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Quarterly highlights

Financial

  • Net income of $333 million or $0.39 per-share on a diluted basis, an increase of $434 million compared to the net loss of $101 million or $(0.12) per-share in the first quarter of 2016.
  • Production averaged 378,000 gross oil-equivalent barrels per day, compared to 421,000 barrels per day in the same period of 2016. Production was impacted by a fire at the Syncrude Mildred Lake upgrader in mid-March, which is expected to be restored in phases beginning in May and continuing through June. Kearl production of 182,000 barrels per day (129,000 barrels Imperial’s share) represented the third consecutive quarterly increase following the Alberta wildfires in the second quarter of 2016. The company is progressing a comprehensive plan aimed at improving reliability to achieve targeted production levels at Kearl.
  • Refinery throughput averaged 398,000 barrels per day and refinery capacity utilization was 94 percent, both unchanged from the same period in 2016.
  • Petroleum product sales were 486,000 barrels per day, up from 469,000 barrels per day from the first quarter of 2016. Sales growth was driven by the company’s focus on securing long-term supply agreements and represents the highest first quarter sales volumes in several decades.
  • Cash generated from operating activities was $354 million, an increase of $305 million from the first quarter of 2016.
  • Capital and exploration expenditures totalled $153 million, a decrease of $255 million from the first quarter of 2016.

Operations

Photo — Source: West Village Partners Inc (WVP)

Completed the sale of former refinery lands in Mississauga, Ontario, for private development, resulting in an after tax earnings gain of $151 million. The sale reflects Imperial’s commitment to responsibly release surplus properties for redevelopment.

Cold Lake expansion project environmental impact assessment completed. In early March, the Alberta Energy Regulator notified Imperial that the project’s environmental impact assessment is considered complete as part of an ongoing regulatory review. The proposed 50,000 barrels per day in-situ facility will use proprietary technology that is expected to reduce greenhouse gas emissions intensity by 25 percent compared to existing steam-assisted gravity drainage methods. No final investment decision has been made at this time.

Launch of the Speedpass+ app, making Imperial the first major fuels retailer in Canada to offer a mobile payment option at the pump. It provides a fast, easy way to pay for fuel and car washes at Esso-branded stations, combining customer convenience and loyalty rewards. The Speedpass+ app capitalizes on the prevalent use of smartphones among Canadians and the increased use of mobile payment systems.

Watch the video to learn more.

Zero recordable environmental and regulatory compliance incidents, representing an excellent start to 2017 and demonstrating Imperial’s commitment to operational integrity. The company achieved best-ever safety and environmental performance in 2016.

Community

Donation supports youth affected by Alberta wildfires. Imperial collaborated with the Fort McMurray Public School District and the Canadian Mental Health Association of Wood Buffalo to fund Heart Math, a digital tool to evaluate stress and anxiety levels. Heart Math uses sensors to read heart rates and identify management techniques, including breathing exercises, to help students experiencing stress and anxiety.

Watch the video to learn more.

Lawren S. Harris painting donated to the National Gallery of Canada. In recognition of Canada’s 150th celebration, the National Gallery of Canada received five works from Imperial’s corporate collection, including Billboard (Jazz), a rare piece by the famous Group of Seven artist. The total art donation includes 43 pieces, gifted to 15 museums and galleries across the country, with an estimated value of $6 million.

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