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Financial & operating

Financial highlights
(millions of Canadian dollars)
2016 2015 2014 2013 2012
Operating revenues  25,049 26,756   36,231  32,722  31,053
Net income  2,165  1,122  3,785  2,828  3,766
Cash flow from operating activities and asset sales (a)  5,036  2,309  5,256  3,452  4,906
Cash and cash equivalents at year-end  391  203  215  272  482
Total debt at year-end  5,234  8,516  6,891  6,287  1,647
Average capital employed (a)  31,116 30,700   27,637  21,941  16,302
Capital and exploration expenditures  1,161 3,595   5,654  8,020 5,683 

Key financial ratios 2016 2015 2014 2013 2012
Net income per share – diluted (dollars)  2.55  1.32  4.45 3.32  4.42 
Return on average capital employed (percent) (a)  7.1  3.8  13.7  12.9  23.1
Return on average shareholders' equity (percent)  8.9  4.9  18.0  15.8  25.4
Annual shareholders' return (percent) (b)  4.9  (8.9)  7.5  11.3  (4.8)
Debt to capital (percent) (c)  17  27  23  24  9
Dividends declared per share (dollars)  0.59  0.54  0.52  0.49  0.48

Operating highlights 2016 2015 2014 2013 2012
Gross crude oil and NGL production (thousands of barrels per day)  364  344 282  261  250 
Gross natural gas production (millions of cubic feet per day)  129  130  168  201  192
Gross total production (thousands of oil-equivalent barrels per day)  386  366  310  295  282
Net proved reserves (millions of oil-equivalent barrels)  1,382  4,227  3,959  3,622  3,574
Refinery throughput (thousands of barrels per day) (d)  362  386  394  426  435
Petroleum product sales (thousands of barrels per day)  484  478  485  454  445
Chemical sales volumes (thousands of tonnes)  908  945  953  940  1,044

Chart — (a) Definitions can be found under “frequently used terms” of the Financial section of the Management Proxy Circular.
(b) Includes share appreciation and dividends.
(c) Definition can be found under Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Management Proxy Circular.
(d) Refinery operations at the Dartmouth refinery were discontinued on September 16, 2013.

Forward-looking statements

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Actual future financial and operating results, including demand growth and energy source mix; production growth and mix; project plans, dates, costs and capacities; production rates; production life and resource recoveries; cost savings; product sales; financing sources; and capital and environmental expenditures could differ materially depending on a number of factors, such as changes in the supply of and demand for crude oil, natural gas, and petroleum and petrochemical products and resulting price and margin impacts; limitations on transportation for accessing markets; political or regulatory events, including changes in law or government policy, applicable royalty rates and tax laws; the receipt, in a timely manner, of regulatory and third-party approvals; third party opposition to operations and projects; environmental risks inherent in oil and gas exploration and production activities; environmental regulation, including climate change and greenhouse gas restrictions; currency exchange rates; availability and allocation of capital; performance of third party service providers; unanticipated operational disruptions; management effectiveness; commercial negotiations; project management and schedules; response to unexpected technological developments; operational hazards and risks; disaster response preparedness; the ability to develop or acquire additional reserves; and other factors discussed in Item 1A of Imperial’s most recent annual report on Form 10-K and in the management's discussion and analysis of financial condition and results of operations contained in Item 7 of Imperial’s Form 10-K. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

In these materials, certain natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf to 1 bbl is based on an energy-equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency ratio of 6 Mcf to 1 bbl, using a 6:1 conversion ratio may be misleading as an indication of value.

The term “project” as used in these materials can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

All reserves estimates provided in these materials are effective as of December 31, 2016, as disclosed in Imperial’s Form 10-K for the fiscal year ending December 31, 2016.

Reserves are the estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward, based on: analysis of drilling, geological, geophysical and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Proved reserves are those reserves which can be estimated with reasonable certainty to be economically producible.