Imperial Oil Limited · TSX:IMO
Imperial Oil — Investor Day (November 2019)
89 slides from Imperial Oil's investor day presentation, Nov 12, 2019
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): November 12, 2019 IMPERIAL OIL LIMITED (Exact name of registrant as specified in it
Slide 2: Item 7.01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure At 9:00 a.m. ET on November 12, 2019, Rich Kruger, Imperial Oil Limited (the “company”) chairman and chief executive officer, and Dave Hughes, the company’s vice president, investor relations, will host the company’s 2019 Investor Day in Toronto and by webcast to u
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: November 12, 2019 By: /s/ Ian Laing _____________________________________ Name
Slide 4: Investor Day
Exhibit 99.1 Investor Day November 12, 2019 Imperial │ 2019 │ 1
Slide 5: Agenda
Agenda Overview Rich Kruger, Chairman and CEO Upstream John Whelan, SVP - Upstream New Break Production Required Downstream Dan Lyons, CFO Financial Rich Kruger, Chairman and CEO Closing Brad Corson, President Q&A All Imperial │ 2019 │ 2
Slide 6: Overview
Overview Rich Kruger Chairman and Chief Executive Officer Imperial │ 2019 │ 3
Slide 7: Energy and society
Energy and society Access to safe, affordable, reliable and abundant energy critical to human development Human development index New Production Required THE SIZE OF THE CIRCLES DEPICTS RELATIVE SIZE OF POPULATION Energy demand per capita (1000 BTU/person/day) Source: 2018 U.N. Human Development Rep
Slide 8: Global energy demand
Global energy demand Total energy demand expected to grow 20% from 2017 to 2040 Demand by sector Demand by OECD/non-OECD quadrillion BTUs % 750 100 New Production Residential/Commercial Required Other non-OECD 80 500 Industrial 60 India China 40 250 Electricity generation 20 Light-duty transportatio
Slide 9: Global energy mix
Global energy mix Wide range of energy sources needed, oil and gas to remain the largest Supply by source Breakdown by source quadrillion BTUs % 225 100 100% Oil Other renewables Wind/Solar Natural gas 80% 80 Nuclear 150 Coal Coal 60 60% Natural gas 40 40% 75 Other renewables Nuclear 20% 20 Wind/Sol
Slide 10: Global liquids outlook
Global liquids outlook Liquids remain the largest source of energy over a wide range of scenarios Liquids demand mbd 120 Growth primarily in non-OECD countries 100% EV 100 sensitivity Light duty transportation Driven by commercial transportation, chemicals Other industrial 80 Power generation /
Slide 11: Global liquids scenarios
Global liquids scenarios Significant ongoing investment required to meet global liquids demand Liquids supply and demand mbd IEA Current Policies Wide range of demand outlooks 120 EM Outlook for Energy IEA Current Policies IEA New Policies IEA New Policies 100 BP 2019 Statistical Review 2°C
Slide 12: Global oil reserves
Global oil reserves 80+% of reserves contained in 10 countries, Canada 3rd largest Reserves, B bbls Worldwide, % Venezuela 303 18 Saudi Arabia 298 17 Canada 168 10 Iran 156 9 Iraq 147 9 Russia 106 6 Kuwait 102 6 UAE 98 6 US 61 4 Libya 48 3 Source: 2019 BP Statistical Review (see cautionary statement
Slide 13: Environmental ranking
Environmental ranking Canada sets the standard among top global reserves holders Yale index 100 Joint report by Yale and Columbia universities 80 mining 60 Ranks 180 countries on 24 performance parameters 40 in situ 20 Highlights relative environmental performance Gives insight on best pract
Slide 14: Social responsibility ranking
Social responsibility ranking Canada sets the standard among top global reserves holders Social progress index 100 80 Developed by Social Progress Imperative 60 Ranks 149 countries on 51 indicators 40 Measures overall quality of life 20 Not ranked Capacity of society to meet basic human need
Slide 15: Governance ranking
Governance ranking Canada sets the standard among top global reserves holders World Bank index 100 World Bank Worldwide Governance Indicators 80 developed by Aart Kraay and Daniel Kaufmann mining 60 Ranks over 200 countries on six dimensions 40 in situ Reports on: 20 Process by which governm
Slide 16: Environmental progress
Environmental progress Canadian oil sands have a long and successful record of environmental improvement Wells to wheels GHG emissions intensity indexed, % 125 100 75 CSS Mining SAGD SA-SAGD PFT mining Avg barrel New solvent dilbit synthetic dilbit dilbit* dilbit refined in US technologies* 1960s 19
Slide 17: Summary
Summary Canada has a major opportunity to compete in global energy markets ► Access to safe, affordable, reliable and abundant energy critical to human development ► Total energy demand expected to grow 20% from 2017 to 2040 mining ► Wide range of energy sources needed, oil and gas to remain the lar
Slide 18: Imperial's operations
Imperial’s operations High quality, integrated, balanced, coast-to-coast asset portfolio Kearl mining Distribution network F&L marketing Syncrude mining Strathcona refinery Sarnia refinery Cold Lake in situ Sarnia chemical Rail terminal Nanticoke refinery Research Upstream production Refining Petrol
Slide 19: Imperial's strategy to win
Imperial’s strategy to win Increase cash flow, deliver industry-leading returns throughout the business cycle Deliver industry- Leverage technology, Continue to achieve Be the most Aggressively capture leading performance integration and improvements in valued partner new opportunities in reliabilit
Slide 20: Integration benefits
Integration benefits Delivering value, competitive advantage and resiliency across the business cycle Equity crude placed in Upstream highest netback markets Oil and natural gas production Cost-advantaged feedstocks for refineries and chemical Downstream Highest value sales channels for petroleum pr
Slide 21: Safety performance
Safety performance Industry-leading performance and commitment to ‘Nobody gets hurt’ 5-year average incident rate TRIR 0.80 0.60 0.40 Q3’19 YTD 0.20 0.00 HSE CNQ CVE SU IMO Incidents per 200,000 hours worked; Source: company reports Imperial │ 2019 │ 18
Slide 22: Environmental performance
Environmental performance Significant progress, commitment to further reducing GHG emissions intensity GHG emissions intensity metric tonnes/m3 ► History of achievement in technology and innovation 0.55 100 years of commitment to R&D in Canada More than $2.1 billion invested over past 20 years 0
Slide 23: Social performance
Social performance Collaborating to achieve sustainable development in Indigenous communities ► $2.6 billion with Indigenous suppliers over last 10 years ► Long-running recruitment and training programs 1000+ Indigenous workers Shared prosperity ► New ways of working together for shared prosperity
Slide 24: Corporate governance
Corporate governance Unwavering commitment to high standards of conduct and accountability Imperial Board of Directors ► Diverse, independent board of directors 5 independent, 3 non-independent; 2 female Community Public Policy & Nominations & Diverse backgrounds and experience Collaboration Cor
Slide 25: Overall ESG rankings
Overall ESG rankings Imperial independently judged as among the best globally in ESG performance Source: BMO Capital Markets; Bloomberg CSRHub, database of CSR rankings of companies representing 90% of world’s market cap Imperial │ 2019 │ 22
Slide 26: Upstream overview
Upstream overview John Whelan Senior Vice President, Upstream Imperial │ 2019 │ 23
Slide 27: Upstream at a glance
Upstream at a glance Large, long-life, predominantly oil sands portfolio ~6.5 Norman Wells Syncrude mining with upgrader Kearl mining without upgrader billion boe Cold Lake in situ 2P reserves ~400 Unconventional koebd Production Industry leading Next generation Oil sands Remaining in situ oil sands
Slide 28: Upstream assets
Upstream assets High-quality resource base with nearly 30-year proved reserves life Production Kearl koebd Mining - PFT 71% interest Total 400 300 Syncrude Kearl Mining - Upgrader 25% interest 200 Syncrude 100 Cold Lake Cold Lake In situ – CSS/other 100% interest 0 1999 2009 2019 Proved reserve life
Slide 29: Upstream overview
Upstream overview Growing profitable volumes, $16 billion cash generated over last 10 years Production Annual cash from operations koebd $B 400 3 300 2 200 1 100 0 0 2011-14 2015-18 Q3'19 YTD 2011-14 2015-18 Q3'19 YTD $US/bbl WTI 95 52 57 Liquids Gas WCS 74 36 45 Production IMO share, before royalti
Slide 30: Cold Lake
Cold Lake Large-scale in situ operation Steam 100% IMO Producing stimulation owned since 1975 1.5B bbls 141 kbd 2P reserves Q3 2019 YTD production Leveraging four decades of in situ experience Use of advanced recovery techniques Drilling program resumed in 2018 2P reserves IMO share, before ro
Slide 31: Cold Lake performance
Cold Lake performance Focus on life-cycle optimization and cash generation Production kbd 200 Continued strong base operating performance Ongoing challenges at Nabiye Maximizing life-cycle return and recovery Optimizing steam distribution 100 Fully utilizing existing wellbores Near-term,
Slide 32: Nabiye performance
Nabiye performance Enhancing overall go-forward development plan Nabiye Results below expectations Reservoir performance Steam management Production 10-15 kbd below target Mahihkan Shorter steam cycles Maskwa Well intervention frequency increased Leming Makheses Existing plant Cold Lak
Slide 33: Grand Rapids development
Grand Rapids development Industry’s first SA-SAGD deployment SA-SAGD technology Co-injection of solvent with steam to reduce bitumen viscosity Reduction in capital intensity and lower GHG intensity Phased approach Initial production from Grand Rapids reservoir Best use of available steam
Slide 34: Grand Rapids reservoir and technology
Grand Rapids reservoir and technology Laboratory and pilot testing supports investment confidence Imperial research centre Comprehensive subsurface data collection 3D seismic and delineation drilling Computer simulation coupled with analogue analysis Cold Lake SA-SAGD pilot Extensive laborat
Slide 35: Cold Lake value maximization
Cold Lake value maximization Grand Rapids reservoir key part of asset development strategy Production kbd Grand Rapids Former approach: Cold Lake Expansion Project 150 Required Aspen-scale steam plant Bitumen production of ~50 kbd Sustaining 100 New approach: Grand Rapids development Accel
Slide 36: Cold Lake outlook
Cold Lake outlook Decades of production with significant reserves remaining Production and reserves mbbls 1,500 1,000 Produced Proved and 500 to date probable reserves Currently producing 140 kbd 0 Since 1975 Remaining 2019+ Production of 150+ kbd in 2023 and beyond Recovery method % of producti
Slide 37: Syncrude
Syncrude Oil sands mining pioneer Mining with 25% IMO Producing upgrader owned since 1978 0.7B bbls 76kbd 2P reserves Q3 2019 YTD production High value synthetic crude oil Improving reliability by eliminating major events Fully leverage owner company strengths 2P reserves IMO share, before roy
Slide 38: Syncrude reliability
Syncrude reliability Focused on sustaining reliability through multi-year improvement plan Production kbd Ongoing reliability improvement 90 Mechanical integrity Target production Turnaround planning and execution Leadership and workforce 60 Positive performance trends Best 12-month prod
Slide 39: Mildred Lake mine extension
Mildred Lake mine extension Sustains 40+ kbd of production Aurora Kearl North Mine Next expansion area as mine advances Supports additional 10+ years of mining operations Fort Gross project capex of $1.5 billion between 2020 and 2024 Mackay Development cost of $3/bbl; first ore in 2024 Mildr
Slide 40: Syncrude collaboration
Syncrude collaboration Leverage owner strengths to continue performance improvement Owner company mining expertise Imperial/Suncor ownership 80+% Regional logistics and infrastructure Business and technical expertise Interconnecting pipelines to increase utilization Transfer bitumen and
Slide 41: Kearl
Kearl Next generation oil sands mining Mining without 71% IMO Producing upgrader owned since 2013 3.2B bbls 204 kbd 2P reserves Q3 2019 YTD production Large, high-quality resource Delivering on commitments Near-term production growth 2P reserves IMO share, before royalties Imperial │ 2019 │ 38
Slide 42: Kearl performance
Kearl performance Focused on profitable production growth, cost structure and realizations Production kbd 300 Delivering on production commitments 200 Growing cash generating capacity Averaging $5/bbl CAD sustaining capex 100 Targeting $20/bbl USD cash opex ‘all-in’ 0 2015-17 2018-19 2020-21
Slide 43: Kearl unit cost reduction
Kearl unit cost reduction Pathway to achieving cash costs of $20/bbl USD Unit cash cost $US/bbl 30 25 20 15 10 5 0 @200 kbd @200 kbd Supplemental Mine and plant Autonomous haul Digital @280 kbd @280 kbd crushers improvements trucks initiatives Production 100% interest, before royalties Imperial │ 20
Slide 44: Supplemental crushers
Supplemental crushers Capital efficient addition of 40 kbd annual average production in 2020 On track for year-end startup Step change in reliability Capital intensity of $15k per flowing barrel Foundation to improving profitability Production 100% interest, before royalties Imperial │ 2019
Slide 45: Kearl production
Kearl production Seasonal production profile similar to historic performance 2020 production kbd 300 240 kbd annual average 200 100 0 Q1 Q2 Q3 Q4 Production 100% interest, before royalties Imperial │ 2019 │ 42
Slide 46: Mine and plant improvements
Mine and plant improvements Pathway to achieving 280 kbd and improved profitability Enhanced mine planning Primary separation cell upgrades Secondary bitumen recovery enhancements Froth treatment enhancements Diluent and solvent utilization Capital intensity similar to crusher project Pr
Slide 47: Enhanced mine planning
Enhanced mine planning Improves profitability by avoiding ore preparation plant replacement ~10 storeys Imperial Imperial││2019 2019 ││44 44
Slide 48: Autonomous haul trucks
Autonomous haul trucks Fleet conversion to improve both profitability and safety GPSGPS Nine trucks in operation, 12 by year end Continued testing in range of conditions Productivity has exceeded staffed trucks 3DLaser sensor sensing Unit cost savings $0.50 - $1/bbl USD Target fully autono
Slide 49: Kearl outlook
Kearl outlook Significantly improving financial and operating performance Delivering on commitment of 200 kbd Supplemental crushers to achieve 240 kbd Mine and plant improvement pathway to 280 kbd Reducing cash opex to $20/bbl USD Objective: maximize long-term cash generation Production 10
Slide 50: Unconventional optionality
Unconventional optionality Liquids-rich opportunity, paced development approach Initial development completed Fully utilizing existing infrastructure Retaining high-quality, liquid-rich acreage positions Paced go-forward asset development plan Investment ~$100M/yr Increasing from 13 koeb
Slide 51: In situ growth portfolio
In situ growth portfolio Large inventory of top-tier opportunities, development timing to be determined Leveraging decades of in situ experience Accessible via variety of technologies ‘Design one, build many’ development approach Level of definition Regulatory status Project name Resource Deve
Slide 52: Aspen project update
Aspen project update SA-SAGD technology provides economic and environmental benefits $2.6 billion initial development; 75 kbd production Project economics remain robust Considerations to return to planned activities Elimination of curtailment policy Economic crude-by-rail business environm
Slide 53: Technology and innovation
Technology and innovation Unparalleled commitment and achievement throughout 139-year history Canada’s first Cyclic steam Steam-assisted gravity Solvent-assisted research department stimulation patent drainage patent technology pilots Imperial has invested more than $2.1B over the past 20 years Firs
Slide 54: Advanced in situ recovery
Advanced in situ recovery Technology drives economic and environmental performance improvement In situ technologies Upstream GHG emissions intensity Suite of technologies to match resource base Potential impact of next generation technologies Higher CSS CSP In situ industry average LASER Pressure SA
Slide 55: Digital transformation
Digital transformation Value potential greater than $500 million per year • Enhanced fiber optic connectivity Digital Assets provide ideal platform for digital technology foundation • LTE network at sites • Tablets for field workers Cold Lake Kearl Optimize steam distribution Enhance scheduling of
Slide 56: Equity crude value
Equity crude value Providing flexibility to place crude in markets that maximize realizations 400 koebd total production 25 koebd 75 kbd 300 kbd bitumen (400 kbd dilbit) Natural gas Syncrude synthetic and assorted liquids (Strathcona refinery) 60-100 kbd to IMO ~100 kbd via contracted 0-200 kbd via
Slide 57: Near-term production outlook
Near-term production outlook Growth through capital efficient projects and reliability improvements Production koebd 450 6% growth 400 350 300 2018 Q3'19 YTD 2020 Gross production, IMO share Imperial │ 2019 │ 54
Slide 58: Downstream and Chemical overview
Downstream and Chemical overview Dan Lyons Chief Financial Officer Imperial │ 2019 │ 55
Slide 59: Downstream at a glance
Downstream at a glance Well located, high-performing and integrated business ~400 kbd Refining capacity ~500 kbd Product sales Strategically Strong Quality products located refineries logistics Leading brands Imperial │ 2019 │ 56
Slide 60: Downstream assets
Downstream assets Canada’s largest refiner and petroleum product marketer Strathcona refinery Volumes kbd 191 kbd capacity 500 Petroleum product sales 400 Sarnia refinery 119 kbd capacity 300 Refinery throughput 200 Nanticoke refinery 113 kbd capacity 100 0 Fuels marketing 2010 2014 2018 Coast-to-co
Slide 61: Downstream overview
Downstream overview Strengthening cash generation capacity over time, $15 billion cash over last 10 years Annual cash from operations $B 3 High-performing, strategically located refineries 2 Nationwide integrated marketing 1 Focus on enhancing slate, yield and logistics Growing high-value sa
Slide 62: Refining performance
Refining performance Leader in North American refining, applying global best practices Non- Performance Energy Net cash energy Total cost quartile efficiency margin cash cost Leveraging ExxonMobil global expertise 1st Increasing utilization Enhancing operations 2nd 3rd Top-tier Solomon resul
Slide 63: Refining footprint
Refining footprint Access to advantaged crudes and attractive markets Western Canada Eastern Canada Crudes Products Crudes Products Bakken Synthetic Mogas Mogas Canadian Jet lights Prairies Greater BC Toronto Jet Canadian lights Diesel Diesel Other Asphalt heavies Asphalt Cold Lake Other Cold Lake O
Slide 64: Sales strategy
Sales strategy Leverage scale, integration and brand to pursue profitable sales growth Build strategic relationships Grow ratable sales Capture brand value Optimize integrated profit Imperial │ 2019 │ 61
Slide 65: Sales and market position
Sales and market position Canadian market leader in most product segments Q3’19 Sales Market Market YTD kbd share position Mogas 250 30% 1st Diesel 126 22% 2nd Industry-leading scale, national offer Jet 43 26% 1st Integrated across the value chain Asphalt 21 33% 1st Other 41 - - Sales support
Slide 66: Aviation
Aviation Market leader in growing segment Canadian jet demand kbd Strong demand growth Over 50% of Ontario market Forecast 100 Imperial Growing share of Vancouver market Others Advantaged access to global airlines Attractive integrated earnings 0 2010 2015 2020 2025 2030 2035 2040 Source:
Slide 67: Asphalt
Asphalt Expanding production and logistics capabilities to maximize value Annual asphalt production kbd 30 Growing demand 20 Sales throughout North America Utilizing advantaged Cold Lake blend 10 Continuing capacity growth 0 2011-14 2015-18 Q3'19 YTD 2020 2021 Imperial │ 2019 │ 64
Slide 68: Retail Fuels
Retail Fuels Market-leading position, investing in continued growth Retail growth kbd # sites 200 2,500 2,000 1,500 100 New Production Required 1,000 500 Strong brands Loyalty programs 0 0 2016 2017 2018 Q3'19 YTD High-quality products Strategic partners Volume Site count Imperial │ 2019 │ 6
Slide 69: IMO 2020
IMO 2020 Well positioned for IMO 2020 sulphur specification change Heavy crude differentials widen Distillate prices strengthen Integration reduces impacts Multi-product offer maximizes sales Shippers and refiners adapting Imperial │ 2019 │ 66
Slide 70: Downstream summary
Downstream summary Positioned for continued industry-leading performance High-performing refineries Strong brands and loyalty Advantaged crude and attractive markets High-value sales growth Market-leading scale and integration Robust cash flow Imperial │ 2019 │ 67
Slide 71: Chemical at a glance
Chemical at a glance High-value products, well positioned, integrated assets with efficient market access ~800 kt Sales ~400 kt Polyethylene Advantaged Integrated High-value location manufacturing products Imperial │ 2019 │ 68
Slide 72: High value products
High value products Specialty polyethylene in a range of products used in everyday life Other Spot Marcellus Ethane Marcellus Mid-west Ethane Ethane Refinery off gas Refinery off gas Imperial │ 2019 │ 69
Slide 73: Integrated petrochemical site
Integrated petrochemical site Advantaged location and integration, generated $2 billion cash over last 10 years Annual cash from operations Feedstock $M % 300 100 Other Cost-advantaged feedstocks 250 Marcellus High-value specialty resins 200 ethane 150 50 Well located to access customers 100
Slide 74: Value chain
Value chain Integrated across the value chain Integration advantage Crude production Logistics Refining Distribution Chemical B2B sales Branded retail Leveraging opportunities from crude to customer Financial resilience across commodity cycles Balance sheet strength and optionality Imperial │
Slide 75: Delivering value
Delivering value Rich Kruger Chairman and Chief Executive Officer Imperial │ 2019 │ 72
Slide 76: Cash flow
Cash flow Delivering value and resiliency through integration, $33 billion from operations over last 10 years Cash from operations 10-year average, % $B 5 4 3 Downstream, 2 Upstream Chemical and Corporate 1 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q3'19 YTD Imperial │ 2019 │ 73
Slide 77: Growing value
Growing value Improving performance and resiliency in lower price environments Annual cash from operations $B 5 4 3 Downstream Upstream 2 & Chemical 1 0 2012-14 2015-17 2018-19 $US/bbl WTI 95 48 61 WCS 73 34 42 Imperial │ 2019 │ 74
Slide 78: Financial strength
Financial strength Strong balance sheet, optionality and access to financial markets September 30, 2019 debt to capital % 50 Maintain strong balance sheet Pay reliable and growing dividend 25 Invest in high value projects Return surplus cash to shareholders 0 CNQ CVE SU HSE IMO BBB+ BBB A- B
Slide 79: Dividends
Dividends Long-standing priority to pay a reliable and growing dividend Dividend per share $ 1.00 100+ years of consecutive payment 0.80 0.60 25 years of consecutive growth 0.40 10.3% 5-yr compounded growth rate 0.20 Increased to $0.22/share payable in Q3’19 0.00 2009 2014 2019 Paid basis Im
Slide 80: Share buybacks
Share buybacks History of returning surplus cash to shareholders Shares outstanding millions 900 850 1995 Repurchased 50%+ of shares since 1995 800 Reinstated material buybacks in 2017 750 700 Purchases of 95M shares, $3.7B since 2017 650 Priority on total shareholder value 600 Year-end 2017
Slide 81: Shareholder distributions
Shareholder distributions Nearly $8 billion returned to shareholders over the last 10 years Average payout ratio 2009-2019 1H, % SU IMO HSE CVE CNQ 0 5 10 15 20 25 30 35 Average payout ratio includes annual dividends and share repurchases as a percentage of annual cash flow from operating activities
Slide 82: Near-term outlook
Near-term outlook Rich Kruger Chairman and Chief Executive Officer Imperial │ 2019 │ 79
Slide 83: Volumes outlook
Volumes outlook Near-term upstream growth and lower downstream planned maintenance Upstream production Refinery throughput koebd kbd 500 500 400 400 300 300 200 200 100 100 0 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Imperial │ 2019 │ 80
Slide 84: Capital expenditures
Capital expenditures Five-year capital expenditure plan consistent with previous communications Capital expenditures $B Sustaining capital at $1.0-$1.1B/yr Roughly 70%, or $5/bbl, for upstream assets 2 Growth capital to average $0.7-$0.8B/yr Upstream: Cold Lake Grand Rapids, Kearl pathway to
Slide 85: Financial strength
Financial strength Resiliency and flexibility under a wide range of prices 2019– 2023 annual average $B 8 WTI, $/bbl Capital allocation $B/yr 6 Dividend at current rate 0.6 60 Surplus cash Sustaining capital 1.0-1.1 4 50 Growth capital 0.7-0.8 40 2 Growth Sub-total $2.3-2.5 B Sustaining capital Shar
Slide 86: Closing
Closing Brad Corson President Imperial │ 2019 │ 83
Slide 87: Why Imperial
Why Imperial Distinct competitive advantages that deliver long-term shareholder value 100+ year Canadian history with exceptional people and expertise High-quality upstream assets with significant growth potential Advantaged downstream assets with strong ongoing performance Synergies across
Slide 88: Cautionary statement
Cautionary statement Statements of future events or conditions in this presentation, including projections, targets, expectations, estimates, and business In these materials, certain natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic plans a
Slide 89: imperialoil.ca
For more information: Dave Hughes Vice President, Investor Relations +1 587.476.4743 dave.a.hughes@exxonmobil.com imperialoil.ca twitter.com/ImperialOil linkedin.com/company/Imperial-Oil youtube.com/ImperialOil facebook.com/ImperialOilLimited Imperial │ 2019 │ 86