- Production up 26 percent, liquids at record 399,000 barrels per
day
- Upstream unit cash costs reduced by 25 percent
- Sale of company-owned retail stations proceeding for
$2.8 billion
CALGARY, April 29, 2016 /CNW/ -
|
|
|
|
|
|
|
First
quarter |
(millions of dollars, unless noted) |
|
2016 |
|
|
|
2015 |
% |
|
|
|
|
|
|
|
|
Net income (loss) (U.S. GAAP) |
|
(101) |
|
|
|
421 |
(124) |
Net income (loss) per common share - assuming dilution
(dollars) |
|
(0.12) |
|
|
|
0.50 |
(124) |
Capital and exploration expenditures |
|
408 |
|
|
|
1,050 |
(61) |
|
|
|
|
|
|
|
|
In what continues to be a challenging business environment, the
company made significant progress on strategic priorities.
Specifically, we delivered upstream production growth, achieving a
quarterly record for liquids production, and we increased refinery
throughput, maximizing the value of existing assets. We also
announced the sale of our remaining company-owned retail sites,
completing the conversion to a branded wholesaler operating model.
The transactions, valued at $2.8
billion, are expected to close throughout the remainder of
2016, subject to regulatory approvals.
The company recorded an estimated loss of $101 million in the first quarter of 2016, or
$0.12 per share, as compared with net
income of $421 million, or
$0.50 per share for the comparable
period in 2015. Sharply lower global crude prices, last experienced
more than a decade ago, drove the first quarter loss.
"Recognizing the uncertain market conditions, particularly in
the upstream, our focus remains on what we can control," said
Rich Kruger, chairman, president and
chief executive officer. "Our integrated business model and strong
balance sheet continue to support resiliency throughout the
commodity price cycle and ensure the company remains well
positioned for the future."
Imperial continues to reduce cash operating costs and increase
selectivity of capital expenditures. Upstream unit cash costs were
reduced by 25 percent, compared to the first quarter of 2015,
reflecting ongoing efforts to lower expenses while growing
production and improving reliability. Capital expenditures were
also down significantly versus 2015, associated with the successful
completion of upstream growth projects and increased scrutiny of
all discretionary investments.
Imperial's high-quality asset base, disciplined investment and
cost management, and focus on operational excellence enable it to
create long-term shareholder value despite near-term market
conditions.
First quarter highlights
- Net loss of $101 million or
$0.12 per share on a diluted
basis, down from net income of $421
million or $0.50 per share in
the first quarter of 2015.
- Production averaged 421,000 gross oil-equivalent barrels per
day, up 26 percent from 333,000 gross oil-equivalent barrels
per day in the same period of 2015. The company achieved its
highest-ever liquids production in the quarter.
- Refinery throughput averaged 398,000 barrels per day, up
from 393,000 barrels in the first quarter of 2015, due to a
continued focus on reliability. Capacity utilization increased to
94 percent.
- Petroleum product sales were 469,000 barrels per day,
compared to 474,000 barrels per day in the first quarter of 2015.
As we pursue growth in profitable Canadian markets, we continue to
hold a leading market share in all product segments
nationwide.
- Cash generated from operating activities was $49 million, a decrease of $232 million from the first quarter of 2015,
primarily due to lower earnings as a result of lower global crude
prices.
- Capital and exploration expenditures totalled $408 million, down $642 million from the first quarter of 2015,
reflecting the successful completion of upstream growth projects,
focus on capturing market related cost reductions and increased
scrutiny of discretionary investments.
- Kearl bitumen production averaged 194,000 barrels per day in
the quarter (138,000 barrels Imperial's share), more than
double the 95,000 barrels per day in the first quarter of 2015
(67,000 barrels Imperial's share). Total production was down 4
percent from the fourth quarter of 2015 as a result of maintenance
activities. Since start-up, Kearl diluted bitumen continues to be
broadly marketed and now has been processed at more than 35
refineries.
- Cold Lake bitumen
production averaged 165,000 barrels per day in the quarter, up
from 152,000 barrels per day in the same quarter of 2015, as
increased production from Nabiye was partially offset by cycle
timing in the base operation.
- Syncrude production averaged 80,000 barrels per day in the
first quarter (Imperial's share), up from 73,000 barrels per
day in the same period of 2015. Syncrude's performance was
underpinned by continued efforts to improve asset reliability. In
early April, Syncrude started a planned six-week maintenance
turnaround on one of its three coker facilities.
- Cold Lake expansion project
seeks regulatory approval. The proposed 50,000 barrels per day
in-situ facility will use proprietary solvent-assisted,
steam-assisted gravity drainage (SA-SAGD) technology to develop
bitumen resource on the existing Cold
Lake lease. The technology, successfully piloted since 2010,
is expected to reduce greenhouse gas emissions by 25 percent
compared to existing SAGD methods. A similar reduction in water use
is also expected. Subject to timely regulatory approvals and
favourable business conditions, construction could start as early
as 2019, with production commencing as early as 2022. No final
investment decision has been made at this time.
- Esso-branded distributors to purchase remaining
company-owned retail sites for $2.8
billion. Five existing distributors signed agreements to
assume ownership and operation of the remaining 497 Imperial-owned
stations. Imperial will continue to invest in growth of the Esso
brand through fuel product innovation, marketing and loyalty
programs. Once complete, the entire network of more than 1,700
Esso-branded sites will operate under the branded wholesaler
distribution model. The transactions are expected to close
throughout 2016, subject to regulatory approvals.
- Esso Medals and Certificates of Achievement program
recognizes 300,000 minor hockey players who set an example of
sportsmanship on and off the ice. This year, more than 350,000 Esso
fuel discount cards were given to families at Hockey Canada events.
In January, Imperial sponsored Calgary Hockey and Esso Minor Hockey
Week, the largest minor hockey tournament in the world, for the
37th consecutive year.
First quarter 2016 vs. first quarter 2015
The company's net loss for the first quarter of 2016 was
$101 million or $0.12 per share on a diluted basis, compared to
net income of $421 million or
$0.50 per share for the same period
last year.
Upstream recorded a net loss in the first quarter of
$448 million, compared to a net loss
of $189 million in the same period of
2015. Results in the first quarter of 2016 reflected lower
realizations of about $355 million,
partially offset by the impact of a weaker Canadian dollar of about
$70 million.
West Texas Intermediate (WTI) averaged US$33.63 per barrel in the first quarter of 2016,
down from US$48.57 per barrel in the
same quarter of 2015. Western Canada Select (WCS) averaged
US$19.30 per barrel and US$33.88 per barrel respectively for the same
periods. The WTI / WCS differential widened to 43 percent in the
first quarter of 2016 as global surplus crude barrels cleared in
the U.S. Gulf Coast.
During the first quarter of 2016, the Canadian dollar weakened
relative to the U.S. dollar largely reflecting lower crude oil
prices. The Canadian dollar averaged US$0.73 in the first quarter of 2016, a decrease
of US$0.08 from the first quarter of
2015.
The company'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 $11.92 per barrel for the first quarter of 2016,
a decrease of $15.48 per barrel
versus the first quarter of 2015. Synthetic crude realizations
averaged $46.32 per barrel, a
decrease of $9.49 per barrel for the
same period of 2015.
Gross production of Kearl bitumen averaged 194,000 barrels per
day in the first quarter (138,000 barrels Imperial's share) up from
95,000 barrels per day (67,000 barrels Imperial's share) during the
first quarter of 2015, reflecting the start-up of the Kearl
expansion project and continued improvement in reliability of the
initial development.
Gross production of Cold Lake
bitumen averaged 165,000 barrels per day in the first quarter, up
from 152,000 barrels in the same period last year. Incremental
volumes from Nabiye offset cycle timing in the base operation.
The company's share of gross production from Syncrude averaged
80,000 barrels per day, up from 73,000 barrels in the first quarter
of 2015, reflecting improved reliability of the operations.
Downstream net income was $320
million in the first quarter, compared to $565 million in the same period of 2015. Earnings
decreased mainly due to lower refinery margins of about
$395 million, partially offset by the
favourable impact of a weaker Canadian dollar of about $120 million.
Refinery throughput averaged 398,000 barrels per day, up from
393,000 barrels in the first quarter of 2015, due to a continued
focus on reliability. Capacity utilization increased to 94
percent.
Petroleum product sales were 469,000 barrels per day, compared
to 474,000 barrels per day in the first quarter of 2015.
Chemical net income was $49
million in the first quarter, compared to $66 million in the same quarter of 2015. The
decrease was due to lower margins.
Net income effects from Corporate and Other were negative
$22 million in the first quarter,
compared to negative $21 million in
the same period of 2015.
Cash flow generated from operating activities was $49 million in the first quarter, compared with
$281 million in the corresponding
period in 2015, reflecting lower earnings as a result of a decrease
in global crude prices.
Investing activities used net cash of $358 million in the first quarter, compared with
$1,002 million in the same period of
2015, reflecting the decline in additions to property, plant and
equipment.
Cash from financing activities was $261
million in the first quarter, compared with cash from
financing activities of $566 million
in the first quarter of 2015. Dividends paid in the first quarter
of 2016 were $119 million. The
per-share dividend paid in the first quarter was $0.14, up from $0.13 in the same period of 2015.
The company's cash balance was $155
million at March 31, 2016,
versus $60 million at the end of the
first quarter of 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 |
FIRST QUARTER 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
millions of Canadian dollars, unless
noted |
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
Net Income (loss) (U.S.
GAAP) |
|
|
|
|
|
|
|
|
|
Total revenues and other income |
|
|
|
|
|
5,222 |
|
6,203 |
|
Total expenses |
|
|
|
|
|
5,371 |
|
5,642 |
|
Income (loss) before income taxes
|
|
|
|
|
|
(149) |
|
561 |
|
Income taxes |
|
|
|
|
|
(48) |
|
140 |
|
Net income (loss) |
|
|
|
|
|
(101) |
|
421 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share
(dollars) |
|
|
|
|
|
(0.12) |
|
0.50 |
|
Net income (loss) per common share -
assuming dilution (dollars) |
|
|
|
|
|
(0.12) |
|
0.50 |
|
|
|
|
|
|
|
|
|
Other Financial Data |
|
|
|
|
|
|
|
|
|
Federal excise tax included in
operating revenues |
|
|
|
|
|
388 |
|
377 |
|
|
|
|
|
|
|
|
|
|
Gain (loss) on asset sales, after
tax |
|
|
|
|
|
24 |
|
23 |
|
|
|
|
|
|
|
|
|
|
Total assets at March 31 |
|
|
|
|
|
43,185 |
|
41,608 |
|
|
|
|
|
|
|
|
|
|
Total debt at March 31 |
|
|
|
|
|
8,895 |
|
7,548 |
|
Interest coverage ratio - earnings
basis |
|
|
|
|
|
|
|
|
|
|
(times covered) |
|
|
|
|
|
12.0 |
|
51.7 |
|
|
|
|
|
|
|
|
|
|
Other long-term obligations at March
31 |
|
|
|
|
|
3,475 |
|
3,784 |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity at March 31
|
|
|
|
|
|
23,346 |
|
22,707 |
|
Capital employed at March 31
|
|
|
|
|
|
32,259 |
|
30,276 |
|
Return on average capital employed
(a) |
|
|
|
|
|
|
|
|
|
|
(percent) |
|
|
|
|
|
2.0 |
|
11.3 |
|
|
|
|
|
|
|
|
|
|
Dividends declared on common
stock |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
119 |
|
110 |
|
|
Per common share (dollars) |
|
|
|
|
|
0.14 |
|
0.13 |
|
|
|
|
|
|
|
|
|
|
Millions of common shares
outstanding |
|
|
|
|
|
|
|
|
|
|
At March 31 |
|
|
|
|
|
847.6 |
|
847.6 |
|
|
Average - assuming dilution |
|
|
|
|
|
850.4 |
|
850.5 |
|
|
|
|
|
|
|
|
|
(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 |
FIRST QUARTER 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
millions of Canadian dollars |
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents at
period end |
|
|
|
|
|
155 |
|
60 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
(101) |
|
421 |
Adjustments for non-cash items: |
|
|
|
|
|
|
|
|
|
Depreciation and depletion |
|
|
|
|
|
424 |
|
317 |
|
(Gain) loss on asset sales |
|
|
|
|
|
(30) |
|
(26) |
|
Deferred income taxes and other |
|
|
|
|
|
(82) |
|
18 |
Changes in operating assets and
liabilities |
|
|
|
|
|
(162) |
|
(449) |
Cash flows from (used in) operating
activities |
|
|
|
|
|
49 |
|
281 |
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) investing
activities |
|
|
|
|
|
(358) |
|
(1,002) |
|
Proceeds associated with asset sales |
|
|
|
|
|
33 |
|
25 |
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) financing
activities |
|
|
|
|
|
261 |
|
566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment III |
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL LIMITED |
FIRST QUARTER 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
millions of Canadian dollars |
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) (U.S.
GAAP) |
|
|
|
|
|
|
|
|
|
Upstream |
|
|
|
|
|
(448) |
|
(189) |
|
Downstream |
|
|
|
|
|
320 |
|
565 |
|
Chemical |
|
|
|
|
|
49 |
|
66 |
|
Corporate and other |
|
|
|
|
|
(22) |
|
(21) |
|
Net income (loss) |
|
|
|
|
|
(101) |
|
421 |
|
|
|
|
|
|
|
|
|
|
Revenues and other income |
|
|
|
|
|
|
|
|
|
Upstream |
|
|
|
|
|
1,478 |
|
1,812 |
|
Downstream |
|
|
|
|
|
4,194 |
|
4,955 |
|
Chemical |
|
|
|
|
|
298 |
|
349 |
|
Eliminations / Other |
|
|
|
|
|
(748) |
|
(913) |
|
Total |
|
|
|
|
|
5,222 |
|
6,203 |
|
|
|
|
|
|
|
|
|
|
Purchases of crude oil and
products |
|
|
|
|
|
|
|
|
|
Upstream |
|
|
|
|
|
818 |
|
838 |
|
Downstream |
|
|
|
|
|
2,757 |
|
3,195 |
|
Chemical |
|
|
|
|
|
159 |
|
182 |
|
Eliminations |
|
|
|
|
|
(748) |
|
(910) |
|
Purchases of crude oil and products |
|
|
|
|
|
2,986 |
|
3,305 |
|
|
|
|
|
|
|
|
|
|
Production and manufacturing
expenses |
|
|
|
|
|
|
|
|
|
Upstream |
|
|
|
|
|
909 |
|
950 |
|
Downstream |
|
|
|
|
|
315 |
|
356 |
|
Chemical |
|
|
|
|
|
47 |
|
53 |
|
Eliminations |
|
|
|
|
|
- |
|
- |
|
Production and manufacturing expenses |
|
|
|
|
|
1,271 |
|
1,359 |
|
|
|
|
|
|
|
|
|
|
Capital and exploration
expenditures |
|
|
|
|
|
|
|
|
|
Upstream |
|
|
|
|
|
346 |
|
890 |
|
Downstream |
|
|
|
|
|
43 |
|
125 |
|
Chemical |
|
|
|
|
|
6 |
|
12 |
|
Corporate and other |
|
|
|
|
|
13 |
|
23 |
|
Capital and exploration expenditures |
|
|
|
|
|
408 |
|
1,050 |
|
|
|
|
|
|
|
|
|
|
|
Exploration expenses charged to income included
above |
|
|
|
|
|
17 |
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment IV |
IMPERIAL OIL LIMITED |
FIRST QUARTER 2016 |
|
|
|
|
|
|
|
|
Operating statistics
|
|
|
Three Months |
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
Gross crude oil and Natural Gas
Liquids (NGL) production |
|
|
|
|
|
|
|
(thousands of barrels per day)
|
|
|
|
|
|
|
|
|
Cold Lake |
|
|
|
|
165 |
|
152 |
|
Kearl |
|
|
|
|
138 |
|
67 |
|
Syncrude |
|
|
|
|
80 |
|
73 |
|
Conventional |
|
|
|
|
14 |
|
15 |
|
Total crude oil production |
|
|
|
|
397 |
|
307 |
|
NGLs available for sale |
|
|
|
|
2 |
|
2 |
Total crude oil and NGL
production |
|
|
|
|
399 |
|
309 |
|
|
|
|
|
|
|
|
Gross natural gas production
(millions of cubic feet per day) |
|
|
|
|
129 |
|
146 |
|
|
|
|
|
|
|
|
Gross oil-equivalent production
(a) |
|
|
|
|
|
|
|
(thousands of oil-equivalent barrels
per day) |
|
|
|
|
421 |
|
333 |
|
|
|
|
|
|
|
|
Net crude oil and NGL
production (thousands of barrels per day) |
|
|
|
|
|
|
|
|
Cold Lake |
|
|
|
|
145 |
|
139 |
|
Kearl |
|
|
|
|
136 |
|
66 |
|
Syncrude |
|
|
|
|
80 |
|
69 |
|
Conventional |
|
|
|
|
13 |
|
15 |
|
Total crude oil production |
|
|
|
|
374 |
|
289 |
|
NGLs available for sale |
|
|
|
|
1 |
|
1 |
|
Total crude oil and NGL production |
|
|
|
|
375 |
|
290 |
|
|
|
|
|
|
|
|
Net natural gas production
(millions of cubic feet per day) |
|
|
|
|
126 |
|
143 |
|
|
|
|
|
|
|
|
Net oil-equivalent production
(a) |
|
|
|
|
|
|
|
(thousands of oil-equivalent barrels
per day) |
|
|
|
|
396 |
|
314 |
|
|
|
|
|
|
|
|
Cold Lake blend sales
(thousands of barrels per day) |
|
|
|
|
221 |
|
207 |
Kearl blend sales (thousands of
barrels per day) |
|
|
|
|
179 |
|
82 |
NGL sales (thousands of barrels
per day) |
|
|
|
|
5 |
|
6 |
|
|
|
|
|
|
|
|
Average realizations (Canadian
dollars) |
|
|
|
|
|
|
|
|
Bitumen realizations (per barrel) |
|
|
|
|
11.92 |
|
27.40 |
|
Synthetic oil realizations (per barrel)
|
|
|
|
|
46.32 |
|
55.81 |
|
Conventional crude oil realizations (per barrel)
|
|
|
|
|
24.47 |
|
27.21 |
|
NGL realizations (per barrel) |
|
|
|
|
14.49 |
|
25.12 |
|
Natural gas realizations (per thousand cubic feet)
|
|
|
|
|
2.39 |
|
3.15 |
|
|
|
|
|
|
|
|
Refinery throughput (thousands
of barrels per day) |
|
|
|
|
398 |
|
393 |
Refinery capacity utilization
(percent) |
|
|
|
|
94 |
|
93 |
|
|
|
|
|
|
|
|
Petroleum product sales
(thousands of barrels per day) |
|
|
|
|
|
|
|
|
Gasolines (Mogas) |
|
|
|
|
246 |
|
234 |
|
Heating, diesel and jet fuels (Distillates)
|
|
|
|
|
171 |
|
187 |
|
Heavy fuel oils (HFO) |
|
|
|
|
17 |
|
19 |
|
Lube oils and other products (Other) |
|
|
|
|
35 |
|
34 |
|
Net petroleum products sales |
|
|
|
|
469 |
|
474 |
Petrochemical sales (thousands
of tonnes) |
|
|
|
|
230 |
|
225 |
(a) |
Gas converted to oil-equivalent at 6
million cubic feet = 1 thousand barrels. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment V |
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL LIMITED |
FIRST QUARTER 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
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