbound
and outbound pipeline constraints. Syncrude operations were halted
in early May, the first complete shutdown in the site's nearly
40-year history, with a staged restart of operations in mid-June,"
Kruger said.
Operations in the quarter were further impacted by planned
maintenance activities at Kearl, Syncrude and at the Strathcona and Nanticoke refineries. This planned maintenance
reduced liquids production by an estimated 40,000 barrels per day
(Imperial's share) and reduced refinery throughput by an estimated
163,000 barrels per day in the quarter. As a result, earnings
decreased by an estimated $85 million
compared to the same quarter in 2015.
The company recorded an estimated loss of $181 million in the second quarter of 2016 or
$0.21 per share, as compared with net
income of $120 million or
$0.14 per share for the comparable
period in 2015. This reduction was due to lower global crude prices
and operational impacts from the wildfires and maintenance
activities.
In the current challenging business environment Imperial
continues to focus on what it can control. In the first half of
2016, upstream unit costs were reduced 18 percent compared to the
first half of 2015 and capital expenditures of $743 million were down more than $1.1 billion. The company will continue to reduce
operating costs while maintaining the operational integrity of its
assets and, recognizing ongoing uncertainties in the business
environment, it will continue to scrutinize all discretionary
capital investments.
Second quarter highlights
- Net loss of $181 million or
$0.21 per share on a diluted
basis, down from net income of $120
million or $0.14 per share in
the second quarter of 2015. Wildfires in northern Alberta significantly impacted results in the
quarter, reducing net income by an estimated $170 million.
- Production averaged 329,000 gross oil-equivalent barrels per
day, compared to 344,000 barrels per day in the same period of
2015. The Alberta wildfires
reduced production by approximately 60,000 barrels per day in the
current quarter. Excluding the impact of wildfires, second quarter
2016 production would have increased by 45,000 barrels per day or
13 percent.
- Refinery throughput averaged 246,000 barrels per day,
compared to 373,000 barrels in the second quarter of 2015. Major
planned maintenance activities were completed at Strathcona and Nanticoke, consistent with historic practice.
Throughput was reduced by an estimated 163,000 barrels per day
associated with these activities.
- Petroleum product sales were 470,000 barrels per day,
compared to 478,000 barrels per day in the second quarter of 2015.
Imperial continued to focus on ensuring a reliable supply of
products to its customers despite wildfire and planned maintenance
impacts.
- Cash generated from operating activities was $443 million, an increase of $66 million from the second quarter of 2015.
Positive working capital effects offset lower earnings. Cash
generated from operations was reduced by an estimated $195 million as a result of the Alberta wildfires.
- Capital and exploration expenditures totalled $335 million, a decrease of $484 million from the second quarter of 2015.
First-half expenditures of $743
million were down more than $1.1
billion associated with the completion of major upstream
growth projects and increased selectivity of investments.
- Kearl bitumen production averaged 155,000 barrels per day in
the quarter (110,000 barrels Imperial's share) up from 130,000
barrels per day in the second quarter of 2015 (92,000 barrels
Imperial's share). Combined wildfire and planned maintenance
impacts reduced production by an estimated 64,000 barrels per day
(45,000 barrels Imperial's share). Kearl facilities did not sustain
any physical damage as a result of the wildfires and normal
operations resumed by the end of May.
- Cold Lake bitumen
production averaged 163,000 barrels per day in the quarter, up
from 161,000 barrels per day in the same quarter of 2015. Increased
production from Nabiye was partially offset by cycle timing in the
base operation. The wildfires did not impact Cold Lake operations.
- Syncrude production averaged 18,000 barrels per day in the
second quarter (Imperial's share), compared to 52,000 barrels
per day in the same period of 2015. Wildfire and planned
maintenance impacts reduced production by an estimated 54,000
barrels per day. As a result of the wildfires, Syncrude completed a
controlled shutdown of all facilities in early May, the first
complete shutdown in its nearly 40-year history. A staged re-start
commenced in mid-June and planned maintenance work, suspended due
to the wildfires, was completed. A return to normal operations
occurred in July.
- Mackenzie gas project regulatory approval extended by seven
years. The National Energy Board (NEB) granted Imperial's
request to extend the pipeline construction permit to the end of
2022. The extension will allow time to assess whether changes in
the North American natural gas market, including the potential
impact of proposed LNG projects, will support the development of
Mackenzie Delta gas reserves. The NEB decision is subject to
approval by the Government of Canada.
- Imperial conducted a comprehensive and rapid response to
wildfires in northern Alberta,
including a $100,000 donation to the
Canadian Red Cross, a donation of 20,000 litres of gasoline to the
Royal Canadian Mounted Police, $10,000 in Esso fuel discount cards distributed
to evacuees, accommodations for hundreds of displaced residents and
firefighters and safe air transportation for more than 3,300
evacuees, including residents from Fort
McMurray.
Second quarter 2016 vs. second quarter 2015
The company's net loss for the second quarter of 2016 was
$181 million or $0.21 per share on a diluted basis, compared to
net income of $120 million or
$0.14 per share for the same period
last year. Wildfires in northern Alberta significantly impacted results in the
quarter, reducing net income by about $170
million.
Upstream recorded a net loss in the second quarter of
$290 million, compared to a net loss
of $174 million in the same period of
2015. Results in the second quarter of 2016 reflected lower
realizations of about $500 million,
the impact of the northern Alberta
wildfires on Syncrude and Kearl operations of about $155 million and higher depreciation expense of
about $50 million. These factors were
partially offset by higher Kearl and Cold
Lake volumes of about $105
million, the impact of a weaker Canadian dollar of about
$65 million and the favourable impact
of lower royalties of about $50
million. Earnings in the second quarter of 2015 reflected
the impact associated with increased Alberta corporate income taxes of about
$327 million.
West Texas Intermediate (WTI) averaged US$45.64 per barrel in the second quarter of
2016, down from US$57.90 per barrel
in the same quarter of 2015. Western Canada Select (WCS) averaged
US$32.36 per barrel and US$46.41 per barrel respectively for the same
periods. The WTI / WCS differential widened to 29 percent in the
second quarter of 2016, from 20 percent in the same period of
2015.
During the second quarter of 2016, the Canadian dollar weakened
relative to the U.S. dollar versus the same period of 2015. The
Canadian dollar averaged US$0.78 in
the second quarter of 2016, a decrease of US$0.03 from the second quarter of 2015.
Imperial's average Canadian dollar realizations for bitumen and
synthetic crudes declined essentially in line with the North
American benchmarks, adjusted for changes in the exchange rate and
transportation costs. Bitumen realizations averaged $29.45 per barrel for the second quarter of 2016,
a decrease of $19.71 per barrel
versus the second quarter of 2015. Synthetic crude realizations
averaged $58.58 per barrel, a
decrease of $16.62 per barrel for the
same period of 2015.
Gross production of Cold Lake
bitumen averaged 163,000 barrels per day in the second quarter, up
from 161,000 barrels in the same period last year. Incremental
volumes from Nabiye offset cycle timing in the base operation.
Gross production of Kearl bitumen averaged 155,000 barrels per
day in the second quarter (110,000 barrels Imperial's share) up
from 130,000 barrels per day (92,000 barrels Imperial's share)
during the second quarter of 2015. Kearl production was reduced in
the current quarter by 64,000 barrels per day (45,000 Imperial's
share) due to the Alberta
wildfires and planned maintenance activities.
The company's share of gross production from Syncrude averaged
18,000 barrels per day, compared to 52,000 barrels in the second
quarter of 2015. Syncrude production was reduced in the current
quarter by 54,000 barrels per day due to the Alberta wildfires and planned maintenance
activities.
Downstream net income was $71
million in the second quarter, compared to $215 million in the same period of 2015. Earnings
decreased mainly due to the impact of higher refinery turnarounds
of about $115 million and lower
industry margins of about $45
million.
Refinery throughput averaged 246,000 barrels per day, compared
to 373,000 barrels in the second quarter of 2015. The decrease was
mainly associated with planned turnaround activity at the
Strathcona and Nanticoke refineries. Excluding the impact of
the planned turnarounds, capacity utilization averaged 97
percent.
Petroleum product sales were 470,000 barrels per day, compared
to 478,000 barrels per day in the second quarter of 2015.
Chemical net income was $55
million in the second quarter, compared to $69 million in the same quarter of 2015.
Net income effects from Corporate and Other were negative
$17 million in the second quarter,
compared to positive $10 million in
the same period of 2015.
Cash flow generated from operating activities was $443 million in the second quarter, compared with
$377 million in the corresponding
period in 2015. Positive working capital effects offset the lower
earnings.
Investing activities used net cash of $297 million in the second quarter, compared with
$724 million in the same period of
2015, reflecting the completion of major upstream growth
projects.
Cash used in financing activities was $106 million in the second quarter, compared with
cash from financing activities of $315
million in the second quarter of 2015. Dividends paid in the
second quarter of 2016 were $118
million. The per-share dividend paid in the second quarter
was $0.14, up from $0.13 in the same period of 2015.
The company's cash balance was $195
million at June 30, 2016,
versus $28 million at the end of the
second quarter of 2015.
Six months highlights
- Net loss of $282 million,
compared to net income of $541
million in the prior year.
- Net loss per common share on a diluted basis was $0.33 compared to net income per common share of
$0.64 in 2015.
- Cash flow generated from operating activities was $492 million, versus $658
million in 2015.
- Gross oil-equivalent barrels of production averaged 376,000
barrels per day, up 11 percent from 339,000 barrels from the same
period in 2015.
- Refinery throughput averaged 323,000 barrels per day, compared
to 383,000 barrels in the same period of 2015.
- Per-share dividends declared during the year totalled
$0.29, up $0.03 per-share from 2015.
Six months 2016 vs. six months 2015
Net loss in the first six months of 2016 was $282 million, or $0.33 per share on a diluted basis, versus net
income of $541 million or
$0.64 per share for the first six
months of 2015.
Upstream recorded a net loss of $738
million for the first six months of 2016, compared to a net
loss of $363 million for the same
period last year. The loss in 2016 reflected lower realizations of
about $870 million, the impact of the
northern Alberta wildfires on
Syncrude and Kearl operations of about $155
million and higher depreciation expense of about
$105 million. These factors were
partially offset by the impact of a weaker Canadian dollar of about
$135 million, higher Kearl and
Cold Lake volumes of about
$130 million, the favourable impact
of lower royalties of about $80
million and lower energy cost of about $60 million. Earnings in the second quarter of
2015 reflected the impact associated with increased Alberta corporate income taxes of about
$327 million.
West Texas Intermediate averaged US$39.78 per barrel in the first six months of
2016, down from US$53.35 per barrel
in the same period last year. Western Canada Select averaged
US$25.88 per barrel and US$40.14 per barrel respectively for the same
periods. The WTI / WCS differential widened to 35 percent in the
first six months of 2016, from 25 percent in the same period of
2015.
During the first six months of 2016, the Canadian dollar
weakened relative to the U.S. dollar versus the same period of
2015. The Canadian dollar averaged US$0.75 in the first six months of 2016, a
decrease of US$0.06 from the same
period of 2015.
Imperial's average Canadian dollar realizations for bitumen and
synthetic crudes declined essentially in line with the North
American benchmarks, adjusted for changes in the exchange rate and
transportation costs. Bitumen realizations averaged $20.76 per barrel for the first six months of
2016, a decrease of $18.39 per barrel
versus the same period of 2015. Synthetic crude realizations
averaged $48.59 per barrel, a
decrease of $15.30 per barrel for the
same period of 2015.
Gross production of Cold Lake
bitumen averaged 164,000 barrels per day in the first six months,
up from 156,000 barrels from the same period last year, primarily
due to Nabiye production.
Gross production of Kearl bitumen averaged 175,000 barrels per
day in the first six months of 2016 (124,000 barrels Imperial's
share) up from 113,000 barrels per day (80,000 barrels Imperial's
share). The increase was the result of the start-up of the
expansion project and improved reliability of the initial
development. Kearl production was reduced by 32,000 barrels per day
(23,000 Imperial's share) due to the Alberta wildfires and planned maintenance
activities.
During the first six months of 2016, the company's share of
gross production from Syncrude averaged 49,000 barrels per day,
compared to 63,000 barrels from the same period of 2015. Syncrude
production was reduced by 13,000 barrels per day due to the
Alberta wildfires and planned
maintenance activities.
Downstream net income was $391
million, compared to $780
million from the same period of 2015. Earnings decreased due
to the impact of lower downstream margins of about $480 million and higher refinery turnarounds of
about $115 million. These factors
were partially offset by the impact of a weaker Canadian dollar of
about $130 million and lower fuels
marketing operating costs of about $50
million.
Refinery throughput averaged 323,000 barrels per day in the
first six months of 2016, compared to 383,000 barrels in the same
period of 2015. Capacity utilization decreased to 77 percent from
91 percent in the same period of 2015. The lower utilization
reflected higher turnaround activity in 2016.
Petroleum product sales were 469,000 barrels per day in the
first six months of 2016, compared to 476,000 barrels per day in
the same period of 2015.
Chemical net income was $104
million, compared to $135
million in the same period of 2015.
For the first six months of 2016, net income effects from
Corporate and Other were negative $39
million, versus negative $11
million in 2015.
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 impacts; availability
and allocation of capital; currency exchange rates; 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. Imperial
undertakes no obligation to update any forward-looking statements
contained herein, except as required by applicable law.
The term "project" as used in this release can refer to a
variety of different activities and does not necessarily have the
same meaning as in any government payment transparency
reports.
|
|
|
|
|
Attachment
I
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Six
Months
|
millions of Canadian dollars, unless
noted
|
2016
|
2015
|
|
2016
|
2015
|
|
|
|
|
|
|
|
|
Net Income (loss) (U.S.
GAAP)
|
|
|
|
|
|
|
Total revenues and other
income
|
6,248
|
7,301
|
|
11,470
|
13,504
|
|
Total
expenses
|
6,500
|
6,705
|
|
11,871
|
12,347
|
|
Income (loss) before income
taxes
|
(252)
|
596
|
|
(401)
|
1,157
|
|
Income
taxes
|
(71)
|
476
|
|
(119)
|
616
|
|
Net income
(loss)
|
(181)
|
120
|
|
(282)
|
541
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share
(dollars)
|
(0.21)
|
0.14
|
|
(0.33)
|
0.64
|
|
Net income (loss) per common share - assuming
dilution
(dollars)
|
(0.21)
|
0.14
|
|
(0.33)
|
0.64
|
|
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
|
Federal excise tax included in operating
revenues
|
415
|
387
|
|
803
|
764
|
|
|
|
|
|
|
|
|
|
Gain (loss) on asset sales, after
tax
|
10
|
17
|
|
34
|
40
|
|
|
|
|
|
|
|
|
|
Total assets at June
30
|
|
|
|
43,244
|
42,834
|
|
|
|
|
|
|
|
|
|
Total debt at June
30
|
|
|
|
8,908
|
7,984
|
|
Interest coverage ratio - earnings basis (times
covered)
|
|
|
|
4.0
|
39.5
|
|
|
|
|
|
|
|
|
|
Other long-term obligations at June
30
|
|
|
|
3,455
|
3,973
|
|
|
|
|
|
|
|
|
|
Shareholders' equity at June
30
|
|
|
|
23,072
|
22,759
|
|
Capital employed at June
30
|
|
|
|
31,998
|
30,761
|
|
Return on average capital employed (percent)
(a)
|
|
|
|
1.1
|
7.2
|
|
|
|
|
|
|
|
|
|
Dividends declared on common
stock
|
|
|
|
|
|
|
|
Total
|
127
|
110
|
|
246
|
220
|
|
|
Per common share
(dollars)
|
0.15
|
0.13
|
|
0.29
|
0.26
|
|
|
|
|
|
|
|
|
|
Millions of common shares
outstanding
|
|
|
|
|
|
|
|
At June
30
|
|
|
|
847.6
|
847.6
|
|
|
Average - assuming
dilution
|
850.6
|
850.7
|
|
850.5
|
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.
|
|
|
|
|
|
|
|
|
Attachment
II
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Six
Months
|
millions of Canadian
dollars
|
2016
|
2015
|
|
2016
|
2015
|
|
|
|
|
|
|
Total cash and cash equivalents at period
end
|
195
|
28
|
|
195
|
28
|
|
|
|
|
|
|
Net income
(loss)
|
(181)
|
120
|
|
(282)
|
541
|
Adjustments for non-cash
items:
|
|
|
|
|
|
|
Depreciation and
depletion
|
407
|
335
|
|
831
|
652
|
|
(Gain) loss on asset
sales
|
(13)
|
(25)
|
|
(43)
|
(51)
|
|
Deferred income taxes and
other
|
(98)
|
254
|
|
(180)
|
272
|
Changes in operating assets and
liabilities
|
328
|
(307)
|
|
166
|
(756)
|
Cash flows from (used in) operating
activities
|
443
|
377
|
|
492
|
658
|
|
|
|
|
|
|
Cash flows from (used in) investing
activities
|
(297)
|
(724)
|
|
(655)
|
(1,726)
|
|
Proceeds associated with asset
sales
|
17
|
65
|
|
50
|
90
|
|
|
|
|
|
|
Cash flows from (used in) financing
activities
|
(106)
|
315
|
|
155
|
881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
III
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Six
Months
|
millions of Canadian
dollars
|
2016
|
2015
|
|
2016
|
2015
|
|
|
|
|
|
|
Net income (loss) (U.S.
GAAP)
|
|
|
|
|
|
|
Upstream
|
(290)
|
(174)
|
|
(738)
|
(363)
|
|
Downstream
|
71
|
215
|
|
391
|
780
|
|
Chemical
|
55
|
69
|
|
104
|
135
|
|
Corporate and
other
|
(17)
|
10
|
|
(39)
|
(11)
|
|
Net income
(loss)
|
(181)
|
120
|
|
(282)
|
541
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
Upstream
|
1,733
|
2,517
|
|
3,211
|
4,329
|
|
Downstream
|
4,790
|
5,459
|
|
8,984
|
10,414
|
|
Chemical
|
317
|
373
|
|
615
|
722
|
|
Eliminations /
Other
|
(592)
|
(1,048)
|
|
(1,340)
|
(1,961)
|
|
Total
|
6,248
|
7,301
|
|
11,470
|
13,504
|
|
|
|
|
|
|
Purchases of crude oil and
products
|
|
|
|
|
|
|
Upstream
|
905
|
1,070
|
|
1,723
|
1,908
|
|
Downstream
|
3,555
|
4,071
|
|
6,312
|
7,266
|
|
Chemical
|
171
|
205
|
|
330
|
387
|
|
Eliminations
|
(590)
|
(1,051)
|
|
(1,338)
|
(1,961)
|
|
Purchases of crude oil and
products
|
4,041
|
4,295
|
|
7,027
|
7,600
|
|
|
|
|
|
|
Production and manufacturing
expenses
|
|
|
|
|
|
|
Upstream
|
838
|
953
|
|
1,747
|
1,903
|
|
Downstream
|
421
|
392
|
|
736
|
748
|
|
Chemical
|
51
|
50
|
|
98
|
103
|
|
Eliminations
|
-
|
-
|
|
-
|
-
|
|
Production and manufacturing
expenses
|
1,310
|
1,395
|
|
2,581
|
2,754
|
|
|
|
|
|
|
|
Capital and exploration
expenditures
|
|
|
|
|
|
|
Upstream
|
250
|
704
|
|
596
|
1,594
|
|
Downstream
|
64
|
96
|
|
107
|
221
|
|
Chemical
|
8
|
4
|
|
14
|
16
|
|
Corporate and
other
|
13
|
15
|
|
26
|
38
|
|
Capital and exploration
expenditures
|
335
|
819
|
|
743
|
1,869
|
|
|
|
|
|
|
|
Exploration expenses charged to income included
above
|
42
|
16
|
|
59
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
IV
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics
|
Second
Quarter
|
|
Six
Months
|
|
2016
|
2015
|
|
2016
|
2015
|
|
|
|
|
|
|
Gross crude oil and Natural Gas Liquids (NGL)
production
|
|
|
|
|
|
(thousands of barrels per
day)
|
|
|
|
|
|
|
Cold
Lake
|
163
|
161
|
|
164
|
156
|
|
Kearl
|
110
|
92
|
|
124
|
80
|
|
Syncrude
|
18
|
52
|
|
49
|
63
|
|
Conventional
|
15
|
15
|
|
15
|
15
|
|
Total crude oil
production
|
306
|
320
|
|
352
|
314
|
|
NGLs available for
sale
|
1
|
2
|
|
2
|
2
|
|
Total crude oil and NGL
production
|
307
|
322
|
|
354
|
316
|
|
|
|
|
|
|
Gross natural gas production (millions of
cubic feet per
day)
|
129
|
134
|
|
129
|
140
|
|
|
|
|
|
|
Gross oil-equivalent production
(a)
|
329
|
344
|
|
376
|
339
|
(thousands of oil-equivalent barrels per
day)
|
|
|
|
|
|
|
|
|
|
|
|
Net crude oil and NGL production (thousands of
barrels per
day)
|
|
|
|
|
|
|
Cold
Lake
|
132
|
142
|
|
139
|
140
|
|
Kearl
|
109
|
90
|
|
123
|
78
|
|
Syncrude
|
18
|
45
|
|
49
|
57
|
|
Conventional
|
13
|
13
|
|
13
|
14
|
|
Total crude oil
production
|
272
|
290
|
|
324
|
289
|
|
NGLs available for
sale
|
1
|
1
|
|
1
|
1
|
|
Total crude oil and NGL
production
|
273
|
291
|
|
325
|
290
|
|
|
|
|
|
|
Net natural gas production (millions of cubic
feet per
day)
|
127
|
119
|
|
127
|
131
|
|
|
|
|
|
|
Net oil-equivalent production
(a)
|
294
|
311
|
|
346
|
312
|
(thousands of oil-equivalent barrels per
day)
|
|
|
|
|
|
|
|
|
|
|
|
Cold Lake blend sales (thousands of barrels
per
day)
|
219
|
218
|
|
220
|
212
|
Kearl blend sales (thousands of barrels per
day)
|
157
|
107
|
|
168
|
95
|
NGL sales (thousands of barrels per
day)
|
5
|
6
|
|
5
|
6
|
|
|
|
|
|
|
Average realizations (Canadian
dollars)
|
|
|
|
|
|
|
Bitumen realizations (per
barrel)
|
29.45
|
49.16
|
|
20.76
|
39.15
|
|
Synthetic oil realizations (per
barrel)
|
58.58
|
75.20
|
|
48.59
|
63.89
|
|
Conventional crude oil realizations (per
barrel)
|
36.04
|
48.43
|
|
30.22
|
37.67
|
|
NGL realizations (per
barrel)
|
13.70
|
8.57
|
|
14.10
|
17.17
|
|
Natural gas realizations (per thousand cubic
feet)
|
1.58
|
1.83
|
|
1.98
|
2.71
|
|
|
|
|
|
|
Refinery throughput (thousands of barrels per
day)
|
246
|
373
|
|
323
|
383
|
Refinery capacity utilization
(percent)
|
58
|
89
|
|
77
|
91
|
|
|
|
|
|
|
Petroleum product sales (thousands of barrels
per
day)
|
|
|
|
|
|
|
Gasolines
(mogas)
|
263
|
248
|
|
255
|
241
|
|
Heating, diesel and jet fuels
(distillates)
|
158
|
163
|
|
164
|
175
|
|
Heavy fuel oils
(HFO)
|
8
|
15
|
|
13
|
17
|
|
Lube oils and other products
(other)
|
41
|
52
|
|
37
|
43
|
|
Net petroleum products
sales
|
470
|
478
|
|
469
|
476
|
|
|
|
|
|
|
Petrochemical sales (thousands of
tonnes)
|
232
|
242
|
|
462
|
467
|
|
|
|
|
|
|
(a)
|
Gas converted to oil-equivalent at six million cubic
feet per one thousand
barrels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
V
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per
|
|
Net income (loss) (U.S.
GAAP)
|
|
common share -
diluted
|
|
(millions of Canadian
dollars)
|
|
|
(dollars)
|
|
|
|
|
2012
|
|
|
|
|
|
First
Quarter
|
1,015
|
|
|
|
1.19
|
Second
Quarter
|
635
|
|
|
|
0.75
|
Third
Quarter
|
1,040
|
|
|
|
1.22
|
Fourth
Quarter
|
1,076
|
|
|
|
1.26
|
Year
|
3,766
|
|
|
|
4.42
|
|
|
|
|
2013
|
|
|
|
|
|
First
Quarter
|
798
|
|
|
|
0.94
|
Second
Quarter
|
327
|
|
|
|
0.38
|
Third
Quarter
|
647
|
|
|
|
0.76
|
Fourth
Quarter
|
1,056
|
|
|
|
1.24
|
Year
|
2,828
|
|
|
|
3.32
|
|
|
|
|
2014
|
|
|
|
|
|
First
Quarter
|
946
|
|
|
|
1.11
|
Second
Quarter
|
1,232
|
|
|
|
1.45
|
Third
Quarter
|
936
|
|
|
|
1.10
|
Fourth
Quarter
|
671
|
|
|
|
0.79
|
Year
|
3,785
|
|
|
|
4.45
|
|
|
|
|
2015
|
|
|
|
|
|
First
Quarter
|
421
|
|
|
|
0.50
|
Second
Quarter
|
120
|
|
|
|
0.14
|
Third
Quarter
|
479
|
|
|
|
0.56
|
Fourth
Quarter
|
102
|
|
|
|
0.12
|
Year
|
1,122
|
|
|
|
1.32
|
|
|
|
|
2016
|
|
|
|
|
|
First
Quarter
|
(101)
|
|
|
|
(0.12)
|
Second
Quarter
|
(181)
|
|
|
|
(0.21)
|
|
(282)
|
|
|
|
(0.33)
|
|
|
|
|
|
|
|
|
|
|
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