Imperial Oil Limited · TSX:IMO
Imperial Oil — Shareholder Meeting (May 2025)
26 slides from Imperial Oil's shareholder meeting presentation, May 8, 2025
Slide 1: Form 8-K Current Report
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 8, 2025 IMPERIAL OIL LIMITED (Exact name of registrant as specified in its char
Slide 2: Item 7.01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure On May 8, 2025, Brad Corson, Imperial Oil Limited’s (the “company”) chairman and chief executive officer, gave a presentation at the company’s annual general meeting held virtually (the “presentation”) that included an update on the company’s current operations and
Slide 3: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IMPERIAL OIL LIMITED Date: May 8, 2025 By: /s/ Ian Laing __________________________________ Name: Ian Lai
Slide 4: 2025 Annual Meeting of Shareholders
Exhibit 99.1 2025 Annual Meeting of Shareholders May 8, 2025
Slide 5: Cautionary statement
Cautionary statement Statements of future events or conditions in this presentation, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Similarly, discussion of roadmaps or future plans related to carbon capture, transportation and storage, bi
Slide 6: Cautionary statement (continued)
Cautionary statement (continued) These factors include global, regional or local changes in supply and demand for oil, natural gas, petroleum and petrochemical products, feedstocks and other market factors, economic conditions and seasonal fluctuations and resulting demand, price, differential and m
Slide 7: Meeting proceedings
Meeting proceedings Brad Corson Chairman and chief executive officer Ian Laing Vice-president, general counsel and corporate secretary Imperial | 2025 4
Slide 8: Election of directors
Election of directors David Sharon John Gary Neil Miranda John Cornhill Driscoll Floren Goldberg Hansen Hubbs Whelan Imperial | 2025 5
Slide 9: Appointment of the auditor
Appointment of the auditor PricewaterhouseCoopers LLP Imperial | 2025 6
Slide 10: Confirmation of Amendments to By-law No. 1
Confirmation of Amendments to By-law No. 1 Imperial | 2025 7
Slide 11: Chairman's remarks
Chairman’s remarks Brad Corson Chairman and chief executive officer Imperial | 2025 8
Slide 12: Strong earnings and cash flow
Strong earnings and cash flow Renewable Diesel facility, Strathcona Underpinned by continued operational excellence Net income Cash from Ops Free Cash Flow¹ 2024 financial highlights $4.8B $6.0B $4.2B Five-year cumulative (2020-2024) $17.6B $26.5B $20.5B ¹ Non-GAAP financial measure – see supplement
Slide 13: Strong shareholder returns in 2024
Strong shareholder returns in 2024 Effectively returning cash to shareholders $1.2B IMO share price Jan 2024 to Mar 2025 20% Dividends paid $120 $100 $80 $60 2024 total $40 shareholder return¹ $2.7B $20 $0 Q1 Q2 Q3 Q4 Q1 Share buybacks 1 See supplemental information for definition Imperial | 2025 10
Slide 14: Strong shareholder returns since 2020
Strong shareholder returns since 2020 Consistently returning cash to shareholders 227% IMO share price Jan 2020 to Mar 2025 251% Dividend increase¹ $120 $100 $80 $60 Total $40 shareholder 32% $20 return² $0 2020 2021 2022 2023 2024 2025 Shares repurchased 1 Q1 2020 vs Q1 2025 quarterly dividend decl
Slide 15: 2024 Upstream performance
2024 Upstream performance Cold Lake Continued strong safety and operational performance ▪ 2024 net income of $3.3B ▪ 2024 gross production¹ of 433 koebd › Record full-year production¹ at Kearl of 281 kbd › Increased full-year production by 10% from 2023 at Cold Lake › Grand Rapids first oil and ramp
Slide 16: Downstream and Chemical performance
Downstream and Chemical performance Maximize earnings and cash flow across the value chain Proud supporter of Canadian hockey for over 90 years ▪ 2024 net income of $1.7B ▪ 2024 refining throughput of 399 kbd, utilization of 92% › Successfully completed all turnarounds ahead of schedule and below bu
Slide 17: Sustainability priorities
Sustainability priorities Advancing responsible energy solutions for a better tomorrow ¹ Scope 1 and 2 Imperial | 2025 14
Slide 18: Capital allocation priorities
Capital allocation priorities Committed to returning surplus cash to shareholders Annual cash distributions $B $8 $6 $4 ▪ Reliable and growing dividend › 30 years of consecutive increases $2 › 23% dividend CAGR¹ over past 5 years $0 2020 2021 2022 2023 2024 Q1 2025 ▪ Low sustaining capital requireme
Slide 19: Why Imperial
Why Imperial Confidence in the future ▪ High-quality, long-life, low decline upstream assets › Growing volumes and lowering unit cash costs¹ ▪ Advantaged downstream and chemicals assets › Maximizing value through integration, logistics flexibility and strong brands ▪ Low-cost, high-return growth ena
Slide 20: Q&A
Q&A Imperial | 2025 17
Slide 21: Scrutineers' report
Scrutineers’ report Ian Laing Vice-president, general counsel and corporate secretary Imperial | 2025 18
Slide 22: Reflections on the past five years
Reflections on the past five years Strong past, bright future Imperial Imperial || 2025 2025 19 19
Slide 23: Thank you for attending Imperial's annual meeting of shareholders
Thank you for attending Imperial’s annual meeting of shareholders May 8, 2025
Slide 24: Supplemental information
Supplemental information Total shareholder return Total shareholder return measures the change in value of an investment in stock over a specified period of time, assuming dividend reinvestment. Total shareholder return is subject to many different variables, including factors beyond the control of
Slide 25: Supplemental information
Supplemental information Cash operating costs (Cash costs) Cash operating costs is a non-GAAP financial measure that consists of total expenses, less purchases of crude oil and products, federal excise taxes and fuel charge, financing, and costs that are non- cash in nature, including depreciation a
Slide 26: Supplemental information
Supplemental information Unit cash operating costs (Unit cash costs) Unit cash operating costs is a non-GAAP ratio. Unit cash operating costs (unit cash costs) is calculated by dividing cash operating costs by total gross oil-equivalent production, and is calculated for the Upstream segment, as well