Imperial Oil Limited (NYSE:IMO) Q4 2022 Earnings Conference Call January 31, 2023 11:00 AM ET Company Participants Dave Hughes - Vice President, Investor Relations Brad Corson - Chairman, President, and CEO Dan Lyons - Senior Vice President, Finance and Administration Jon Wetmore - Vice President, Downstream Conference Call Participants Greg Pardy - RBC Capital Markets Doug Leggate - Bank of America Dennis Fong - CIBC World Markets Menno Hulshof - TD Securities Neil Mehta - Goldman Sachs Operator Good day, ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20statements) The company reported significant growth in net income and cash flow from operations for Q3 and the first nine months of 2022, alongside increased assets and reduced long-term debt [Consolidated Statement of Income](index=4&type=section&id=Consolidated%20statement%20of%20income) Net income for Q3 2022 increased by 123.7% to $2,031 million, and for the first nine months, it surged to $5,613 million, driven by strong revenue growth and commodity prices Consolidated Income Statement Highlights (CAD millions) | Metric | Q3 2022 (CAD millions) | Q3 2021 (CAD millions) | 9 Months 2022 (CAD millions) | 9 Months 2021 (CAD millions) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | 15,071 | 10,214 | 45,013 | 25,213 | | **Total revenues and other income** | 15,224 | 10,233 | 45,217 | 25,278 | | **Income before income taxes** | 2,505 | 1,189 | 7,205 | 2,172 | | **Net income (loss)** | 2,031 | 908 | 5,613 | 1,666 | | **Diluted EPS (CAD)** | 3.24 | 1.29 | 8.58 | 2.31 | [Consolidated Balance Sheet](index=6&type=section&id=Consolidated%20balance%20sheet) Total assets increased to $42,986 million as of September 30, 2022, driven by higher cash, while total liabilities rose, and long-term debt decreased Consolidated Balance Sheet Highlights (CAD millions) | Metric | Sept 30, 2022 (CAD millions) | Dec 31, 2021 (CAD millions) | | :--- | :--- | :--- | | **Total current assets** | 11,005 | 7,813 | | **Property, plant and equipment, net** | 30,013 | 31,240 | | **Total assets** | 42,986 | 40,782 | | **Total current liabilities** | 8,934 | 5,554 | | **Long-term debt** | 4,038 | 5,054 | | **Total liabilities** | 20,678 | 19,047 | | **Total shareholders' equity** | 22,308 | 21,735 | [Consolidated Statement of Cash Flows](index=9&type=section&id=Consolidated%20statement%20of%20cash%20flows) Cash flow from operating activities more than doubled to $7,685 million for the first nine months of 2022, primarily funding significant share repurchases and long-term debt reduction Cash Flow Summary (CAD millions) | Activity | 9 Months 2022 (CAD millions) | 9 Months 2021 (CAD millions) | | :--- | :--- | :--- | | **Operating activities** | 7,685 | 3,844 | | **Investing activities** | (145) | (613) | | **Financing activities** | (6,117) | (2,127) | | **Increase in cash** | 1,423 | 1,104 | | **Cash at end of period** | 3,576 | 1,875 | - Key financing activities in the first nine months of 2022 included **$4,461 million** in common share purchases and a **$1,000 million** long-term debt reduction[16](index=16&type=chunk) [Notes to the Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20consolidated%20financial%20statements) Notes detail segment performance, including a near quadrupling of Upstream net income, the $0.9 billion sale of XTO Energy Canada interests, and significant shareholder capital returns Segment Net Income (CAD millions) | Segment | Q3 2022 (CAD millions) | Q3 2021 (CAD millions) | 9 Months 2022 (CAD millions) | 9 Months 2021 (CAD millions) | | :--- | :--- | :--- | :--- | :--- | | **Upstream** | 986 | 524 | 3,114 | 850 | | **Downstream** | 1,012 | 293 | 2,434 | 645 | | **Chemical** | 54 | 121 | 163 | 297 | - In Q2 2022, the company signed an agreement to sell its interests in XTO Energy Canada for approximately **$1.9 billion** (**$0.9 billion** Imperial's share), closing on August 31, 2022, and resulting in a gain of about **$0.2 billion**[53](index=53&type=chunk) - The company completed a **$2.5 billion** substantial issuer bid on June 15, 2022, repurchasing **32.5 million shares**, and announced its intention for another substantial issuer bid of up to **$1.5 billion** after the quarter end[45](index=45&type=chunk)[47](index=47&type=chunk) - During Q3 2022, the company repaid **$1 billion** of long-term debt owed to an affiliate of ExxonMobil, reducing total long-term debt to **$4,038 million**[32](index=32&type=chunk) [Management's Discussion and Analysis (MD&A)](index=24&type=section&id=Item%202.%20Management%27s%20discussion%20and%20analysis%20of%20financial%20condition%20and%20results%20of%20operations) Management attributes strong Q3 and nine-month 2022 results to favorable commodity prices and refining margins, driving earnings growth across segments and enabling significant shareholder returns and debt reduction [Current Business Environment](index=25&type=section&id=Current%20business%20environment) The 2022 business environment saw supply tightness and high commodity prices due to demand recovery and geopolitical events, though Q3 experienced some softening in prices and margins due to tempered demand - Industry underinvestment during the pandemic led to supply tightness as demand recovered in late 2021 and early 2022[59](index=59&type=chunk) - Russia's invasion of Ukraine and subsequent sanctions further tightened oil and gas markets, pushing prices to multi-year highs in the first half of 2022[59](index=59&type=chunk) - In Q3 2022, high prices and economic uncertainty led to tempered demand, causing crude oil prices and refining margins to soften from first-half levels[59](index=59&type=chunk) [Operating Results (Q3 2022 vs Q3 2021)](index=25&type=section&id=Operating%20results%20Q3%202022%20vs%20Q3%202021) Q3 2022 net income reached $2,031 million, boosted by higher Upstream commodity prices and 100% Downstream refinery utilization, despite lower Chemical earnings Q3 Upstream Marker Prices (CAD per barrel) | Marker | Q3 2022 (CAD) | Q3 2021 (CAD) | | :--- | :--- | :--- | | Bitumen (per barrel) | 81.58 | 60.44 | | Synthetic crude oil (per barrel) | 124.80 | 85.94 | Q3 Production (thousand barrels per day) | Asset | Q3 2022 (kb/d) | Q3 2021 (kb/d) | | :--- | :--- | :--- | | Kearl (Imperial's share) | 193 | 194 | | Cold Lake | 150 | 135 | | Syncrude | 62 | 78 | Q3 Downstream Performance | Metric | Q3 2022 | Q3 2021 | | :--- | :--- | :--- | | Refinery throughput (kb/d) | 426 | 404 | | Refinery capacity utilization | 100% | 94% | - Chemicals segment net income fell due to lower margins, primarily reflecting weaker industry polyethylene margins[71](index=71&type=chunk) [Operating Results (Nine Months 2022 vs Nine Months 2021)](index=28&type=section&id=Operating%20results%20Nine%20months%202022%20vs%20Nine%20months%202021) Nine-month 2022 net income significantly increased to $5,613 million, driven by higher Upstream price realizations and improved Downstream margins and refinery utilization Nine-Month Upstream Marker Prices (CAD per barrel) | Marker | 9M 2022 (CAD) | 9M 2021 (CAD) | | :--- | :--- | :--- | | Bitumen (per barrel) | 94.01 | 55.30 | | Synthetic crude oil (per barrel) | 129.52 | 77.62 | Nine-Month Production (thousand barrels per day) | Asset | 9M 2022 (kb/d) | 9M 2021 (kb/d) | | :--- | :--- | :--- | | Kearl (Imperial's share) | 162 | 185 | | Cold Lake | 145 | 139 | | Syncrude | 74 | 68 | Nine-Month Downstream Performance | Metric | 9M 2022 | 9M 2021 | | :--- | :--- | :--- | | Refinery throughput (kb/d) | 413 | 367 | | Refinery capacity utilization | 96% | 86% | | Petroleum product sales (kb/d) | 471 | 442 | [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20capital%20resources) Strong liquidity was demonstrated by doubled cash flow from operations to $7,685 million, primarily used for significant shareholder returns and a $1 billion long-term debt reduction Nine-Month Financing Activities (CAD millions) | Activity | 9M 2022 (CAD millions) | 9M 2021 (CAD millions) | | :--- | :--- | :--- | | Dividends paid | 640 | 518 | | Share repurchases | 4,461 | 1,484 | | Number of shares purchased (millions) | 66.6 | 38.5 | - Cash flow from operating activities for the first nine months of 2022 was **$7,685 million**, up from **$3,844 million** in the same period of 2021, reflecting higher realizations and margins[91](index=91&type=chunk) - In Q3 2022, the company reduced its long-term debt by **$1 billion** by repaying a facility with an ExxonMobil affiliate[76](index=76&type=chunk)[93](index=93&type=chunk) - The company completed a **$2.5 billion** substantial issuer bid in June 2022 and announced its intention to launch another **$1.5 billion** substantial issuer bid after the quarter[94](index=94&type=chunk)[96](index=96&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20qualitative%20disclosures%20about%20market%20risk) No material changes to market risk disclosures were reported for the nine months ended September 30, 2022, compared to prior filings - Information about market risks for the nine months ended September 30, 2022, does not differ materially from previous disclosures[105](index=105&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20procedures) Disclosure controls and procedures were deemed effective as of September 30, 2022, with no material changes to internal control over financial reporting during the quarter - The company's principal officers evaluated disclosure controls and procedures as of September 30, 2022, and concluded they are effective[106](index=106&type=chunk) - No changes in internal control over financial reporting occurred during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, these controls[106](index=106&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20proceedings) The company established a $1 million disclosure threshold for environmental legal proceedings - Imperial has elected to use a **$1 million** threshold for disclosing environmental proceedings[108](index=108&type=chunk) [Issuer Purchases of Equity Securities](index=30&type=section&id=Item%202.%20Unregistered%20sales%20of%20equity%20securities%20and%20use%20of%20proceeds) In Q3 2022, the company repurchased 25.2 million shares for $1.5 billion, completed its NCIB, and announced a new $1.5 billion substantial issuer bid Q3 2022 Share Purchases | Month | Total Shares Purchased | Average Price Paid (CAD) | | :--- | :--- | :--- | | July 2022 | 5,082,675 | $56.85 | | August 2022 | 10,068,144 | $60.53 | | September 2022 | 10,009,792 | $61.22 | - The normal course issuer bid program, which allowed for the purchase of up to **31,833,809 shares**, was completed on October 21, 2022, after the quarter end[109](index=109&type=chunk) - On October 28, 2022, the company announced its intention to launch a substantial issuer bid to purchase up to **$1.5 billion** of its common shares[109](index=109&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including certifications from principal officers and Interactive Data Files (Inline XBRL) - Filed exhibits include certifications from the principal executive officer and principal financial officer as required by SEC rules[113](index=113&type=chunk) - Interactive Data Files (Inline XBRL) were also submitted as part of the filing[113](index=113&type=chunk)

Imperial Oil Limited (NYSE:IMO) Q3 2022 Earnings Conference Call October 28, 2022 11:00 AM ET Company Participants David Hughes - Vice President, Investor Relations Brad Corson - Chairman, President and CEO Daniel Lyons - Senior Vice President, Finance and Administration Jon Wetmore - Vice President, Downstream Conference Call Participants Greg Pardy - RBC Capital Markets Kalei Akamine - Bank of America Dennis Fong - CIBC World Markets Patrick O'Rourke - ATB Capital Markets Neil Mehta - Goldman Sachs Operat ...

For the quarterly period ended June 30, 2022 OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY 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 other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 505 Quarry Park ...

Imperial Oil Limited (NYSE:IMO) Q2 2022 Earnings Conference Call July 29, 2022 11:00 AM ET Company Participants David Hughes - Vice President, Investor Relations Brad Corson - Chairman, President and CEO Dan Lyons - Senior Vice President, Finance and Administration Simon Younger - Senior Vice President of the Upstream Sherri Evers - Vice President of Commercial and Corporate Development Jon Wetmore - Vice President of Downstream Conference Call Participants Dennis Fong - CIBC Manav Gupta - Credit Suisse Nei ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 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 other jurisdi ...

Imperial Oil Limited (NYSE:IMO) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET Company Participants Dave Hughes - Vice President of Investor Relations Brad Corson - Chairman, President & Chief Executive Officer Dan Lyons - Senior Vice President, Finance & Administration Conference Call Participants Manav Gupta - Credit Suisse Neil Mehta - Goldman Sachs Greg Pardy - RBC Capital David Fernandez - Bank of America Travis Wood - National Bank Financial Operator Ladies and gentlemen, thank you for st ...

Reserves and Production - As of December 31, 2021, Imperial Oil reported total net proved reserves of 2.717 billion barrels of oil-equivalent, with 14% (386 million barrels) classified as proved undeveloped reserves[27][37]. - The company achieved an average daily oil production of 408 thousand barrels in 2021, an increase from 372 thousand barrels in 2020, with total net production also rising to 364 thousand barrels from 359 thousand barrels[43][50]. - The company reported a total average daily production on an oil-equivalent basis of 428 thousand barrels in 2021, up from 398 thousand barrels in 2020[50]. - Proved undeveloped reserves increased by 248 million oil-equivalent barrels from 2020, primarily due to developments at Cold Lake and the Montney and Duvernay unconventional assets[37]. - In 2021, the company's share of Kearl's net bitumen production was approximately 178,000 barrels per day, with total gross production reaching about 263,000 barrels per day, marking an increase of 41,000 barrels per day compared to 2020[77][78]. - Cold Lake's net bitumen production in 2021 was about 114,000 barrels per day, with gross production increasing by 8,000 barrels per day compared to 2020, attributed to improved reliability and production optimizations[81]. - The company's share of Syncrude's net production of synthetic crude oil was about 62,000 barrels per day in 2021, with gross production at approximately 71,000 barrels per day[83]. - The company holds a 50% interest in XTO Energy Canada, with net production from Montney and Duvernay assets at about 140 million cubic feet of natural gas per day and approximately 9,000 barrels per day of crude, condensate, and natural gas liquids[72]. Financial Performance - Average unit sales price for bitumen in 2021 was CAD 57.91 per barrel, significantly up from CAD 25.69 in 2020, reflecting improved market conditions[53][54]. - The average unit production cost for bitumen increased to CAD 29.06 per barrel in 2021, driven primarily by higher energy costs[56]. - The company’s average unit sales price for natural gas rose to CAD 3.83 per thousand cubic feet in 2021, compared to CAD 1.90 in 2020[53]. - Total capital and exploration expenditures for the Upstream segment were reported at CAD 632 million, with approximately CAD 124 million (20%) allocated to the development of proved undeveloped reserves[39]. - The company’s crude oil production is subject to regulatory limitations, with curtailments previously imposed in Alberta being repealed by the end of 2021[134]. - The company’s financial results are affected by the strength of the Canadian dollar against the U.S. dollar, as most commodity prices are benchmarked in U.S. dollars[176]. Refining and Sales - The company's refining throughput in 2021 was 379,000 barrels per day, an increase from 340,000 barrels per day in 2020, reflecting improved operations post-COVID-19[103]. - The average utilization of refinery capacity in 2021 was 89%, up from 80% in 2020[103]. - Total net petroleum product sales in 2021 reached 456,000 barrels per day, compared to 421,000 barrels per day in 2020, indicating a recovery in demand[112]. - Petrochemical sales volumes increased to 831,000 tonnes in 2021, up from 749,000 tonnes in 2020, driven by higher sales of intermediates and aromatics[116]. Environmental and Regulatory Factors - The company invested approximately $1.1 billion in environmental capital and operating expenditures in 2021, with expectations of about $1.0 billion in 2022[131]. - The Government of Canada aims to reduce greenhouse gas emissions by 40 to 45 percent below 2005 levels by 2030, which may affect the company's operations[167]. - The Alberta Oil Sands Emissions Limit Act sets a cap of 100 megatonnes of CO2 emissions per year in the oil sands sector, with current emissions remaining below this limit[169]. - The implementation of carbon pricing under the Greenhouse Gas Pollution Pricing Act will increase from $50 per tonne in 2022 to $170 per tonne by 2030, potentially affecting financial results[167]. - The company is subject to environmental regulations that may increase compliance costs and impact operational performance[156]. - The company faces risks from government policies that may restrict oil and gas production or increase operational costs due to environmental regulations[152]. Technological and Market Developments - The company plans to implement innovative technology to recover waste heat from boiler exhaust, potentially reducing operating costs and emissions by up to 30,000 tonnes of CO2 equivalent per year[79]. - The company's future success in energy transition relies on the development and deployment of technologies like carbon capture and sequestration (CCS)[173]. - The ability to develop CCS and lower emission technologies at a commercial scale depends on supportive government policies and market conditions[175]. - The company is focused on achieving net-zero emissions from its upstream oil sands operations, which carries risks related to the pace of technological and market developments[166]. Shareholder Information - The company purchased a total of 2,846,704 shares in October 2021 at an average price of CAD 42.70 per share[211]. - In November 2021, the company purchased 7,089,309 shares at an average price of CAD 43.49 per share[211]. - The company continued its share purchase program, with a maximum of 35,583,671 common shares allowed to be purchased by June 28, 2022[211]. - As of February 15, 2022, there were 9,826 holders of record of the company's common shares[205]. - The company has a 15% Canadian non-resident withholding tax on dividends for shareholders in countries with which Canada has an income tax convention[206]. - The withholding tax is reduced to 5% for U.S. corporations owning at least 10% of the voting shares[206]. - The company is a qualified foreign corporation for reduced U.S. capital gains tax rates applicable to dividends[207]. - The company will evaluate the renewal of its normal course issuer bid share purchase program in June 2022[212]. Operational Challenges - The company has implemented emergency response and business continuity plans in response to COVID-19, but ongoing disruptions could impact operations and demand[192]. - Future production and cash flows are highly dependent on the company's success in exploiting current reserves and replacing produced reserves[196]. - Estimates of recoverable oil and gas reserves involve uncertainties, including geological factors and regulatory changes that could impose significant compliance costs[197]. - The demand for energy and petrochemicals is closely linked to economic conditions, with recessions adversely impacting the company's results[148]. - The company’s operations may be affected by technological advancements in energy efficiency and shifts in consumer preferences towards alternative energy sources[148].

Imperial Oil Limited (NYSE:IMO) Q4 2021 Earnings Conference Call February 1, 2022 11:00 AM ET Company Participants Dave Hughes - Manager, Investor Relations Brad Corson - Chairman, President and Chief Executive Officer Daniel Lyons - Senior Vice-President, Finance and Administration Conference Call Participants Dennis Fong - CIBC Capital Markets Manav Gupta - Credit Suisse Doug Leggate - Bank of America Greg Pardy - RBC Capital Markets Neil Mehta - Goldman Sachs Group Menno Hulshof - TD Securities Phil Gres ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 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 other jur ...