- Cost management delivers full year savings of $1.5 billion
- Upstream growth results in highest production in more than two decades
- Results highlight the value of integration in the current business environment
|(millions of dollars, unless noted)
|Net income (U.S. GAAP)
|Net income per common share - assuming dilution (dollars)
|Capital and exploration expenditures
Estimated full-year 2015 earnings were $1.1 billion compared with $3.8 billion a year earlier, reflecting the company’s ability to deliver value in a challenging crude price environment and highlighting the benefits associated with integration.
“2015 marked a year of delivery on commitments as we successfully achieved major milestones supporting upstream growth,” said Rich Kruger, chairman, president and chief executive officer. “With both large upstream assets and downstream businesses, Imperial is a leader across the full energy value chain. Our integration results in resiliency across a range of market conditions, including the current low crude price environment.
Major accomplishments for the year included the early start-up and strong performance of the Kearl oil sands expansion project, the successful start-up of the Cold Lake Nabiye project, commissioning of the Edmonton rail terminal and overall strong downstream and chemical financial and operating performance. Imperial also achieved a best-ever year for safety and environmental performance.
The company’s 2015 upstream financial performance was significantly impacted by low crude prices. Consistent with our long-standing approach we continue to focus on what we can control. As a result, we reduced operating and capital costs by $1.5 billion relative to earlier plans. Most notably, since bringing on new production, upstream unit cash costs were 25 percent lower in the second half of 2015 than our 2014 annual average. Disciplined operating and capital cost management continue to be a priority.
Looking ahead, the company has a significant oil and gas resource base and a large inventory of potential projects that position us well for future growth. We will evaluate the pace and scope of future investments in light of overall market and business conditions. Above all, our objective remains to deliver superior, long-term shareholder value in whatever business environment we operate in.
Click here to read our interim report news release.
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil and natural gas, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.