Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [✓] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from --- to --- Commission file number 0-12014 IMPERIAL OIL LIMITED (Exact name of registrant as specified in its charter) YES ✓ NO The registrant has su ...

Imperial Oil Limited (NYSE:IMO) Q2 2020 Earnings Conference Call July 31, 2020 11:00 AM ET Company Participants Dave Hughes - VP of IR Brad Corson - Chairman, President and CEO Dan Lyons - SVP, Finance and Administration Conference Call Participants Greg Pardy - RBC Capital Markets Benny Wong - Morgan Stanley Emily Chieng - Goldman Sachs Asit Sen - Bank of America Merrill Lynch Mike Dunn - Stifel Dave Hughes Good morning, everybody. Thanks for joining us on our second quarter earnings call. To start, I'm j ...

Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [✓] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from --- to --- Commission file number 0-12014 IMPERIAL OIL LIMITED (Exact name of registrant as specified in its charter) CANADA 98-0017682 (State or o ...

Financial Data and Key Metrics Changes - The company reported a net loss of $188 million in Q1 2020, down $481 million from earnings of $293 million in Q1 2019, primarily due to non-cash charges of $301 million related to inventory revaluation [16][12] - Adjusted earnings were $113 million, compared to $293 million in the same period last year, reflecting a significant decline driven by lower commodity prices [16][12] - Cash generated from operations was $423 million, down from over $1 billion in the previous quarter, with a cash balance of $1.4 billion at the end of the quarter [18][13] Business Line Data and Key Metrics Changes - Upstream recorded a net loss of $608 million compared to net income of $96 million in the previous quarter, impacted by non-cash charges and lower realizations [17] - Downstream net income increased to $402 million from $225 million in the previous quarter, benefiting from increased crude runs and record throughput at the Strathcona refinery [17] - Chemical segment earnings were $21 million, up from a loss of $2 million in the previous quarter, due to increased margins and volumes [17] Market Data and Key Metrics Changes - Upstream production averaged 419,000 barrels of oil equivalent per day, an 8% increase from Q1 2019, with record production at Kearl [23][11] - The company expects upstream production to be negatively impacted in Q2 due to reduced demand from COVID-19 [24] - Petroleum product sales were 462,000 barrels a day, slightly up from the previous quarter, but overall demand was significantly impacted by COVID-19 [54] Company Strategy and Development Direction - The company is focused on reducing spending and modifying business plans in response to the challenging environment, with a capital spending outlook reduced by $500 million for 2020 [19][20] - The company plans to maintain its dividend at $0.22 per share, reflecting confidence in its long-term outlook despite current challenges [14] - Strategic initiatives are still being pursued to enhance competitive positioning in the long term [57][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unprecedented challenges posed by the COVID-19 pandemic and OPEC+ actions, leading to significant demand reductions and price impacts [10] - The company is optimistic about a gradual recovery in demand, particularly in gasoline and diesel, while jet fuel demand remains severely impacted [82] - Management emphasized the importance of maintaining operational efficiency and cost reductions while preparing for future market recovery [57][58] Other Important Information - The company has taken several community support initiatives during the pandemic, including donations of fuel and technology to frontline workers [8][9] - COVID-19 safety measures have been implemented at all facilities, including testing and health screenings for employees [32][36] Q&A Session Summary Question: Can you quantify recent and Q2 plans for output at Kearl and Cold Lake? - Kearl's output is expected to be 150,000 barrels a day for Q2, while Cold Lake is still targeting 140,000 barrels a day for the year, though impacts are anticipated [61] Question: Is there potential for extended Kearl downtime? - The turnaround at Kearl is planned for approximately two months, with a reassessment of market conditions expected by the end of June [64][65] Question: How have supplemental crushers impacted operating costs? - The supplemental crushers have helped achieve record production and are expected to reduce operating costs by approximately $4 per barrel [71] Question: What is the current status of refinery utilization? - Refinery utilization is being adjusted daily based on demand, with one refinery undergoing a turnaround and others experiencing reduced throughput [78] Question: Are there signs of demand stabilization? - There are early signs of recovery in gasoline demand, while diesel demand is stabilizing, but jet fuel demand remains significantly depressed [82] Question: How sustainable is the $500 million cost reduction? - The reduction includes both structural efficiencies and deferred activities, with a focus on maximizing long-term sustainable benefits [102]

Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF Commission file number 0-12014 IMPERIAL OIL LIMITED (Exact name of registrant as specified in its charter) CANADA (State or other jurisdiction of incorporation or organization) 98-0017682 (I.R.S. Employer ...

[✓] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from --- to --- Commission file number 0-12014 IMPERIAL OIL LIMITED (Exact name of registrant as specified in its charter) CANADA 98-0017682 (State ...

Imperial Oil Limited (NYSE:IMO) Q3 2019 Earnings Conference Call November 1, 2019 11:00 AM ET Company Participants Dave Hughes - VP, IR Rich Kruger - Chairman, President and CEO Brad Corson - President John Whelan - SVP, Upstream Dan Lyons - SVP, Finance and Administration Theresa Redburn - SVP, Commercial and Corporate Development Conference Call Participants Emily Chieng - Goldman Sachs Prashant Rao - Citigroup Dennis Fong - Canaccord Genuity Jon Morrison - CIBC Capital Markets Benny Wong - Morgan Stanley ...

Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [ ✓ ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-12014 IMPERIAL OIL LIMITED (Exact name of registrant as specified in its charter) CANADA 98-0017682 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 505 Quarry Park Boulevard S.E. Calgary, Alberta, Canada T2C 5N1 For the quarterly period ende ...

Imperial Oil Limited (NYSE:IMO) Q2 2019 Earnings Conference Call August 2, 2019 11:00 AM ET Company Participants Dave Hughes - VP, IR Rich Kruger - Chairman, President and CEO Dan Lyons - SVP, Finance and Administration Theresa Redburn - SVP, Commercial and Corporate Development Conference Call Participants Emily Chieng - Goldman Sachs Benny Wang - Morgan Stanley Greg Pardy - RBC Capital Markets Manav Gupta - Credit Suisse Phil Gresh - JPMorgan Dennis Fong - Canaccord Genuity Jon Morrison - CIBC Capital Mar ...

Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [✓] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from --- to --- Commission file number 0-12014 IMPERIAL OIL LIMITED Title of each class Trading symbol The registrant (1) has filed all reports required ...