Imperial Oil Ltd T.IMO

Imperial first quarter 2023 financial and operating results

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• Quarterly net income of $1,248 million
• Upstream production of 413,000 gross oil-equivalent barrels per day
• Achieved highest-ever first quarter production at Kearl of 259,000 total gross barrels per day
• Strong refining performance with throughput of 417,000 barrels per day, capacity utilization of 96 percent
• Quarterly dividend increased by 14 percent from 44 cents to 50 cents per share

April 28, 2023 07:55 AM Eastern Daylight Time

CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO):

		First quarter
millions of Canadian dollars, unless noted		2023		2022		I
Net income (loss) (U.S. GAAP)		1,248		1,173		+75
Net income (loss) per common share, assuming dilution (dollars)		2.13		1.75		+0.38
Capital and exploration expenditures		429		296		+133

Imperial reported estimated net income in the first quarter of $1,248 million, compared to net income of $1,727 million in the fourth quarter of 2022, with continued strong operating performance across all business segments offset by lower upstream realizations and refining margins. Quarterly cash flow used in operating activities was $821 million, which included an income tax catch-up payment of $2.1 billion, compared to $2,797 million generated in the fourth quarter of 2022. Excluding working capital1 impacts, cash flow from operating activities was $1,554 million.

“Imperial’s strong financial results in the first quarter were underpinned by sustained high utilization rates across our refining network, as well as record first quarter production at Kearl that was supported by enhanced winter operating procedures,” said Brad Corson, chairman, president and chief executive officer. “Our strong operating performance ensured Imperial was well positioned to maximize value capture from the current business environment.”

Imperial announces first quarter 2023 financial and operating results | Business Wire