Imperial Oil Limited · TSX:IMO
Imperial Oil — Investor Day (November 2019)
86 slides from Imperial Oil's investor day presentation, Nov 12, 2019
Slide 1: Investor Day November 12, 2019
Investor Day November 12, 2019 Exhibit 99.1
Slide 2: Agenda
Agenda Overview Upstream Downstream Financial Closing Q & A Break Rich Kruger, Chairman and CEO John Whelan, SVP—Upstream Dan Lyons, CFO Rich Kruger, Chairman and CEO Brad Corson, President All Imperial â”, 2019 â”, 2
Slide 3: Overview
Overview Rich Kruger Chairman and Chief Executive Officer Imperial â”, 2019 â”, 3
Slide 4: Energy and society
Energy and society Access to safe, affordable, reliable andabundant energy critical to human development Human development index THE SIZE OF THE CIRCLES DEPICTS RELATIVE SIZE OF POPULATION Energy demand per capita (1000 BTU/person/day) Source: 2018 U.N. Human Development Reports, 2019 World Bank Dat
Slide 5: Global energy demand
Global energy demand Total energy demand expected to grow 20% from 2017 to 2040 Demand by sector quadrillion BTUs 750 500 250 0 Production Residential/Commercial Required Industrial Electricity generation Light-duty transportation Commercial transportation 2000 2010 2020 2030 2040 Demand by OECD/non
Slide 6: Global energy mix
Global energy mix Wide range of energy sources needed, oil and gas to remain the largest Supply by source quadrillion BTUs 225 150 75 0 Oil Natural gas Coal Other renewables Nuclear Wind/Solar 2000 2010 2020 2030 2040 Breakdown by source % 100 80 60 40 20 0 Other renewables Wind/Solar Nuclear Coal N
Slide 7: Global liquids outlook
Global liquids outlook Liquids remain the largest source of energy over awiderange of scenarios Liquids demand mbd 120 100 80 60 40 20 0 Light duty transportation Other industrial Power generation / Residential / Commercial Chemicals Commercial transportation 2017 2020 2030 2040 Growth primarily in
Slide 8: Global liquids scenarios
Global liquids scenarios Significant ongoing investment required tomeet global liquidsdemand Liquids supply and demand mbd 120 100 80 60 40 20 0 2017 2020 2030 2040 Production without further investment New supply required IEA Current Policies EM Outlook for Energy IEA New Policies BP 2019 Statistic
Slide 9: Global oil reserves
Global oil reserves 80+% of reserves contained in 10 countries, Canada 3rdlargest 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 10: Environmental ranking
Environmental ranking Canada sets the standard among top global reserves holders Yale index 100 80 60 40 20 0 Joint report by Yale and Columbia universities Ranks 180 countries on 24 performance parameters Highlights relative environmental performance Gives insight on best practices Provides guidanc
Slide 11: Social responsibility ranking
Social responsibility ranking Canada sets the standard among top global reserves holders Social progress index 100 80 60 40 20 0 Not ranked Developed by Social Progress Imperative Ranks 149 countries on 51 indicators Measures overall quality of life Capacity of society to meet basic human needs Inde
Slide 12: Governance ranking
Governance ranking Canada sets the standard among top global reserves holders World Bank index 100 80 60 40 20 0 World Bank Worldwide Governance Indicators developed by Aart Kraay and Daniel Kaufmann Ranks over 200 countries on six dimensions Reports on: Process by which governments are selected Pro
Slide 13: 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 14: 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 Wide range of energy sources mining needed, oil and gas to remain the largest S
Slide 15: 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 16: Imperial's strategy to win
Imperial’s strategy to win Increase cash flow, deliver industry-leading returns throughout the business cycle Deliver industry-leading performance in reliability, safety and operations integrity Leverage technology, integration and ExxonMobil to differentiate versus competition Continue to achieve i
Slide 17: Integration benefits
Integration benefits Delivering value, competitive advantage and resiliency across the business cycle Upstream Oil and natural gas production Downstream Refining and marketing products Chemical Commodities and specialties Equity crude placed in highest netback markets Cost-advantaged feedstocks for
Slide 18: 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 0.20 0.00 HSE CNQ CVE SU IMO Q3’19 YTD Incidents per 200,000 hours worked; Source: company reports Imperial â”, 2019 â”, 18
Slide 19: Environmental performance
Environmental performance Significant progress, commitment to further reducing GHG emissions intensity GHG emissions intensity metric tonnes/m3 0.55 0.50 0.45 0.40 0.35 0.30 2013 2014 2015 2016 2017 2018 2023 Target History of achievement in technology and innovation 100 years of commitment to R&D i
Slide 20: Social performance
Social performance Collaborating to achieve sustainable development in Indigenous communities Imperial has been recognized as an ‘Exceptional Partner’ by the Fort McKay First Nation $2.6 billion with Indigenous suppliers over last 10 years Long-running recruitment and training programs 1000+ Indigen
Slide 21: Corporate governance
Corporate governance Unwavering commitment to high standards of conduct and accountability Imperial Board of Directors Community Public Policy & Nominations & Collaboration Corporate Corporate & Engagement Responsibility Governance Executive Audit Resources Management Committee Diverse, independent
Slide 22: 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 â”, 2019 â”, 22
Slide 23: Upstream overview
Upstream overview John Whelan Senior Vice President, Upstream Imperial â”, 2019 â”, 23
Slide 24: Upstream at a glance
Upstream at a glance Large, long-life, predominantly oil sands portfolio Cold Lake in situ Kearl mining without upgrader Syncrude mining with upgrader Unconventional Norman Wells Industry leading in situ Next generation oil sands mining Oil sands mining pioneer Remaining portfolio ~6.5 billion boe 2
Slide 25: Upstream assets
Upstream assets High-quality resource base with nearly 30-year proved reserves life Kearl Mining—PFT 71% interest Syncrude Mining—Upgrader 25% interest Cold Lake In situ – CSS/other 100% interest Production koebd 400 300 200 100 0 Total Kearl Syncrude Cold Lake 1999 2009 2019 Proved reserve life bas
Slide 26: Upstream overview
Upstream overview Growing profitable volumes, $16 billion cash generated over last 10 years Production koebd 400 300 200 100 0 2011-14 2015-18 Q3’19 YTD Liquids Gas Annual cash from operations $B 3 2 1 0 $US/bbl WTI WCS 2011-14 2015-18 Q3’19 YTD 95 52 57 74 36 45 Production IMO share, before royalti
Slide 27: Cold Lake
Cold Lake Large-scale in situ operation Steam stimulation 100% IMO owned Producing since 1975 1.5B bbls 2P reserves 141 kbd 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 royaltie
Slide 28: Cold Lake performance
Cold Lake performance Focus on life-cycle optimization and cash generation Production kbd 200 100 0 2014-18 Q3’19 YTD 2020-22 2023-25 Production IMO share, before royalties Continued strong base operating performance Ongoing challenges at Nabiye Maximizing life-cycle return and recovery Optimizing s
Slide 29: Nabiye performance
Nabiye performance Enhancing overall go-forward development plan Nabiye Mahihkan Maskwa Leming Makheses Existing plant Existing development Grand Rapids Phase 1 Grand Rapids Future Results below expectations Reservoir performance Steam management Production 10-15 kbd below target Shorter steam cycle
Slide 30: 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 across Cold
Slide 31: Grand Rapids reservoir and technology
Grand Rapids reservoir and technology Laboratory and pilot testing supports investment confidence Imperial research centre Cold Lake SA-SAGD pilot Comprehensive subsurface data collection 3D seismic and delineation drilling Computer simulation coupled with analogue analysis Extensive laboratory test
Slide 32: Cold Lake value maximization
Cold Lake value maximization Grand Rapids reservoir key part of asset development strategy Production kbd 150 100 50 0 Grand Rapids Sustaining Base 2018 2020 2022 2024 Former approach: Cold Lake Expansion Project Required Aspen-scale steam plant Bitumen production of ~50 kbd New approach: Grand Rapi
Slide 33: Cold Lake outlook
Cold Lake outlook Decades of production with significant reserves remaining Production and reserves mbbls 1,500 1,000 500 0 Produced to date Proved and probable reserves Since 1975 Remaining 2019+ Recovery method % of production 100 50 0 2000 2010 Current 2030 CSS Steamflood Solvent technology 2P re
Slide 34: Syncrude
Syncrude Oil sands mining pioneer Mining with upgrader 25% IMO owned Producing since 1978 0.7B bbls 2P reserves 76 kbd 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 royaltie
Slide 35: Syncrude reliability
Syncrude reliability Focused on sustaining reliability through multi-year improvement plan Production kbd 90 60 30 0 Target production 2015-2018 Q3 ‘19 YTD 2020 Actual production Event impact Ongoing reliability improvement Mechanical integrity Turnaround planning and execution Leadership and workfo
Slide 36: Mildred Lake mine extension
Mildred Lake mine extension Sustains 40+ kbd of production Aurora Kearl North Mine Fort Mackay Mildred Lake Extension Aspen North Mine Mildred Lake Upgrader Active mine Depleted mine Syncrude leases Next expansion area as mine advances Supports additional 10+ years of mining operations Gross project
Slide 37: 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 sour synthet
Slide 38: Kearl
Kearl Next generation oil sands mining Mining without upgrader 71% IMO owned Producing since 2013 3.2B bbls 2P reserves 204 kbd Q3 2019 YTD production Large, high-quality resource Delivering on commitments Near-term production growth 2P reserves IMO share, before royalties Imperial 2019 Production 1
Slide 39: Kearl performance
Kearl performance Focused on profitable production growth, cost structure and realizations Production kbd 300 200 100 0 2015-17 2018-19 2020-21 2022-23 2024+ Delivering on production commitments Growing cash generating capacity Averaging $5/bbl CAD sustaining capex Targeting $20/bbl USD cash opex ‘a
Slide 40: 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 Supplemental crushers Mine and plant improvements Autonomous haul trucks Digital initiatives @280 kbd Production 100% interest, before royalties Imperial â”, 2019 â”, 40
Slide 41: 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 â”, 2019 â”, 41
Slide 42: Kearl production
Kearl production Seasonal production profile similar to historic performance 2020 production kbd 300 200 100 0 240 kbd annual average Q1 Q2 Q3 Q4 Production 100% interest, before royalties Imperial â”, 2019 â”, 42
Slide 43: 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 Production 100
Slide 44: Enhanced mine planning
Enhanced mine planning Improves profitability by avoiding ore preparation plant replacement ~10 storeys Imperial â”, 2019 â”,44
Slide 45: Autonomous haul trucks
Autonomous haul trucks Fleet conversion to improve both profitability and safety GPS 3D sensing Radar Nine trucks in operation, 12 by year end Continued testing in range of conditions Productivity has exceeded staffed trucks Unit cost savings $0.50—$1/bbl USD Target fully autonomous fleet by 2023 Im
Slide 46: 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 100% interes
Slide 47: 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 koebd in 2018 to
Slide 48: 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 Developmen
Slide 49: 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 environment Progre
Slide 50: Technology and innovation
Technology and innovation Unparalleled commitment and achievement throughout 139-year history Canada’s first research department Cyclic steam stimulation patent Steam-assisted gravity drainage patent Solvent-assisted technology pilots First lube oil hydrofining First horizontal well in Canada Paraff
Slide 51: Advanced in situ recovery
Advanced in situ recovery Technology drives economic and environmental performance improvement In situ technologies Suite of technologies to match resource base Higher Pressure Lower CSS CSP LASER SA-SAGD SAGD EBRT Continuous Cyclic 100% Steam Steam and solvent 90%+ Solvent Upstream GHG emissions in
Slide 52: Digital transformation
Digital transformation Value potential greater than $500 million per year Assets provide ideal platform for digital technology Cold Lake Optimize steam distribution and fully utilize wellbores 5 processing plants 5000+ wells 800+ pipeline segments Multiple recovery methods Kearl Enhance scheduling o
Slide 53: Equity crude value
Equity crude value Providing flexibility to place crude in markets that maximize realizations 400 koebd total production 25 koebd Natural gas and assorted liquids 75 kbd Syncrude synthetic (Strathcona refinery) 300 kbd bitumen (400 kbd dilbit) 60-100 kbd to IMO refineries ~100 kbd via contracted pip
Slide 54: Near-term production outlook
Near-term production outlook Growth through capital efficient projects and reliability improvements Production koebd 450 400 350 300 6% growth 2018 Q3’19 YTD 2020 Gross production, IMO share Imperial â”, 2019 â”, 54
Slide 55: Downstream and Chemical overview
Downstream and Chemical overview Dan Lyons Chief Financial Officer Imperial â”, 2019 â”, 55
Slide 56: Downstream at a glance
Downstream at a glance Well located, high-performing and integrated business Strategically located refineries Strong logistics Quality products Leading brands ~400 kbd Refining capacity ~500 kbd Product sales Imperial â”, 2019 â”, 56
Slide 57: Downstream assets
Downstream assets Canada’s largest refiner and petroleum product marketer Strathcona refinery 191 kbd capacity Sarnia refinery 119 kbd capacity Nanticoke refinery 113 kbd capacity Fuels marketing Coast-to-coast product sales Volumes kbd 500 400 300 200 100 0 Petroleum product sales Refinery throughp
Slide 58: Downstream overview
Downstream overview Strengthening cash generation capacity over time, $15 billion cash over last 10 years Annual cash from operations $B 3 2 1 0 2011-17 2018 Q3`19 YTD $US/bbl Brent MSW 83 69 71 54 65 52 High-performing, strategically located refineries Nationwide integrated marketing Focus on enhan
Slide 59: 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 1st 2nd 3rd 4th Imperial refineries Canadian industry ex. Imperial Leveraging ExxonMobil global expertise Increasing utilizat
Slide 60: Refining footprint
Refining footprint Access to advantaged crudes and attractive markets Western Canada Crudes Products Synthetic Mogas Jet Canadian lights Diesel Asphalt Cold Lake Other Prairies BC Eastern Canada Crudes Products Bakken Mogas Canadian lights Jet Other Diesel heavies Asphalt Cold Lake Other Greater Tor
Slide 61: 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 â”, 2019 â”, 61
Slide 62: 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 Jet 43 26% 1st Asphalt 21 33% 1st Other 41 — Total 481—1st Industry-leading scale, national offer Integrated across the value chain Sales su
Slide 63: Aviation
Aviation Market leader in growing segment Canadian jet demand kbd 100 0 Imperial Others Forecast 2010 2015 2020 2025 2030 2035 2040 Strong demand growth Over 50% of Ontario market Growing share of Vancouver market Advantaged access to global airlines Attractive integrated earnings Source: ExxonMobil
Slide 64: Asphalt
Asphalt Expanding production and logistics capabilities to maximize value Annual asphalt production kbd 30 20 10 0 2011-14 2015-18 Q3’19 YTD 2020 2021 Growing demand Sales throughout North America Utilizing advantaged Cold Lake blend Continuing capacity growth Imperial â”, 2019 â”, 64
Slide 65: Retail Fuels
Retail Fuels Market-leading position, investing in continued growth Retail growth kbd 200 100 0 # sites 2,500 2,000 1,500 1,000 500 0 2016 2017 2018 Q3’19 YTD Volume Site count Strong brands High-quality products Loyalty programs Strategic partners Imperial â”, 2019 â”, 65
Slide 66: 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 â”, 2019 â”, 66
Slide 67: Downstream summary
Downstream summary Positioned for continued industry-leading performance High-performing refineries Advantaged crude and attractive markets Market-leading scale and integration Strong brands and loyalty High-value sales growth Robust cash flow Imperial â”, 2019 â”, 67
Slide 68: Chemical at a glance
Chemical at a glance High-value products, well positioned, integrated assets with efficient market access Advantaged location Integrated manufacturing High-value products ~800 kt Sales ~400 kt Polyethylene Imperial â”, 2019 â”, 68
Slide 69: High value products
High value products Specialty polyethylene in a range of products used in everyday life Imperial â”, 2019 â”, 69
Slide 70: Integrated petrochemical site
Integrated petrochemical site Advantaged location and integration, generated $2 billion cash over last 10 years Annual cash from operations Feedstock $M 300 250 200 150 100 50 0 % 100 50 0 2009-12 2013-18 Q3`19 YTD Other Marcellus ethane Refinery off gas 2017-19 Cost-advantaged feedstocks High-value
Slide 71: 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 â”, 2019
Slide 72: Delivering value
Delivering value Rich Kruger Chairman and Chief Executive Officer Imperial â”, 2019 â”, 72
Slide 73: Cash flow
Cash flow Delivering value and resiliency through integration, $33 billion from operations over last 10 years Cash from operations $B 5 4 3 2 1 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q3’19 YTD 10-year average, % Upstream Downstream, Chemical and Corporate Imperial â”, 2019 â”, 73
Slide 74: Growing value
Growing value Improving performance and resiliency in lower price environments Annual cash from operations $B 5 4 3 2 1 0 2012-14 2015-17 2018-19 $US/bbl WTI WCS 95 73 48 34 61 42 Imperial â”, 2019 â”, 74
Slide 75: Financial strength
Financial strength Strong balance sheet, optionality and access to financial markets September 30, 2019 debt to capital % 50 25 0 CNQ BBB+ CVE BBB SU A- HSE BBB IMO AA+ Ratings Maintain strong balance sheet Pay reliable and growing dividend Invest in high value projects Return surplus cash to shareh
Slide 76: Dividends
Dividends Long-standing priority to pay a reliable and growing dividend Dividend per share $ 1.00 0.80 0.60 0.40 0.20 0.00 2009 2014 2019 100+ years of consecutive payment 25 years of consecutive growth 10.3% 5-yr compounded growth rate Increased to $0.22/share payable in Q3’19 Paid basis Imperial â
Slide 77: Share buybacks
Share buybacks History of returning surplus cash to shareholders Shares outstanding millions 900 850 800 750 700 650 600 Year-end 2016 2017 2018 Q3’19 YTD 30 Sept. 2019 Repurchased 50%+ of shares since 1995 Reinstated material buybacks in 2017 Purchases of 95M shares, $3.7B since 2017 Priority on to
Slide 78: 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 79: Near-term outlook
Near-term outlook Rich Kruger Chairman and Chief Executive Officer Imperial â”, 2019 â”, 79
Slide 80: Volumes outlook
Volumes outlook Near-term upstream growth and lower downstream planned maintenance Upstream production koebd 500 400 300 200 100 0 2019 2020 2021 2022 2023 Refinery throughput kbd 500 400 300 200 100 0 2019 2020 2021 2022 2023 Imperial â”, 2019 â”, 80
Slide 81: Capital expenditures
Capital expenditures Five-year capital expenditure plan consistent with previous communications Capital expenditures $B 2 1 0 2019 2020 2021 2022 2023 5 Yr Avg Sustaining capital at $1.0-$1.1B/yr Roughly 70%, or $5/bbl, for upstream assets Growth capital to average $0.7-$0.8B/yr Upstream: Cold Lake
Slide 82: Financial strength
Financial strength Resiliency and flexibility under a wide range of prices 2019– 2023 annual average $B 8 6 4 2 0 WTI, $/bbl 60 50 40 Surplus cash Growth Sustaining capital Dividend Cash flow from operations Uses of cash Capital allocation $B/yr Dividend at current rate 0.6 Sustaining capital 1.0-1.
Slide 83: Closing
Closing Brad Corson President Imperial â”, 2019 â”, 83
Slide 84: 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 full val
Slide 85: 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. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, g
Slide 86: For more information
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