Imperial Oil Limited · TSX:IMO
Imperial Oil — Shareholder Meeting (May 2023)
28 slides from Imperial Oil's shareholder meeting presentation, May 2, 2023
Slide 1: Annual Meeting of Shareholders
Annual Meeting of Shareholders May 2, 2023
Slide 2: Cautionary statement
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, emission-reduction pathways are dependent on futu
Slide 3: Meeting proceedings
Meeting proceedings Brad Corson Chairman, president and CEO Ian Laing Corporate secretary Imperial | 2023 3
Slide 4: Election of directors
Election of directors David Bradley Matthew Sharon John Gary Miranda Cornhill Corson Crocker Driscoll Floren Goldberg Hubbs Imperial | 2023 4
Slide 5: Appointment of auditor
Appointment of auditor PricewaterhouseCoopers LLP Imperial | 2023 5
Slide 6: Shareholder proposals
Shareholder proposals Imperial | 2023 6
Slide 7: Chairman’s remarks
Chairman’s remarks Brad Corson Chairman, president and CEO Imperial | 2023 7
Slide 8: Strategy delivering results
Strategy delivering results Getting the most out of our assets Strong operations underpinned record financial results in 2022 Priority on safe and reliable operations, cost efficiencies, and capital discipline Remaining focused on: Maximizing value from existing assets Progressing value-ac
Slide 9: Record shareholder returns in 2022
Record shareholder returns in 2022 Efficiently returning cash 28th consecutive year of growth 63% year-on-year growth $0.9B Dividends 48% $/share 80 70 60 50 Total shareholder 40 J F M A M J J A S O N D $6.4B 45% share price appreciation return Share buybacks ~14% shares repurchased 5% NCI
Slide 10: Key accomplishments
Key accomplishments Delivering results across the value chain Best-ever lost time Best-ever second half Five consecutive quarters Highest annual production incident rate production at Kearl above 140 KBD at Cold Lake in Syncrude’s history Record refinery Record distillate Completion of
Slide 11: 2022 Upstream performance
2022 Upstream performance Continued strong operational performance and foundation for future success 2022 net income $3.6B, cash from operations $5.8B Strong production after challenging first quarter Pipeline of highly accretive investments Focused on industry leading unit cash cost and vol
Slide 12: 2022 Downstream and Chemical performance
2022 Downstream and Chemical performance Increasing profitability across the value chain 2022 net income $3.8B, cash from operations $4.7B Resilient, reliable performance across the cycle Record refinery utilization and profitability in 2022 Maximizing benefits of fully integrated, flexible
Slide 13: Strathcona renewable diesel
Strathcona renewable diesel Building Canada’s largest renewable diesel facility Helping Canada achieve its net zero goals > 1B litres per year of renewable diesel to be produced 3M tonnes per year reduction in transportation emissions* Equivalent to taking 650,000 vehicles off the road annually ~500
Slide 14: Innovation delivers shareholder value
Innovation delivers shareholder value Further enhancing Imperial’s advantage with innovative solutions and technologies Advanced recycling Bio feedstock co-processing Collaborative product trials Sustainable aviation fuel Transforming plastic waste into Vegetable oil and ethanol Identifying pr
Slide 15: Our climate strategy
Our climate strategy Leveraging our expertise, integration and technologies Continuing TCFD disclosure with third-party verified GHGs Imperial | 2023 15
Slide 16: Imperial climate goals
Imperial climate goals Robust planning and emission reduction roadmaps identified Supportive policy environment Technological advancements Investment in innovation Indigenous partnerships Imperial | 2023 16
Slide 17: Opportunities in the energy transition
Opportunities in the energy transition Meeting Canada’s energy needs in a lower carbon future 30% Imperial’s goal for reducing greenhouse gas intensity of operated oil sands facilities by 2030 compared with 2016 20KBD 2050 Approved project to construct Announced company-wide goal largest renewable d
Slide 18: Capital expenditure forecast
Capital expenditure forecast Low sustaining capital, attractive growth investments Annual capital expenditure1 forecast $B 2 2023 target of $1.7B, up $0.2B from prior outlook Strathcona renewable diesel accretive logistics scope Cold Lake Grand Rapids phase 1 acceleration Sustaining capital2
Slide 19: Capital allocation priorities
Capital allocation priorities Committed to returning surplus cash to shareholders Dividend per share (paid basis) and shares outstanding $ Millions of shares 2.00 1,000 Reliable and growing dividend 28 years of consecutive increases 1.00 750 More than doubled quarterly dividend since 1Q21 0.00
Slide 20: Why Imperial
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 Low cost, high return growth Progressing value accretive projects, maintai
Slide 21: Q&A
Q&A Imperial | 2023 21
Slide 22: Scrutineers’ report
Scrutineers’ report Ian Laing Corporate Secretary Imperial | 2023 22
Slide 23: Annual Meeting of Shareholders
Annual Meeting of Shareholders May 2, 2023
Slide 24: Back up: Special procedures slides
Back up: Special procedures slides Imperial | 2023 24
Slide 25: Technical difficulties notice
We are currently experiencing technical difficulties, and we anticipate being with you shortly. If we are unable to resolve the issue, we will provide an update with the status of the meeting. Thank you for your patience and understanding. Annual Meeting of Shareholders May 2, 2023
Slide 26: Meeting concluded due to technical difficulties
Unfortunately due to persistent technical difficulties, we are not able to complete the Chairman’s remarks and Q&A section of this year’s annual meeting of shareholders. The voting on the mandatory business of the meeting has been completed and the Chairman has concluded the meeting. The results of
Slide 27: Meeting adjourned due to technical difficulties
Unfortunately due to persistent technical difficulties, we are not able to complete the mandatory business and voting at this year’s annual meeting of shareholders. The Chairman has adjourned the meeting, and the company will issue a press release shortly with the time and place of the adjourned mee
Slide 28: Sample press release for adjourned meeting
Sample press release for adjourned meeting Annual Meeting of Shareholders May 2, 2023