Imperial Oil Limited · TSX:IMO
Imperial Oil — Shareholder Meeting (April 2024)
23 slides from Imperial Oil's shareholder meeting presentation, Apr 30, 2024
Slide 1: Annual Meeting of Shareholders April 30, 2024
Annual Meeting of Shareholders April 30, 2024 Exhibit 99.1
Slide 2: Cautionary statement
Imperial | 2024 2 Cautionary statement Statements of future events or conditions in this report, including projections, goals, expectations, estimates, business plans and descriptions of strategic and emission reduction goals are forward-looking statements. Similarly, discussion of roadmaps or futur
Slide 3: Meeting Proceedings
Imperial | 2024 3 Meeting Proceedings Brad Corson Chairman, president and chief executive officer Ian Laing Vice-president, general counsel and corporate secretary
Slide 4: Election of directors
Imperial | 2024 4 Election of directors Neil Hansen David Cornhill Bradley Corson Sharon Driscoll John Floren Gary Goldberg Miranda Hubbs
Slide 5: Appointment of the auditor
Imperial | 2024 5 Appointment of the auditor PricewaterhouseCoopers LLP
Slide 6: Shareholder proposal
Imperial | 2024 6 Shareholder proposal
Slide 7: Chairman's remarks
Imperial | 2024 7 Chairman’s remarks Brad Corson Chairman, president and chief executive officer
Slide 8: Consistently delivering results
Imperial | 2024 8 Consistently delivering results Sustained strong operational performance Underpins robust 2023 financial results Priority on safety, environmental performance, reliable operations Remaining focused on: Maximizing value from existing assets Lowering unit cash costs Mai
Slide 9: Strong shareholder returns in 2023
Imperial | 2024 9 Strong shareholder returns in 2023 Effectively returning cash to shareholders 29th consecutive year of growth Dividend nearly tripled since 1Q21 8% shares repurchased Reduced shares outstanding by 27% since start of 2021 18% Total shareholder return $1.1B Dividends $3.8B Sh
Slide 10: Imperial climate goals
Imperial | 2024 10 Imperial climate goals Robust planning and emission reduction roadmaps identified Supportive policy environment Technological advancements Investment in innovation Indigenous partnerships Low CI production CCS Lower CI fuels Future advancements Pathways Company-wide goal to achiev
Slide 11: Upstream performance
Imperial | 2024 11 Upstream performance 2023 net income $2.5B 2023 gross production of 413 koebd Highest-ever annual production at Kearl of 270 kbd Progressed pipeline of highly accretive investments Continued focus on industry leading unit cash cost and volume growth Outlook for robust
Slide 12: Setting records at Kearl
Imperial | 2024 12 Setting records at Kearl Highest-ever annual production of 270 kbd1 in 2023 Highest-ever first-quarter production of 277 kbd1 during 1Q 2024 Growing production to 280 kbd1 in 2024 Significant progress achieved in reducing unit cash operating costs2 2023 unit cash operati
Slide 13: Driving efficiency at Cold Lake
Imperial | 2024 13 Driving efficiency at Cold Lake Completed Grand Rapids Phase 1 construction Industry’s first deployment of SA-SAGD1 technology Steam injection progressing, production ramp-up in coming weeks 15 kbd gross production at full rates 40% lower GHGi vs. existing production P
Slide 14: Product Solutions performance
Imperial | 2024 14 Product Solutions performance Resilient business model, focused on increasing profitability 2023 net income $2.5B1 2023 refining throughput 407 kbd, utilization 94% Maintained high refinery utilization and profitability in heavy turnaround year Petroleum product sales 471
Slide 15: Strathcona Renewable Diesel project
Imperial | 2024 15 Strathcona Renewable Diesel project 20 kbd renewable diesel production at Imperial Strathcona Refinery ~3 MT annual CO2 reduction in transportation sector compared to conventional fuels1 Economically-advantaged project Close proximity to low carbon intensity (CI) feedstock
Slide 16: Capital allocation priorities
Imperial | 2024 16 Capital allocation priorities Proven track record of returning surplus cash to shareholders 500 750 1,000 0.00 1.50 3.00 2018 2019 2020 2021 2022 2023 2024 Dividend paid Shares outstanding Dividend per share (paid basis) and shares outstanding $ Millions of shares Reliable and g
Slide 17: Why Imperial
Imperial | 2024 17 Why Imperial Confidence in the future High quality, long life, low decline upstream assets Continued growth through focus on optimization, debottlenecking Advantaged downstream assets Integrated across value chain, robust across business cycle Low cost, high return growth
Slide 18: Q&A
Imperial | 2024 18 Q&A
Slide 19: Scrutineers' report
Imperial | 2024 19 Scrutineers’ report Ian Laing Vice-president, general counsel and corporate secretary
Slide 20: Thank you for attending Imperial's annual meeting of shareholders
Thank you for attending Imperial’s annual meeting of shareholders April 30, 2024
Slide 21: Supplemental information – non-GAAP measures
Imperial | 2024 21 Supplemental information – non-GAAP measures Non-GAAP measures Listed below are definitions of several of Imperial’s key business and financial performance measures. The definitions are provided to facilitate understanding of the terms and how they are calculated. These measures a
Slide 22: Supplemental information – non-GAAP measures: Cash operating costs
Imperial | 2024 22 Supplemental information – non-GAAP measures 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-ca
Slide 23: Supplemental information – non-GAAP measures: Unit cash operating cost
Imperial | 2024 23 Supplemental information – non-GAAP measures Unit cash operating cost (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 calcul