Imperial Oil Limited · TSX:IMO
Imperial Oil — Investor Presentation (December 2024)
13 slides from Imperial Oil's investor presentation, Dec 12, 2024
Slide 1: 2025 Corporate Guidance
Imperial 2025 Corporate Guidance December 12, 2024 Exhibit 99.2
Slide 2: Sustaining momentum
Sustaining momentum Kearl Cold Lake Goal 300+ KBD US $18 / BBL1 165+ KBD US $13 / BBL1 2025 280-290 KBD 150-160 KBD 2025 total capital2 of $1.9 - $2.1 billion 1 Unit cash costs - non-GAAP financial ratio – see supplemental information for definition and reconciliation; based on avg AECO $3.20 / mcf,
Slide 3: Upstream momentum: growing volume with lower unit cash costs
Imperial | 2024 29 22 20 18 20 17 15 13 $10 $20 $30 2022A 2023A 2024 3Q YTD Future Upstream unit cash costs1 Kearl Cold Lake US$/bbl 416 413 431 445 - 100 200 300 400 500 2022A 2023A 2024G 2025G Upstream production A= Actuals, G= Guidancekoebd Upstream momentum Growing volume with lower unit cash co
Slide 4: Downstream momentum: continuing strong operational performance
Imperial | 2024 Downstream momentum Continuing strong operational performance ▪ Refinery throughput of 405 – 415 kbd ▪ 94% - 96% utilization rate ▪ Turnaround activity significantly lower than 2024 ▪ Volumetric impact 12 kbd → 50% lower ▪ Operating costs1 of $111 million → 30% lower ▪ Completion of
Slide 5: Investing to support momentum
Imperial | 2024 Investing to support momentum Capital investment driving increased cash flow generation capacity ▪ Near-term capital increase followed by trend to historical level ▪ 2025 high-return growth capital includes: ▪ Kearl secondary recovery ▪ Cold Lake: Leming redevelopment and advancement
Slide 6: Free cash flow profile
Imperial | 2024 0 3 6 9 $50 WTI $60 WTI $70 WTI $80 WTI $90 WTI $100 WTI Free cash flow1 profile2 2023 IR Day $B Free cash flow profile ▪ Robust free cash flow1 in a range of price environments ▪ Supports continued return of cash through dividends and share repurchases ▪ Improved free cash flow1 rel
Slide 7: Discussion
Imperial | 2024 Discussion Brad Corson Chairman, president and chief executive officer Sherri Evers Senior vice-president, sustainability, commercial development and product solutions Cheryl Gomez-Smith Senior vice-president, upstream Dan Lyons Chief financial officer
Slide 8: Corporate guidance
Imperial | 2024 Corporate guidance 1 See supplemental information for definition 2 Upstream production is Imperial share before royalties, except Kearl which is 100% gross basis. Kearl is jointly owned by Imperial (70.96%) and ExxonMobil Canada (29.04%) 3 Non-GAAP financial measure – see supplementa
Slide 9: Cautionary statement
Imperial | 2024 Cautionary statement Statements of future events or conditions in this presentation, including projections, targets, goals, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, i
Slide 10: Supplemental information: capital and exploration expenditures
Imperial | 2024 Supplemental information Capital and exploration expenditures Capital and exploration expenditures (or capital expenditures) represent the combined total of additions at cost to property, plant and equipment, additions to finance leases, additional investments and acquisitions; explo
Slide 11: Supplemental information: operating costs
Imperial | 2024 Supplemental information Operating costs Operating costs is a non-GAAP financial measure that are the costs during the period to produce, manufacture, and otherwise prepare the company’s products for sale – including energy costs, staffing and maintenance costs. It excludes the cost
Slide 12: Supplemental information: cash operating costs
Imperial | 2024 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
Slide 13: Supplemental information: unit cash operating costs
Imperial | 2024 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